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 path to high-quality non-financial information assurance

26 November 2020

EventSmall in size, big in impact: Can NFI work for SMEs?

19 November 2020

Consultation responseEc’s public consultation on the Carbon Border Adjustment Mechanism (CBAM).

28 October 2020

Consultation responseIPSASB’s public consultation of exposure drafts 70 to 72

23 October 2020

BlogReliable non-financial information to progress sustainable finance

21 October 2020

UpdateSustainable Finance

16 October 2020

Podcast SMEs: What’s next?

16 October 2020

Consultation responseEC’s public consultation on the Energy Tax Directive

15 October 2020

EventImplementing ESEF

12 October 2020

NewsAccountancy Europe welcomes EU sustainable corporate governance initiative

8 October 2020

Consultation responseEC roadmap on sustainable corporate governance

8 October 2020

Consultation responseEC’s consultation on the establishment of an EU Green Bond Standard. 

5 October 2020

Podcast Accountants & the fight against financial crime (Part 2)

2 October 2020

UpdateSME Update

24 September 2020

NewsEUIPO and Accountancy Europe join to support SMEs

24 September 2020

NewsAccountancy Europe welcomes cooperation by sustainability reporting bodies

23 September 2020

Podcast The EU & the fight against financial crime (Part 1)

18 September 2020

BlogWhat COVID-19 made clear: corporate governance needs to focus on the right risks

8 September 2020

Consultation responseEC’s consultation on the VAT scheme for travel agents

2 September 2020

Blog4 steps to a sustainable recovery from COVID-19

6 August 2020

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