10th anniversary of the EU audit reform

Published in 
CEPS - Centre for European Policy Studies 1 Place du Congrès / Congresplein 1000 Brussels

Audited financial information is essential for both companies and individuals alike. With the rapid technological advancements, legislative changes, and the catalytic effects of Covid-19, the auditing profession is facing many challenges. Moreover, and as audit is expanding to sustainability and the digital era (e.g. cybersecurity, IT, algorithm, AI), concerns have been raised on the scope and quality of audit, the independence of auditors, as well as the concentration of the market under a few large actors.

In 2014, the European Union adopted the reform of the Statutory Audit Market through two legislative instruments: i) a Directive amending the 2006 Audit Directive, and ii) the Audit Regulation. Ten years since the 2014 Reform, it is time to take a step back and access what has been achieved and what remains to be done. As we are moving from the successes and failures of the Reform, to the current market developments, it is timely to bring together different market actors and discuss the future of auditing in the EU.

Join this half-day conference organised by the Centre for European Policy Studies (CEPS) and the European Capital Markets Institute (ECMI), with the support of Mazars, to discuss the successes and failures of the previous audit reform, and the implications of the current developments of the audit market. 


09:00 – 09:30 Registration and welcome

09:30 – 09:40 Welcoming remarks

  • Christoph Regierer, Executive Board Member, Mazars Group

09:40 – 09:55 Opening speech

  • Eric Baudrier, Director General, Haute Autorité de l’Audit (H2A) 

09:55 – 10:55 First session: What have been the effects of the audit reform?

  • Petr Wagner, Deputy Head of Unit, Corporate Reporting, Audit and Credit Rating Agencies, DG FISMA, European Commission
  • Professor Jens Poll, Deputy President, Accountancy Europe; and Board Member, International Ethics Standards Board for Accountants (IESBA)
  • Luc Vansteenkiste, Chairman, European Issuers
  • Patrick Velte, Professor of Accounting, Auditing & Corporate Governance, Leuphana University of Lüneburg

Moderated by Jella Benner-Heinacher, Chief Managing Director (deputy), Deutsche Schutzvereinigung für Wertpapierbesitz (DSW); and President, BETTER FINANCE

10:55 – 11:15 Coffee break

11:15 – 12:15 Second session: What future for audit?

  • Prabhat Agarwal, Head of Unit, Digital Services and Platforms, DG CONNECT, European Commission
  • Philippe Zaouati, CEO, Mirova
  • Andrew Hobbs, Partner, EMEIA Public Policy Leader, EY
  • Anna Morandini, PhD Researcher, European and Digital Law, European University Institute

Moderated by Fabrice Demarigny, Global Head of Financial Markets, Mazars Group; and Chairman of ECMI Board

12:15 – 12:30 Closing Speech

  • Alain Deckers​, Head of Asset Management Unit, DG FISMA, European Commission

12:30 Lunch