In July 2013, the International Auditing and Assurance Standards Board (IAASB) published, in an exposure draft entitled Reporting on Audited Financial Statements: Proposed New and Revised International Standards on Auditing (ISAs), far reaching proposals to make auditor’s reports more informative.
The proposals follow from earlier consultations in 2011 and 2012, which were developed after research into user perceptions of auditor reports. The exposure draft also responds to constituent feedback in light of the global financial crisis and the European Commission’s proposals on audit reform. The IAASB has received extensive feedback that changes to the auditor’s report are essential. In particular, the IAASB believes that enhancing the communicative value of the auditor’s report will have positive benefits to audit quality and increase users’ confidence in the audit.
In the context of the ongoing EU audit reform, the Financial Reporting Council (FRC) and ACCA (the Association of Chartered Certified Accountants) are jointly hosting an informed roundtable discussion for interested parties to hear about and discuss, first hand with the leadership of the IAASB, its proposals to improve auditor reporting transparency and how to make this a reality in the European market.
The event will provide the opportunity for the IAASB proposals to be discussed in the European context with experts from EU institutions, the FRC (which has recently implemented, in the UK and Ireland, changes to auditor reports having similar objectives to those proposed by the IAASB), the ACCA, the business community, leading investors, as well as the auditing and accountancy profession. Following the panel session there will be a Q&As session followed by a networking opportunity.
RSVP by 18 November to firstname.lastname@example.org
5.30pm: Welcome speech by Stephen Haddrill, CEO, FRC
5.40pm: Professor Arnold Schilder, chair of the IAASB, presentation of the ED on audit reporting
6pm: Sajjad Karim, MEP, rapporteur on audit
6.10pm: Nathalie Berger, Head of the audit unit, DG MARKT, European Commission
6.20pm: Ingrida Muckutė, Director of Accounting methodology department, Ministry of Finance of Lithuania, Chair of the Council WP on audit dossier
6.30pm: Roundtable moderated by Stephen Haddrill, CEO, FRC, including:
- Kristian Koktvedgaard, Businesseurope
- Liz Murrall, EFAMA
- Myles Thompson, Chair of the audit working party, FEE
- Brendan Murtagh, IAASB, ACCA member and SME Practitioner
7.50pm: Concluding remarks by Stephen Haddrill, CEO, FRC
8pm: Cocktail reception