On November 9, 2023, the President of the Council for the advancement and oversight of the audit of the Republic of North Macedonia, Aleksandar Naumoski, the members of the Council and the employees of the Council’s professional service, attended a NATIONAL CONFERENCE on the topic of Strengthening corporate governance in North Macedonia: Notification of sustainability and increasing the role of audit committees.
The conference focused on the further implementation of corporate sustainability reporting measures that include reporting on social and environmental aspects and increasing the role of audit committees..
It aims to encourage discussions and share good practices on these topics by bringing together various groups of relevant stakeholders.
The conference discussed the challenges and potential answers related to: (i) the new provisions of the European Union (EU) Directive on Corporate Sustainability Reporting (CSRD), including the new European Sustainability Reporting Standards (ESRS); (ii) the implementation of EU minimum requirements for sustainability reporting (‘non-financial report’) and (iii) increasing the role of audit committees in strengthening trust in statutory audits and in financial and non-financial information.
The conference also discussed the increasing role of audit committees in relation to financial and sustainability reporting. The audit committee is now key to strengthening confidence in statutory auditing and financial reporting. Overall, the audit committee is expected to become a major factor in the corporate governance framework covering both financial and sustainability reporting.