Kreston leads debate on EU Audit Policy Reform

November 10, 2014

Kreston leads debate on EU Audit Policy Reform

Kreston represented on panel at Compagnie Nationale des Commissaires aux Comptes (Audit Policy Conference).

CNCC, the French Body of the Audit profession, together with the regional institutes of Paris and Versailles, held a round table in Paris recently to discuss EU audit policy reform.

Kreston International was well represented at the event with Brendan Murtagh from LHM Casey McGrath (Ireland) and Member of the International Auditing and Assurance Standards Board, presenting on the Audit of SME’s and Gerhard Ziegler from Bansbach (Germany) and President of WPK, discussed Non Audit Services.

Sue Almond, Kreston’s former Director of Quality and Professional Standards and now Director of External Affairs at ACCA was also on the panel.

The conference brought together representatives from across Europe and was an opportunity for EU professionals to exchange their views and expectations regarding the implementation of the new legislative framework resulting from the 2014 Audit Directive and Regulation.

The discussion was wide ranging and the agenda included the following:

Definition and scope of PIE’s
Mandatory audit firm rotation
Non audit services
Audit of SME’s
The aim of the meeting was to provide the French and wider European profession with a clearer picture on how the profession in each country would like their legislators and regulators to best implement the new legislation and what options in the Directive and the Regulation would be most suitable for the profession in each country.

Panayotis Liolios and Jean-Marie Ferrando from Kreston’s French network, Exco were also in attendance.
left to right: Panayotis, Jean-Marie, Brendan, Sue and Gerhard.

Brendan writes for the IAASB’s monthly review, Practical Audit and Accounting and further reading can be seen here by viewing his latest article “Changing Times for Auditing Standards.”