Publication

Since 2014, Accountancy Europe has explored the Future of Audit and Assurance in events, publications, opinion pieces and consultation responses. We started this international stakeholders’ debate to stimulate innovation in statutory audit and explore other assurance services to meet stakeholders’ needs. Find out more on our work and in the interactive overview (click the visual!) below.


KAMS Data Analytics AQI SME audit FFC NFI assurance Green bonds Tax assurance Public Sector

 

Statutory audit

IT and innovation provide endless possibilities for statutory auditors to better serve their clients and improve audit quality.  Even though technology can automate audit procedures, people are crucial to interpret data, provide ethical judgement and strategic advice.

  1. Key audit matters (KAMs): Reporting on KAMs opens the way for more transparent and meaningful audits, which benefits users and stakeholders at large. We analysed  analysed how EU banks reported KAMs in 2018 and 2019.
  2. Data analytics applies technology to better use companies’ data to enhance audit quality. This is a game changer in areas such as internal controls, predictive data analytics, fraud detection and anti-fraud procedures.
  3. Audit Quality Indicators (AQIs): How to define and measure audit quality is an ongoing debate. We have explored how nine bodies world-wide have have dealt with this, by listing their AQI initiatives.
  4. Fighting financial crime: Society expects auditors to play an important role in fighting financial crime, check our FAQ on what auditors can do.
  5. SME: adapting audit services to clients’ needs: Auditing small, or non-complex, entities requires professional judgement and proportionately applying standards. Check our work on how SME audit evolves in Europe and and how we propose simplified standards.

Other assurance services

Statutory audit operates within a demanding regulatory and legislative regime that can limit innovation. Auditors need to be able to adapt their expertise and unique skill-sets in developing other solutions that will better meet stakeholders’ needs. Therefore, we have explored 4 alternative services:

  1. Non-financial information assurance: Stakeholders ask for assurance on companies’ non-financial information. Check our work on non-financial assurance practices across Europe .
  2. Green bonds’ assurance: Auditors add credibility to the green bond market by providing an external second opinion on the environmental criteria and third-party assurance on performance or internal processes.
  3. Support in tax controls and assurance: External assurance providers can verify how an enterprise’s control systems over its tax function are designed and implemented. This can help ensure the timely and accurate production of the tax return.
  4. Public sector assurance:  Our profession can address the growing demand for assurance on the information that public sector management relies on for decision-making.

Related content

EventThe EU’s fight against financial crime: Diving into the Anti-Money Laundering Action plan

10 June 2020

PublicationWhat do high-quality non-financial reports look like?

13 May 2020

NewsAccountancy Europe supports new EU action against money laundering

8 May 2020

EventNew Date: Opportunities for more tax transparency – GRI’s new tax standard

30 April 2020

UpdateSustainable Finance

28 April 2020

UpdateSME Update

23 April 2020

NewsAccountancy profession encourages renewed Sustainable Finance Strategy

9 April 2020

PublicationResponses to Interconnected standard setting for corporate reporting

9 April 2020

Podcast Accountants helping SMEs during coronavirus

9 April 2020

PublicationAudit exemption thresholds in Europe

9 April 2020

PublicationThe scope of bank audits in Europe

8 April 2020

Consultation responseEC’s consultation on the Directive for Administrative Cooperation in Direct Taxation

2 April 2020

PublicationCOVID-19: 5 key steps for accountants to guide SMEs through the crisis

27 March 2020

PublicationCoronavirus crisis: 15 actions for governments to protect European SMEs

27 March 2020

UpdateSME

26 March 2020

EventPostponed: Enhancing reliability of non-financial information

23 March 2020

Consultation responseIIRC’s International IR Framework 2020 Revision

20 March 2020

EventPOSTPONED: Taxing smart, taxing green

17 March 2020

Stories from PracticeEco-tourism and Sustainable Finance in Suriname

10 March 2020

EventPostponed: Implementing ESEF

10 March 2020

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