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