Conference: “10th anniversary of the EU audit reform” in Brussels
Ten years ago, the EU enacted a fundamental audit reform. Looking back, what were its successes and setbacks? And how does it impact current developments in the audit market? These questions and other topics will be discussed at the conference Mazars has co-organised with the Centre for European Policy Studies (CEPS) and the European Capital Markets Institute (ECMI) in Brussels.
In 2014, the European Union approved the reform of the statutory audit market through two legal instruments: a Directive amending the 2006 Audit Directive and the Audit Regulation. The reform pursued four distinct aims: increasing transparency for investors, strengthening the auditors’ independence via- à-vis their clients, promoting competition in the market, and reinforcing EU-wide supervision.
Now, a decade later, it is time to take stock and see what the reform has achieved so far – and what still needs to be done. In the half-day conference, representatives from various market players will also discuss the future of the statutory audit in the EU and highlight upcoming challenges facing the audit profession. In particular, the ongoing effects of the COVID-19 pandemic and legislative changes will be examined.
With the development of unique reporting requirements for Public Interest Entities (PIEs), audits have expanded to include issues related to sustainability and the digital age (e.g. cybersecurity, IT, algorithms, and AI). If the EU does not intervene, this new market may become so concentrated that only those few large players that already control the playing field will monopolise this market as well. Not only is this at odds with the Commission's audit reform, but it also jeopardises competition and the EU's objective of strategic autonomy in a market comprised of a limited number of players.
Agenda
09:00 – 09:30: Registration and welcome
09:30 – 09:40: Welcoming remarks
09:40 – 09:55: Opening speech
09:55 – 10:55: First session: What have been the effects of the audit reform?
10:55 – 11:15: Coffee break
11:15 – 12:15: Second session: What future for audit?
12:15 – 12:30: Closing speech
12:30: Lunch
Speakers
- Prabhat Agarwal, Head of Unit, Digital Services and Platforms, DG Connect, European Commission
- Ugo Bassi, Director of Financial Markets, DG FISMA, European Commission
- Jella Benner-Heinacher, Chief Managing Director, Deutsche Schutzvereinigung für Wertpapierbesitz (DSW), and President, Better Finance
- Fabrice Demarigny, Global Head of Financial Markets, Mazars Group, and Chair of ECMI Board
- Florence Peybernes, President, Haut Conseil du Commissariat aux Comptes (H3C)
- Jens Poll, Board Member, International Ethics Standards Board for Accountants (IESBA), and Deputy President, Accountancy Europe
- Luc Vansteenkiste, Chair, European Issuers
- Petr Wagner, Deputy Head of Unit, Corporate Reporting, Audit and Credit Rating Agencies DG FISMA, European Commission
Venue address
CEPS Conference Room
Place du Congrès 1
1000 Brussels
Belgium