Accountancy Europe organised a webinar to explore the opportunities and challenges in the journey towards digital corporate reporting and assurance in Europe on 16 May 2023.
Experts from relevant stakeholders:
The European Parliament’s (EP) Legal Affairs (JURI) Committee adopted its final position on the Corporate Sustainability Due Diligence Directive (CSDDD) on 25 April. Key points in JURI’s position:
The EP is expected to confirm its mandate on 1 June as a next step. The trilogue negotiations with the Council will follow.
Accountancy Europe published a statement welcoming the adoption of JURI’s position and setting the tone for the trilogue negotiation.
The EC published its delegated regulation for the audit aspects of the Digital Services Act (DSA) proposal on 5 May.
This delegated regulation aims to set out the rules for the procedures, methodology and templates used for the audits of very large online platforms and very large online search engines as required under the DSA (Article 37).
Stakeholders have until 2 June to provide feedback on the delegated act.
The International Auditing and Assurance Standards Board (IAASB) issued proposed revisions to its current standard, International Standard on Auditing (ISA) 570, Going Concern.
The IAASB invites all stakeholders to comment on the consultation until 24 August 2023. Accountancy Europe will be responding to this consultation.
The IAASB proposed a group audit-specific section to its draft auditing standard for less complex entities (LCEs).
Our response invites IAASB to finalise the standard as soon as possible and to reconsider the prohibitions on the use of the standard.
The IAASB issued a public consultation on proposed changes to the International Standard on Auditing (ISA) 500, Audit Evidence.
We believe that the project has not fully achieved its public interest objectives, particularly regarding technology.
Our comment letter calls for clarification on the expected changes from auditors in practice and notes the risk of over-documentation due to extensive application material.
The International Ethics Standards Board for Accountants (IESBA) has developed the database of Public Interest Entity (PIE) definitions by jurisdictions as a resource to assist regulators, national standard setters, and other relevant bodies in developing or revising their definitions of PIE at the local level based on the IESBA’s PIE definition. It covers 78 jurisdictions in the Americas, Europe, Africa, Asia and Oceania.
The IESBA proposed two new sections to its Code of Ethics addressing tax planning and related services.
We believe the proposals strengthen the ethical expectations for professional accountants in business and public practice when performing tax planning activities for employing organisations or providing tax planning services to clients, respectively.
Our response provides constructive recommendations on how to clarify some of the requirements proposed.
The UK Financial Reporting Council (FRC) has launched a new web page providing conversation starters aimed at promoting better engagement between investors and audit committees. This should help promote investors’ deeper understanding of companies and their approach to financial reporting and internal control, ultimately leading to greater transparency and investor confidence.
The first in a series of conversation starters are aimed at investors wishing to engage with audit committees and companies on assurance-related topics.
Read moreThis curated content was brought to you by Júlia Bodnárová, Accountancy Europe Manager, Head of EU Audit Regulation, since 2017. You can send her tips by email and connect with her on LinkedIn.