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EU audit reform must embed international standards: ICAEW, ICPAC

EU audit reform proposals currently being discussed must be proportionate and aligned with international standards, according to the Institute of Chartered Accountants of England and Wales (ICAEW) and (Institute of Certified Public Accountants of Cyprus (ICPAC).

These views were expressed at a conference held by the ICAEW and ICPAC to mark the Cypriot Presidency, and to facilitate the in-depth exchange of views between the two parties about the EU audit developments.

On the proposal legislation, which would affect investors, businesses and the audit professionals across Europe, Michael Izza, ICAEW CEO said:

“The direction of travel is right, but more work is still needed to ensure full application of international auditing standards across the European Union and full alignment with the IESBA Code of Ethics.”

ICPAC president Theo Parperis warned that the EU must not only ensure there is consistency around the world but that the ‘scope of legislation right’.

“This is particularly important with regards to the definition of public interest entities, which will impact both those entities covered by the definition and their statutory auditors. We need a proportionate approach to legislation,” Parperis explained.

Both institutes also emphasised the importance of making sure the timetable for change is clearly communicated to auditors, businesses, investors and other stakeholders.

In the light of this, both the ICAEW and ICPAC will continue to work together to keep their respective members up to date.

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