ESMA publishes its Work Programme 2022
The European Securities and Markets Authority (ESMA) published its 2022 work programme. The authority will undertake ‘single rulebook’ work on audit by providing input to relevant International Standards on Auditing (ISAs), participating in the Committee of European Auditing Oversight Bodies (CEAOB) and liaising with representatives of European audit oversight bodies to improve cooperation between audit and accounting supervision.
ESMA will also conduct a fast-track peer review on the application of the guidelines on the enforcement of financial information by the German Federal Financial Supervisory Authority (BAFIN) and Financial Reporting Enforcement Panel (FREP), in the Wirecard context. ESMA may contribute to future European Commission’s (EC) initiatives around Wirecard, especially where those consist of amendments to the EU Transparency Directive. Read more
Upcoming EC consultation will ask for input on joint audit*
The EC replied to another Member of the European Parliament (MEP) question on audit. The question enquired, among other matters related to Wirecard, about the EC’s plans for possible joint audits.
In her reply, Commissioner McGuinness confirms that the EC is “carefully considering” the potential benefits of joint audits and will consult stakeholders on this matter in the upcoming public consultation. Read the full EC response
As informed in our September Audit Update, the EC published the timeline for corporate reporting ecosystem revamp as follows:
- in the next weeks: launch of a Roadmap indicating EC’s objectives and policy options under consideration. Stakeholders will be able to give feedback on these Roadmaps, with a usually one month-long feedback period
- Q4 2021: launch of the public consultation. This is expected to happen within a month
- Q4 2022: legislative proposal
*Please note that the title of this news item has been corrected to accurately reflect the Commission’s action.