Ex­ecs dis­cuss new EU au­dit leg­is­la­tion and the role of Au­dit Com­mit­tees

Financial Mirror (Cyprus) - - FRONT PAGE -

Se­nior ex­ec­u­tive of lead­ing Cypriot busi­nesses at­tended the event “Boards of Direc­tors and Au­dit Com­mit­tee at the heart of au­dit re­form” in Ni­cosia or­gan­ised by PwC Cyprus, the In­sti­tute of Direc­tors Cyprus (IoD) and the Euro­pean Con­fed­er­a­tion of Direc­tors’ As­so­ci­a­tions (ecoDa).

Ex­ec­u­tives were briefed on the de­vel­op­ments in the au­dit­ing ser­vices in­dus­try and the changes af­fect­ing the op­er­a­tion of the Boards of Direc­tors and Au­dit Com­mit­tees. An­dreas Zachari­ades, Vice Chair­man of the Cyprus Pub­lic Au­dit Oversight Board, was one of the event’s main speaker.

In his wel­come ad­dress, PwC Cyprus CEO Ev­ge­nios Ev­ge­niou stressed the im­por­tance of fully com­pre­hend­ing the changes in the new EU leg­is­la­tion, not­ing that it is im­per­a­tive that busi­nesses thor­oughly eval­u­ate the con­se­quences of this re­form and en­ter a process of ad­just­ing to the rel­e­vant changes.

“The use­ful­ness and role of au­dit com­mit­tees is of great im­por­tance for any or­gan­i­sa­tion wish­ing to de­velop ro­bust cor­po­rate gov­er­nance. There­fore, there is an ex­plicit need to be­come fa­mil­iar with the EU au­dit leg­is­la­tion and bring up best prac­tice, to help them achieve that goal. This devel­op­ment in turn will con­trib­ute to­wards a healthy en­trepreneur­ship, a nec­es­sary pil­lar for achiev­ing ro­bust growth,” he added.

Ev­doki­mos Xenophon­tos, Chair­man of Cyprus IoD, ex­pressed his sat­is­fac­tion over the or­gan­i­sa­tion’s col­lab­o­ra­tion with PwC Cyprus in is­su­ing a Guide that would ex­plain the leg­is­la­tion changes stip­u­lated in the new frame­work for the Au­dit Com­mit­tees. Putting Au­dit Com­mit­tees at the cen­tre of qual­ity con­trol, he noted, con­firms their value and the im­por­tant work they do, in con­junc­tion with the boards of direc­tors of ev­ery or­gan­i­sa­tion.

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