European Commission receives 219 responses to its initiative on corporate reporting
The feedback period for the European Commission’s (EC) Call for evidence and Consultation on corporate reporting has been closed.
Responses to the Call for evidence are available on the initiative’s webpage and contributions to the Consultation, including some statistical information, have also been made available (see here). The total of valid responses received, according to the EC’s webpage, is 219. As informed in the February issue of our Audit Update, Accountancy Europe has submitted its responses and made them available here.
Note that a summary or analysis of the responses is not yet available. The EC’s legislative proposals remain planned for the fourth quarter 2022.
CEAOB work programme for 2022
The Committee of the European Auditing Oversight Bodies (CEAOB) has published its 2022 work programme and the detailed plans of each of its sub-groups which, amongst other matters, refer to:
- working towards high degree of supervisory convergence at EU level
- continued interest in quality initiatives by the firms
- work on information & cyber security
- exploration of new areas of cooperation within CEAOB (e.g., strategies on oversight of professional bodies)
- follow-up on Corporate Sustainability Reporting Directive (CSRD) developments
- the CEAOB will assess the implications of this project in terms of control of such reporting by independent third parties, and if deemed appropriate will provide advice to the EC
- the CEAOB will discuss challenges on assurance on sustainability information and determining those to be addressed in an assurance standard
- the CEAOB members collecting information in 2022 about how audit committees fulfil their mission
- the Enforcement sub-group’s plan to work on examining the real effects of sanctions to auditors’ and audit firms’ behaviour and the link to audit quality
- the Market monitoring sub-group plans to focus on the development of the indicators to be used for the fourth market monitoring report
The 2022 work programme also includes a revised mission statement of the CEAOB, with more prominence given to supporting audit quality, and its newly defined core strategies.
Note that apart from its new work programme, the CEAOB has recently made available:
- CEAOB response to EC’s consultation on corporate reporting
- comment letter to International Auditing and Assurance Standards Board (IAASB) on audit of less complex entities