On 30 June and 1 July 2026, the Committee of European Auditing Oversight Bodies (CEAOB) held its 32nd plenary meeting in Vienna.
The Cyprus Public Audit Oversight Board (CyPAOB) was represented by the Director General, Mr. Panos Prodromides, Board President, Mr. Andreas Zachariades and Audit regulators Roberta Koumettou and Rafailia Stylianou.
During the meeting, members discussed key developments and exchanged updates on several important topics, including:
🔹 Adoption of the principal positions of the CEAOB’s technical advice on the assurance standard for sustainability reporting, to be submitted to the EU Commission.
🔹 Adoption of the memorandum of understanding (MoU) template developed by the International Equivalence and Adequacy Sub-Group to facilitate the conclusion of cooperative arrangements with the UK Financial Reporting Council (FRC).
🔹 Approval of the structure of the Inspection Report prepared by the Inspection Report Task Force.
🔹 Updates by Sub-Group Chairs on ongoing work, including the adoption of the 2026 Market Monitoring Report and the 2026 Enforcement Report.
🔹 Recent developments from the EU Commission, the current status of the Audit Quality Indicators Task Force’s work, and matters relating to observer status.
🔹 Adoption of the updated terms of reference of the International Auditing Standards Sub-Group, as well as the election of the new Chair of the Sub-Group.
🔹 Presentation by NCA on private equity investment in audit firms and its implications for supervisory convergence in Europe.
🔹 A presentation by representatives of the European Contact Group on topics of mutual interest, as part of the CEAOB’s stakeholder outreach activities.