Michel Barnier, internal-market commissioner for the EU, said the financial crisis revealed failings within the auditing sector, and he noted that reform is necessary. "The status quo is not going to be an option for the European Commission," he said. "We are happy in 2011 to produce legislation in this respect." Barnier is launching a two-month consultation on his ideas for changing the sector. The Financial Services Authority and the Financial Reporting Council of the U.K. issued a consultation paper this year that noted issues within the sector.

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