Audit policy update

May 2024


  • European Commission released report of achieved initiatives cutting reporting burdens by 25%
  • Accountancy Europe responds to IESBA’s proposed IESSA
  • Accountancy Europe responds to IESBA’s proposals on the use of experts

EU developments

European Commission released report of achieved initiatives cutting reporting burdens by 25%

The Belgian rotating Council Presidency has published a report that provides an overview of progress achieved so far in meeting the European Commission’s (EC) objectives to reduce companies’ reporting burdens by 25%. The report contains no new elements per se, but provides a helpful overview of all the initiatives undertaken so far to reach the target. It includes a helpful Annex that lists all these initiatives, and for each an indication of their legislative state of play.

Read more


CEAOB releases its annual report for 2023

The Committee of European Auditing Oversight Bodies (CEAOB) brings together the competent authorities of the EU Member States (MS) responsible for audit oversight. CEAOB’s annual report for 2023 gives an overview of its activities throughout the year along with the details of work performed by its subgroups.

Read more

International developments

Accountancy Europe responds to IESBA’s proposed IESSA

Accountancy Europe has responded to the International Ethics Standard Board for Accountants’ (IESBA) Exposure Draft on International Ethics Standards for Sustainability Assurance (IESSA) and ethics standards for sustainability reporting.

Proposed ethical standards for sustainability assurance are deemed to be profession-agnostic, framework-neutral and principles-based.

Our response highlights the importance of having a level-playing field for all professions performing sustainability assurance engagements, including requirements related to independence.

Read more


Accountancy Europe responds to IESBA’s proposals on the use of experts

Accountancy Europe has also provided a comment letter to the IESBA’s Exposure Draft on Using the Work of an External Expert.

Our response supports the highest level of ethical standards while not discouraging professional accountants and sustainability assurance practitioners to use external experts on their engagements as involving experts supports the quality of services performed.

Read more

National developments

NBA-Netherlands sends a letter to EC on Horizon Europe audits

The Royal Netherlands Institute of Chartered Accountants (NBA) has prepared a memorandum providing a detailed explanation of the discrepancies between the proposed Horizon Europe format template (V.1.1 – 15.03.2023) and the International Standard on Related Services (ISRS) 4400. In addition, the NBA has sent a cover letter to the EC.

A ‘Certificate on the Financial Statements’ (CFS) must be provided with the financial statements for a Horizon Europe project. This Certificate, issued by a qualified independent (external) auditor, is required when specified by the Grant Agreement and when the related expenditure exceeds certain thresholds.

Read more


PCAOB Adopts New Quality Control Standard

The Public Company Accounting Oversight Board (PCAOB) adopted a new standard designed for registered public accounting firms’ quality control systems. The new standard would require all PCAOB registered firms to identify their specific quality risks and design a system that includes policies and procedures to guard against those risks.

Subject to approval by the U.S. Securities and Exchange Commission, the new standard and related amendments will come into effect on 15 December 2025.

Read more


PCAOB’s New Standard on General Responsibilities of the Auditor

The PCAOB adopted a new auditing standard AS 1000, General Responsibilities of the Auditor in Conducting an Audit, along with related amendments to other PCAOB standards.

The new standard does not create any new principles or responsibilities but simply clarifies those that already exist. It will apply to all audits conducted under PCAOB standards.

One significant revision shortened the maximum period for the auditor to assemble a complete and final set of audit documentation from 45 days to 14 days.

Read more

Other news


This curated content was brought to you by Harun Saki, Accountancy Europe Senior Manager, Head of Assurance, since 2019. You can send him tips by email or connect with him on LinkedIn.