CYPRUS PUBLIC AUDIT OVERSIGHT BOARD (CyPAOB), led by the Director General, Mr. Panos Prodromides, and two Board Members, Mr. Marios Neoptolemou and Mr. Demetris Georgiades, participated in the two-day 2024 Public Company Accounting Oversight Board (PCAOB) International Institute on Audit Regulation held in Washington DC from 29 to 30 October. Under the theme of “Raising the Bar for Audit Quality,” the Institute included sessions with PCAOB Board Members and staff, leaders from non-U.S. regulatory bodies, and representatives from the investor community and other key stakeholder groups across auditing and financial reporting.
Almost 90 officials from audit regulators from 40 non-U.S. jurisdictions attended the conference and exchanged their views on latest developments in audit regulation.
Mr. Panos Prodromides participated in a panel with Chair of PCAOB, Ms. Erica Williams and Chief Executive of ACRA - Accounting and Corporate Regulatory Authority, Ms. Huey Min Chia-Tern, to discuss recent events and what lies ahead for the future of audit regulation. He spoke about transparency with investors as well as potential opportunities and threats for audit profession arising from private equity investment.
Also, he outlined CyPAOB’s and CEAOB’s pillars of oversight, mission and core strategies and discussed the points for attention to audit regulators when reviewing audits that increasingly rely upon AI.