On 18 and 19 June, our representatives Pambos Efstratiou and Kyriaki Andreou from CyPAOB had the opportunity to attend the 17th meeting of the CEAOB Inspection Sub-Group (ISG) held in Oslo, Norway.
Hosted by the Norwegian Finanstilsynet (FSA Norway) and chaired by the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten), the meeting covered a broad agenda focused on the continuous objective of protecting public interest by continuously improving audit quality.
Key takeaways:
✅ Constructive discussions with Global and European leadership from the audit networks, Deloitte and BDO, on various topics including CSRD implementation, ISQM1 and external and internal monitoring results.
✅ Collaboration with representatives from Public Company Accounting Oversight Board (PCAOB), emphasizing cross-border cooperation, Inspection activity and priorities and the new QC 1000 standard.
✅ Updates on CSRD developments and the Omnibus proposal, followed by a panel discussion on sustainability inspections with reps from five EU countries
✅ Review of common inspection findings, with a focus on fraud risk
✅ Presentation and approval of the workplans for the new AQI and Inspection Report ISG Task Forces
Lastly, we’re pleased to highlight that during the meeting our senior audit quality reviewer Pambos Efstratiou, in his capacity as the Deloitte College Facilitator, successfully led the discussion with the Deloitte representatives and, in his capacity as the facilitator of the new Inspection Report Task Force presented the mandate and workplan of the task force.