In June 2014, the new audit reform package - taking the form of a Directive on Statutory Audits of Annual and Consolidated Accounts amending the 2006 Statutory Audit Directive and of a new Regulation covering Statutory Audit of Public Interest Entities - finally 'technically' entered into force in the wake of the financial crisis. However, due to the 2 year period given to Member States for the transposition of the Directive into national law, there is also a parallel two-year delay in the application of most provisions included in the Regulation, for consistency reasons.
The new Regulation and the revised Directive will bring about the most far-reaching changes to auditing since the EU's formation over half a century ago. Whether they will lead to the hoped-for changes in the market, however, will depend to a significant extent on how Member States will exercise the many options offered by the new texts in implementing the new legislation, together with the approach taken by audit committees and investors in the case of PIE audits.
ACCA and EGIAN are therefore delighted to invite you to an informed experts roundtable to debate and discuss a range of implementation issues, including the permitted extension of the mandatory rotation period in the event of public tendering or joint audit; the tendering process; the provision of non-audit services and the possible future direction of SME audits. The event will also provide an opportunity to hear the views of the European Parliament, of the European Commission, of institutional investors, of the business community, and of the auditing profession on the desired future shape of the audit market.
The roundtable will be followed by a networking opportunity during the cocktail reception.
RSVP by 19 September 2014 to firstname.lastname@example.org
(Please note that due to strict security measures at the European Parliament, late registrations will not be accepted).
If you do not have a permanent pass for the European Parliament, please indicate your:
- Full name and first name
- Date of birth
- Passport or ID number
- Place of birth
- Residence (full home address)
6pm: Welcome speech by Sajjad Karim, MEP rapporteur on the EU audit reform
6.15pm: Roundtable moderated by Sue Almond, ACCA Director of External Affairs including:
- Nathalie Berger, Head of the Audit and Credit rating Agencies Unit, DG MARKT
- Hilde Blomme, Deputy CEO, FEE
- Jens Poll, partner at Moore Stephens RBS AG , EGIAN member
- Brendan Murtagh , IAASB member, SMP practitioner
- Kristian Koktvedgaard, Business Europe
- Jella Benner-Heinacher, Chief Managing Director, Deutsche Schutzvereinigung für Wertpapierbesitz e.V. (DSW)
7.45pm: Concluding remarks Jos van Huut, Chairman of EGIAN
7.55pm: conclusions, Sajjad Karim, MEP
8pm: Cocktail reception