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CEAOB

Press release: 3rd MEETING OF THE CEAOB INSPECTIONS SUB-GROUP

CHAIRED BY : H3C - FRANCE

HOSTED BY : IAASA - IRELAND

13-10-2017

The Inspections Sub-Group of the Committee of European Auditing Oversight Bodies (CEAOB) discusses audit quality initatives with representatives of the leadership of one of the largest European audit networks.

The Inspections Sub-Group (ISG) and the International Auditing Standards Sub-Group (SSG) of the Committee of European Auditing Oversight Bodies (CEAOB) also met with representatives of the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA).

The 3rd meeting of the CEAOB Inspections sub-group (CEAOB ISG) was hosted by the Irish Auditing & Accounting Supervisory Authority (IAASA) in Dublin from 11 to 13 October 2017. The meeting was chaired by the French Haut Conseil du Commissariat aux Comptes (H3C).

Highlights of the meeting include:

Dialogue with the European leadership of EY

As part of the audit regulators’ ongoing dialogue on improvements in audit quality with large European audit networks, the CEAOB ISG members met with representatives of EY. The meeting continued the interaction that had been started by the the EAIG (European Audit Inspection Group). The focus of the discussions was the firms’ initiatives in continuing to improve the quality of their audits, including the presentation of new tools and policies put in place, the use of data analytics, the analysis of root causes for audit quality instances and the implementation of audit quality indicators to enhance the effectiveness of actions (presentation of new tools and policies).

Meeting with representatives of the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA)

The CEAOB ISG members and the CEAOB SSG members met the representatives of IAASB and IESBA.

The CEAOB ISG presented an update on common findings on International Standard on Quality Control (ISQC1). Other topics discussed included main issues identified from the findings database (ISA 540 and ISA 315/330) and data analytics. Discussion with IESBA focused on the Safeguards project and Independence as a relevant ethical requirement.

CEAOB ISG work program for 2018

The CEAOB ISG Organising Committee presented the work program for years 2018 – 2019 which was supported by the members.

CEAOB ISG Colleges activities and workplan for 2018

The four Colleges’ facilitators updated the group on the activities in 2017 and introduced workplans for 2018. A common approach had been adopted for the four colleges on several topics such as root cause analysis, data analytics, EQCR, approach regarding key audit matters and implementation of the new audit regulation in respect of independence requirements. In addition, each College has identified specific areas of focus for 2018.

Update on CEAOB ISG Common Audit Inspection Methodology (CAIM)

The CEAOB ISG presented CAIM guidance on selection for inspection of Public-Interest Entities audit files and selection of inspection areas. The CEAOB ISG was also updated on the development of the Revenue work program. A pilot phase of the Revenue work program is planned for Q4 2017 on two engagement files per countries of the CAIM steering group members.

Implementation of CEAOB ISG task forces

Several countries members of the CEAOB ISG expressed interest in joining a Smaller regulators task force or supporting it with resources (experts, training, secondments). A presentation had been made of the achievements made since CEAOB ISG Prague meeting, scheduled activities and the way forward.

The CEAOB ISG Organising Committee also suggested the implementation of an Information Technology (“IT”) task force with a presentation of the objectives and proposed activities.

Presentation of inspection organisation in Greece

A member of Board of the Hellenic Accounting and Auditing Standards Oversight Board (HAASOB) presented the Greek system of inspections. This included information on the audit market in Greece, inspection approach, quality inspection procedures, findings, recommandations and sanctions.

About the CEAOB and the Inspections sub-group

The CEAOB is the framework for co-operation between national audit oversight bodies at EU level. Its role is to strengthen EU-wide audit oversight. By facilitating supervisory convergence, the CEAOB contributes to the effective and consistent application of the new EU audit legislation throughout the EU. The CEAOB is composed of representatives of the national audit oversight bodies of the EU and the European Securities and Markets Authority (ESMA).

The purpose of the CEAOB Inspections sub-group is to further enhance the cooperation and consistency among CEAOB members on the subject of inspection activity and to have effective communications with the audit firms and other third parties, with the aim of supporting the objective of the CEAOB to improve audit quality and confidence in audits.

Further information about the CEAOB can be found on its website (https://ec.europa.eu/info/business-economy-euro/banking-and-finance/financial-reforms-and-their-progress/regulatory-process-financial-services/expert-groups-comitology-and-other-committees/committee-european-auditing-oversight-bodies_en ec.europa.eu/finance/auditing/ceaob/index_en.htm). For further information about this press release, please contact EC-CEAOB-SECRETARIAT@ec.europa.eu.

CEAOB plenary meeting on 1 June 2017, Short summary

The CEAOB held its fourth plenary meeting in Brussels on 1 June 2017.

In the meeting the members exchanged views on the public consultation on the operations of the European Supervisory Authorities. The European Commission informed the committee on the state of play of the implementation of the audit reform, the work on the market monitoring report and on possible implications of the European Single Electronic Format (ESEF) for audit.
Four member authorities gave presentations on their public oversight systems focusing on recent changes and sharing experiences with the other members. A guest speaker from an association representing European directors gave a presentation on the challenges faced by audit committees following the audit reform. This was followed by a discussion amongst members.
The committee took note of the oral reports on the activities of the sub-groups and discussed the modalities of their assessment at the end of the year. In preparation of the new CEAOB work programme for 2018, there will also be an assessment of what has been achieved in its first year of operation and which areas will need to be covered by the new work programme.
For further information please contact EC-CEAOB-SECRETARIAT@ec.europa.eu.

Third plenary meeting of the Committee of European Auditing Oversight Bodies (CEAOB)

Summary of operational conclusions, 22 March 2017

Chair: Ralf BOSE, Chief Executive Director, Germany's Audit Oversight Body (AOB)

Vice-Chair: Nathalie DE BASALDUA, Acting Director Investment and Company Reporting, DG FISMA, represented by Dorota ZALIWSKA, Head of Unit Audit and Credit rating agencies, DG FISMA

1. Adoption of the agenda The meeting started at 9:35. Decision: The agenda was adopted without comments.

2. Adoption of the minutes and the summary of operational conclusions of the previous meeting Decision: The minutes and the summary of operational conclusions of the previous meeting held on 25 November 2016 were approved.

3. Chair's introductory remarks The Chair expressed his satisfaction with the progress made since the last plenary meeting regarding the different workstreams of the CEAOB. He reported back from the meeting of the consultative group held in Luxembourg on 24 January 2017 and referred to the preparation of the joint meeting of CEAOB, ESRB and auditors of G-SIFIs representatives pursuant to Article 12 of the Audit Regulation.

4. Vice-Chair's introductory remarks The Vice-Chair representative expressed her appreciation for the work of the CEAOB and thanked for the good cooperation. She referred to the White Paper on the Future of Europe that had been published by the Commission in this context. She made the committee aware of the recent publication of the Commission staff working document on EU equivalence decisions in financial services policy and of the public consultation on the operations of the European Supervisory Authorities (ESAs). The consultation is open for contributions until 16 May. The Vice-Chair representative and the Chair encouraged the CEAOB members to participate.

5. Main business

5.1. Reports from the sub-group Chairs The Chair of the International equivalence and adequacy sub-group informed that sub-group will do a mapping exercise to identify priorities and relevant third countries. In this context, the sub-group Chair mentioned that the Commission had had a meeting with Chinese representatives who expressed their wish to be granted adequacy as soon as possible. CEAOB 2017-011 2 The Chair of the International Auditing Standards sub-group reported back on the sub-group's work regarding the panorama on the use of IAASB pronouncements. The sub-group Chair also informed about the exchanges regarding the implementation of Article 10 of the Audit Regulation on audit reporting. On a question by a member the CEAOB Chair clarified that the procedure for approval of comment letters would have to be decided at the CEAOB level and that he is going to submit this question for discussion to the consultative group. The Inspection sub-group coordinators reported back on the last meeting in Cyprus on 7 November 2016 and the activities of the working groups that have been set up, i.e. the Financial Services Group and the CAIM group (Common audit inspection methodology). The sub-group coordinators informed that the authorities from Luxembourg and Cyprus had joined the Organising committee. It is now composed of the following authorities: FRC (UK), H3C (FR), AOB (DE), AFM (NL), CSSF (LU), CYPAOB (CY). The next sub-group meeting will be held in Prague on 7/8 June 2017. Three firms have been invited to this meeting: Deloitte, BDO, and Grant Thornton. The Chair of the Market Monitoring sub-group informed on their monthly conference calls in which they had discussed challenges related to the data collection for the first market monitoring report. The sub-group is in the progress of developing a questionnaire for audit committees, discussed the issue of identification of PIEs listed outside the EU and carried out a survey on the implementation of Article 16.3 of the Audit Regulation. The sub-group Chair gave a detailed presentation on the requirements of Article 16.3 of the Audit Regulation based on the results of the survey the MM sub-group had carried out.

5.2. Update on the colleges of competent authorities The CEAOB Chair informed that, pursuant to the decision taken at the last plenary meeting, the colleges for the four big networks had been established as of 15 January 2017. The following facilitators had been appointed: a representative of the FRC (UK) for Deloitte, a representative of H3C (FR) for EY, a representative of AFM (NL) for KPMG and a representative of AOB (DE) for PwC. The Chair reminded that the colleges operate outside the framework of the CEAOB. The written coordination arrangements have been finalised. The Chair recalled that these had to be transmitted to the CEAOB.

5.3. Update on Collaborative Platform of the CEAOB The Commission services presented the newly set-up collaborative platform, in particular its structure and tools. The next step is the registration of the users.

5.4. Update on the initiative regarding member reporting The Chair introduced the initiative on member reporting. The aim would be to have four very concise presentations by member organisations per plenary meeting. The presentations should focus on changes in the set-up of the authorities and challenges encountered. Background information, details, facts and statistics should be made available in a written annex. Decision: The CEAOB decided to start with the member reporting as outlined in the supporting paper without creating and publishing member profiles.

5.5. Adoption of the Work plan and the Terms of Reference of the Enforcement sub-group The Chair gave the floor to the sub-group Chair to introduce the work plan and the terms of reference that had been prepared by the Enforcement sub-group. The sub-group Chair explained that for 2017 the CEAOB 2017-011 3 sub-group would focus on the legal requirements regarding the collection of statistics and the setting up of a reporting mechanism for temporary prohibitions pursuant to Article 30.7.f of the Audit Directive. Decision: The CEAOB adopted the work plan and the terms of reference of the Enforcement sub-group.

5.6. Adoption of the CEAOB Confidentiality Procedure (Rule 16(3) of the Rules of Procedure) The Chair introduced the Confidentiality Procedure as set out in the supporting document. He stressed that this procedure should not duplicate the legal requirements and that it is in the discretion of each authority to share confidential information. He pointed out that the procedure took into account the specific provisions of the sub-groups' terms of references regarding the use of the database. Some members suggested clarifications regarding the access to the database, levels of confidentiality and the principle of ‘originator control’. Decision: The committee decided to postpone the adoption of the confidentiality procedure to the next plenary meeting. The Chair encouraged the representatives of two member authorities to work together on a revised proposal to be presented to the next plenary.

5.7. Adoption of the CEAOB Annual Report for 2016. Decision: The CEAOB adopted its Annual Report for 2016 with minor changes.

5.8. Update on process regarding the promotion of the consistent application of the ARD (status quo) The Chair invited the participants to consider the procedure regarding the promotion of consistent application of the audit reform that had been developed by two members. Several member authorities stressed the importance of reaching consensual positions on questions of consistent application and on communicating these results to third parties. The Chair recalled that, pursuant to the decision at the last plenary meeting, this procedure is meant to be an internal service for member authorities. The Review team will not take decisions but will rather identify common solutions. Decision: The CEAOB agreed to start the process on the promotion of consistent application of the ARD as outlined in the paper and to have a report on the functioning at the next plenary meeting.

6. Stakeholder Outreach

6.1. Presentation by a representative of the organizer of a network of audit committee chairs followed by internal discussion On invitation by the Chair, a representative of the organiser of a network of audit committee chairs held a presentation on the objectives and activities of this network. He stressed the importance of having a dialogue between audit oversight bodies and audit committees as essential stakeholders for ensuring audit quality. Regarding questions on recent topics discussed in this network the speaker mentioned the fragmentation of national oversight, the upcoming market monitoring report and the role of the CEAOB in cooperating with the audit committees.

6.2. Discussion of invitations to stakeholders for future meetings The Chair reported on his participation in the board meeting of ECODA (European Confederation of Directors Associations). He proposed to contact two organisations for future guest speakers and CEAOB 2017-011 4 encouraged the members not only to make further suggestions for invitations but also to contribute content wise to the organisation of these meetings. Action: The Chair will invite the proposed stakeholders as guest speakers to the next meetings.

6.3. Report on the envisaged joint meeting of ESRB, CEAOB and G-SIFI auditors according to Art. 12 of EU Regulation The Chair informed the committee on the legal obligation to organise a meeting of ESRB, CEAOB and G SIFI auditors pursuant to Article 12 of the Audit Regulation. Preparatory contacts had already taken place between the relevant task force of the Financial Services group, the European Commission and the ESRB.

7. Presentation of a database in the area of auditing On invitation by the Chair, an external speaker presented a database containing data potentially relevant for auditor oversight purposes. The data concerns PIEs (public interest entities) and covers mainly transparency reports, auditor engagements, auditor fees and subsidiaries. The data is mostly coming from public sources. Members asked questions on data quality and up-to-dateness of the database.

8. Adoption of short summary for publication on the website. Decision: The CEAOB agreed to the publication of the short summary, including some amendments suggested during the meeting.

9. Any other business

- The Vice-Chair representative gave a short update on the drawing-up of the first market monitoring report. She thanked the members for their cooperation and informed that the report should be finalised before summer.

- One member asked the Secretariat about the possibility to prepare a logo and a template for the CEAOB. The Secretariat will examine the request and possible solutions.

- The Swedish authority announced that the name of their authority changes as of 1 April from Revisorsnämnden to Revisorsinspektionen.

- The Chair announced the dates of the next CEAOB plenary meetings in 2017: 1 June, 13 November.

The meeting closed at 16:20.

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Pravna podlaga

Podlaga za obvestilo je spremenjeni Zakon o elektronskih komunikacijah (Uradni list št. 109/2012; v nadaljevanju ZEKom-1), ki je začel veljati v začetku leta 2013. Prinesel je nova pravila glede uporabe piškotkov in podobnih tehnologij za shranjevanje informacij ali dostop do informacij, shranjenih na računalniku ali mobilni napravi uporabnika.

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Piškotek običajno vsebuje zaporedje črk in številk, ki se naloži na uporabnikov računalnik, ko ta obišče določeno spletno stran. Ob vsakem ponovnem obisku bo spletna stran pridobila podatek o naloženem piškotku in uporabnika prepoznala.

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Vrste piškotkov, ki jih uporabljamo na tej spletni strani

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3. Funkcionalni piškotki

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