CEAOB

We would like to express our gratitude to ESMT Berlin for hosting ICAEW and Accounting and Business Research for the 18th International Accounting Policy Forum this week at their campus in Berlin. In addition, thanks to the ABR editors Mark Clatworthy, Edward Lee and Juan Manuel Garcia Lara for organising the conference. Mr. Mark DeFond, A. N. Mosich Chair of Accounting, Leventhal School, University of Southern California, presented research on audit failures, with a response from Chair of the CEAOB, Mr. Panos Prodromides. The first day the forum considered corporate failure and how regulation could help reduce the risk of disorderly failure. Also, the Chair of CEAOB, had the pleasure to be a discussant in the panel session: ‘How can high quality corporate governance reduce the risk of surprise failure?’. The panel was chaired by Mr. Peter van Veen, ICAEW Director, Corporate Governance & Stewardship and included, alongside the Chair of CEAOB Ms. Ania Zalewska, Professor of Finance, University of Leicester; Mr. Mark DeFond, A.N. Mosich Chair of Accounting, Leventhal School, University of Southern California; and Ms. Maria Correia, Professor of Accounting,  London School of Economics.

Earlier today, Mr. Panos Prodromides, Chair of CEAOB, had the pleasure of participating and presenting at the online event «Sustainability Reporting Implementation: challenges and opportunities», organised by the Ministry of Finance of Ukraine, where discussions held to mark the formal adoption of the Ukraine Government’s Strategy for implementing sustainability reporting in Ukraine. Mr. Panos Prodromides shared valuable insights on "Perspectives of the Challenges and Opportunities in Implementing and Assuring Sustainability Reporting in the EU." The event brought together key stakeholders, including representatives from ministries, audit and accounting professions, and other critical partners who are expected to play a pivotal role in advancing sustainability reporting in Ukraine. #sustainabilityreporting #CEAOB #Ukraine

The Regional Regulatory Forum of Accounting and Financial Reporting Council (AFRC), themed “Transforming Regulation, Governance, and Development for a Resilient and Sustainable Future”, took place on 2 December at Grand Hyatt Hong Kong. Five panel sessions were held with industry thought leaders covering a range of topics including policy, regulatory, and governance frameworks, global coordination of standards, technological disruption, sustainability reporting and assurance, and talent management strategies for futureproofing the audit industry. Also, a luncheon keynote was delivered by the eminent Sir David Tweedie. Chair of CEAOB, Mr. Panos Prodromides, had the pleasure of delivering a keynote address on 'Strategies to Sustain Governance, Accountability, and Reporting Excellence' and participating in a panel discussion titled ‘Strengthening Trust: Accounting, Accountability and Governance’. The panel was chaired by Mr. Peter Greenwood, Fellow of the The Hong Kong Chartered Governance Institute; Mr. Amar Gill, Secretary General, Asian Corporate Governance Association (ACGA); Mr. Edward Lavish, Managing Director, EQT Private Capital Asia; and Mr. Shawn Maher, Global Vice-Chair - Public Policy, EY. The Forum serves as an outstanding platform for leaders and experts to share insights and discuss related best practices on a range of pertinent and pressing topics, with the aim of fostering and promoting market development and growth. #CEAOB #AFRC #RegionalRegulatoryForum #Governance #Development #sustainabilityreporting #ReliableReporting

On 19 and 20 November 2024, the Committee of European Auditing Oversight Bodies (CEAOB) held its 26th plenary meeting that took place in Brussels.   During the meeting, members covered the following topics: · Adoption of the 2025 CEAOB work programme and sub-group work plans · Presentation of the 2025 college work plans and activities by the facilitators of the colleges · Discussion on the potential next steps regarding the recommendations made by the Audit Regulation Directive Task Force · Presentation by representatives of Accountancy Europe (ACE) on topics of common interest, as part of stakeholder outreach activity #CEAOB #AuditQuality

We would like to express our gratitude to the Commission de Surveillance du Secteur Financier (CSSF) and its Public Audit Oversight Department for hosting the 3rd CEAOB Annual Training for Inspectors. 🙏 Special thanks to PwC Global for presenting and sharing their experiences during this three-day training. 👏 Warm congratulations to the Training Task Force (Laura Kilcoyne Ruane, FCA, Delannoy Anne-Cécile) for organising such a successful event. #CEAOB #audit #auditquality #CSRD

The Chair of the CEAOB International Auditing Subgroup was invited to present key highlights from the CEAOB guidelines on limited assurance on sustainability reporting at the webinar “Shaping the Future of Sustainability Assurance Engagements” organised on 12 November 2024. Many thanks to Accountancy Europe and IFAC for the kind invitation and opportunity to discuss with panelists from the International Auditing and Assurance Standards Board (IAASB) and from the Nordic Federation of Public Accountants at this online event. #Auditquality #SustainabilityReporting #CEAOBguidelines Panos Prodromides Marjolein Doblado

The 8th meeting of the European Systemic Risk Board and the CEAOB with statutory auditors of EU banks and insurers took place on 6th and 7th of November in Frankfurt. Mr. Panos Prodromides, Chair of CEAOB, along with Mr. Markus Gröninger, Head of CEAOB’s Financial Services(FS) Task Force had the pleasure of participating and presenting CEAOB’s current and upcoming steps and priorities and FS Task Force activities and analysis of regulatory inspection findings. Representatives of statutory auditors of EU banks and insurers and European Contact Group discussed the role of deposits and derivatives and explained the exposure of EU banks to interest rate risk. Also, a presentation regarding the ongoing preparations to the first application of the ESRS by large corporations, including banks and insurance corporations, as well as relevant issues identified at this stage. Lastly, representatives of European Insurance and Occupational Pensions Authority (EIOPA), shared insights on the financial stability implications of asset-intensive reinsurance with a focus on EU/EEA insurance sector. #ESRB #CEAOB #ECG #EIOPA #ESMA #EBA

Later today, Mr. Panos Prodromides, Chair of CEAOB, along with Mrs. Marjolein Doblado, Chair of the CEAOB International Auditing Standards Subgroup, had the pleasure of participating and presenting at the Forum of Firms meeting, where they discussed CEAOB’s current and future steps, CSRD implementation-related topics, and sustainability assurance standards. #ForumofFirms #IFAC #CEAOB

CEAOB, led by the Chair, Mr. Panos Prodromides, participated in the two-day 2024 Public Company Accounting Oversight Board (PCAOB) International Institute on Audit Regulation held in Washington DC from 29 to 30 October. Under the theme of “Raising the Bar for Audit Quality,” the Institute included sessions with PCAOB Board Members and staff, leaders from non-U.S. regulatory bodies, and representatives from the investor community and other key stakeholder groups across auditing and financial reporting.   Almost 90 officials from audit regulators from 40 non-U.S. jurisdictions attended the conference and exchanged their views on latest developments in audit regulation. Mr Panos Prodromides participated in a panel with Chair of PCAOB, Ms. Erica Williams and Chief Executive of ACRA - Accounting and Corporate Regulatory Authority, Ms. Huey Min Chia-Tern, to discuss recent events and what lies ahead for the future of audit regulation. He spoke about transparency with investors as well as potential opportunities and threats for audit profession arising from private equity investment. Also, he outlined CEAOB’s pillars of oversight, mission and core strategies and discussed the points for attention to audit regulators when reviewing audits that increasingly rely upon AI. #CEAOB #PCAOB #ACRA #AUDITREGULATION

🤝 IESBA Global Outreach 🤝   ✔ Last week, IESBA Chair Gabriela Figueiredo Dias, Program and Senior Director Ken Siong, and Principal Kam Leung met with the Committee of European Auditing Oversight Bodies (CEAOB) in Crete, Greece, as part of the #CEAOB’s annual plenary meeting. Among other matters, the #IESBA representatives briefed the CEAOB on the progress of the IESBA’s key projects on #ethics and independence standards for #sustainability reporting and assurance, and using the work of an external expert, as well as the IESBA’s strategic workstream on accounting #firmculture and #governance. The session provided an opportunity to discuss the CEAOB’s key comments on the IESBA’s Sustainability and Experts Exposure Drafts, and matters of coordination with the International Auditing and Assurance Standards Board (IAASB) in relation to those projects. To learn more about the IESBA's sustainability work, visit: https://lnkd.in/e-pt3wnh   The IESBA representatives also took the opportunity to meet with the new CEAOB Chair Panos Prodromides to discuss the strategic issue of fragmentation in relation to ethics and independence standards for sustainability assurance in the EU context, and explore possible avenues for the IESBA and CEAOB to collaborate in responding to the issue.   ✔ Last week was also #GlobalEthicsDay2024. Ms. Dias and IESBA Member Amarjeet Singh participated in The Institute of Chartered Accountants of India Global Ethics Day celebration - #EthicsEmpowered. Ms. Dias and Mr. Singh highlighted the importance of ethics as the foundation of trust in global economic systems. Adoption or use of the IESBA Code of Ethics in more than 130 countries provides a sturdy platform that fosters trust among investors, consumers, and the public at large.   ✔ Meanwhile, IESBA Member Vania Borgerth participated in the IFRS Foundation conference on Integrated Thinking and Reporting in Milan, where she stressed the importance of ethics and independence in sustainability reporting and global standards to avoid fragmentation.   ✔ IESBA Principal Laura Rodrigo Leal presented IESBA’s perspective on the ethical challenges and opportunities for the accounting profession arising from the use of artificial intelligence as part of a virtual panel on ethics and artificial intelligence organized by the Colegio de Contadores, Economistas y Administradores del Uruguay (CCEAU). The event gathered speakers and participants from the accounting profession in Latin America.    The technology-related revisions to the IESBA Code will be effective in December 2024. https://lnkd.in/eP7E5ewQ