Knowledge sharing event “Responding to New Requirements and Challenges in Corporate Financial and Sustainability Reporting”

In the period from May 28 to May 29 2024, the president of the Council for advancement and oversight of the audit of the Republic of North Macedonia, Aleksandar Naumoski and the members of the Council, Kosta Spaseski and Arben Halili, attended an knowledge sharing event organized by the World Bank – CFRR “Responding to New Requirements and Challenges in Corporate Financial and Sustainability Reporting” in Vienna, Austria.

The event was also attended by representatives from the Ministry of Finance, Magdalena Simonovska, State Advisor for the Financial System, Ornela Trajkoska – Pendevska, Assistant Head of the Financial System Department, Vesna Krpachoska, Assistant Head of the Budget and Funds Department, the President of the Institute of Certified Auditors of the Republic of North Macedonia, Nenad Tortevski, the President of the Council for advancement and oversight of the Accounting Profession, Goran Rafailovski and the President of the Institute of Accountants and certified accountants, Vesna Prentoska.

At the event, the new Enhancing Accounting, Auditing, and Sustainability Reporting Program EAASURE was presented, the Macedonian representatives expressed their support for the inclusion of the Council and other interested parties in the activities of this program.

The specific objectives of the two-day event are to:

  • The new regional program EAASURE and discuss planned activities and expected results with beneficiaries. The program will provide further support to countries in addressing new EU requirements in the field of corporate financial and sustainability reporting; where countries have an obligation to transpose and adopt these requirements via national legislation, they will receive tailored implementation support.
  • The implications and lessons learnt from implementing EU audit reform, to support participating countries on their own reform path and alignment with good practice.
  • The experience of Greece in institutionalizing the framework for audit oversight in line with EU provisions.
  • Insights and updates from the International Forum of Independent Audit Regulators (IFIAR) and some of its members, particularly on the 2023 inspection findings, technology in audits, and sustainability reporting assurance.
  • Learning from the European Financial Reporting and Advisory Group (EFRAG) on the latest developments to European Sustainability Reporting Standards (ESRS), including reporting requirements for SMEs.
  • Aspects related to SOE governance, monitoring, and review of audited financial statements by the ownership entity, and the role of the audit committee.
  • Increasing the role and impact of AI in corporate financial reporting and audit.
  • Review of the updated A&A ROSC methodology, particularly on accounting and auditing performance indicators.

At the regional event, the participants actively used the opportunity to exchange experiences and communicate with experts on various current topics related to corporate sustainability and financial reporting, public oversight and audit.