Accountancy Age reports that, rather than issue its audit proposals next week as had been widely expected, the European Commission will now take a further week. Who knows, they may even decide to delay it further.

This is a mistake. The draft proposals were leaked months ago and that led to a rather childish and unhealthy debate in which everyone had seen the proposals but no-one would publicly admit that they had. Rather than treat the targets of their proposed regulations with respect, the EC seems determined to spring sweeping regulations on the market. And, if European process repeats itself, they will allow a pitifully inadequate period to respond to them, a period that also includes a two week Christmas holiday.

This is no way for a responsible regulator to behave. Barnier should meet his original deadline, even if he feels the papers are half baked. He should allow a proper period for discussion: say, six months. And he needs to listen to the evidence and feedback, and accommodate it. The listed company investment market is too valuable to the European economy to be treated in this lacksadaisical manner.

With markets showing falling confidence, Barnier must show how he intends to help restore it - and fast. A week could be a luxury he, and we, can't afford.

People who read this post also read:

• A meta-review of the EC audit reform proposals
• The lazy anti-auditor rhetoric must stop
• Big 4 audits not up to snuff
• Goldman Sachs and the timing of tax payments
• The impact of auditor rotation on independence

Filed under: Auditing, Capital markets with tags accountancy age, audit policy, big 4, confidence, michel barnier