On 18 and 19 March 2025, the Committee of European Auditing Oversight Bodies (CEAOB) held its 27th plenary meeting that took place in Brussels.
The Cyprus Public Audit Oversight Board (CyPAOB) was represented by the Director General, Mr. Panos Prodromides, Board Member, Mrs. Ioanna Achilleos Zavitsanaki and Audit regulators Kyriaki Andreou and Rafailia Stylianou, BFP, ACA.
During the meeting, members covered the following topics:
· Adoption of the 2024 CEAOB Annual Report
· Update from the sub-group chairs on their ongoing activities
· Report from the Chair of the International Auditing Standard sub-group on the work in progress in preparing technical advice to the Commission based on ISSA 5000. Also, awaiting the adoption of the Omnibus on the CSRD, members agreed to adjust CEAOB approach to focus on Commission guidelines for consistent implementation of limited assurance on sustainability reporting in the Member States
· Presentations by two NCAs on the application and use of Audit Quality Indicators (AQIs) and decision for the creation of an AQI Task Force at CEAOB level
· Presentation by representatives from one of the NCAs for their enforcement settlement process to the members
· Presentation by representatives from one of the NCAs on the topic of culture and governance followed by a discussion on the potential next steps for CEAOB regarding culture and governance
· Presentations by representatives of Public Interest Oversight Board | PIOB and Financial Reporting Council (FRC) on topics of common interest, as part of stakeholder outreach activity