ECIIA newsletter June 2015


Introduction by the President

It is a pleasure to share with you the first edition of our newsletter. A lot is happening in Brussels and we would like to share with you the ECIIA activities on a quarterly basis. After the 2014 European Parliament elections and the appointment of a new European Commission, the corporate governance and social matters have moved to the DG Justice. It has taken some time before the new teams have started to work but the last quarter has been quite busy. 

Non-Financial Reporting : Building trust with internal audit

Internal audit can help organisations build trust with key stakeholders by assuring the quality of the information in their non-financial reports, according to new guidance published by ECIIA – the European Confederation of Institutes of Internal Auditing. The guidance shows how internal audit can help organisations achieve better transparency in their reporting and improve their corporate governance when implementing the new European Directive on Non Financial Reporting.

Round table at the EC: Building trust with internal audit

Internal audit must play a central role if companies are to make the most of new requirements to publicly report on the non-financial aspects of their businesses – the subject of an ECIIA-sponsored round table. ECIIA has teamed up with Parliament Magazine to debate issues raised by the European Council’s decision last year to adopt the Directive on Non-Financial Reporting.

ECIIA sponsors the best MEP Award for corporate governance

Enhancing business transparency, particularly in key areas such as social or environmental matters, is crucial to rebuilding trust in the economy and in supporting the fundamental values of the European Union. This award commends an MEP who has achieved notable progress in ensuring the highest possible standards of corporate practice are adhered to.

ECIIA participates to the ecoDa 10th Anniversary Conference

European competiveness is being challenged both by emerging markets and by traditional competitors, such as the US. A key question is the level of professionalism governing European companies. Do the Boards of Directors of European listed and non-listed companies have the professionalism needed to advance European competitiveness in a sustainable way? ecoDa chose the subject of "The professionalism of directors - Key to European competiveness?" to celebrate its 10th anniversary.

ECIIA is part of the discussions about audit quality and audit reporting organized by FEE and IAASB

The objective of the lunch debate was to discuss the latest developments in more transparent auditor reporting and in enhancing audit quality. The work of the IAASB in this regard and the impact and usefulness to the work of audit committee members and other corporate governance stakeholders in the EU were also on the agenda.

ECIIA Public Affairs Committee meets in Paris on April 20

The Public Affairs Committee actively promotes the profession of internal auditing by communicating its value to governments, legislators, policy-makers, regulators and the media. It seeks to ensure the need for internal audit is taken into account when regulations and legislation is being drafted. Read here the report after the last meeting held on March 20.

ECIIA Board meets in Paris on March 20

The Management Board met in Paris. Read the minutes of the last meeting.

ECIIA Banking Committee meets in Frankfurt on April 16

The ECIIA banking Committee met in Frankfurt on April 16. Read the minutes.

ECIIA and EUROSAI meets on April 23 & 24 in Madrid

The Cooperation Committee is in charge of boosting and materializing the MoU agreement. For that, components of that Cooperation Committee, formed by representatives of the Internal Audit Institutes of Spain, UK, and Ireland and SAIs from Belgium, Germany, Poland, Lithuania, Moldavia, and Turkey supported by the EUROSAI General Secretariat have met in Madrid to make progress in their program of activities. Click on MORE to read the report and here for the slides.

ECIIA participates to the European Summit launching the Digital Single Market Program on May 6 & 7

The Digital Single Market Strategy adopted on 6 May 2015 includes a set of targeted actions to be delivered by the end of next year. It is built on three pillars: (1) better access for consumers and businesses to digital goods and services across Europe; (2) creating the right conditions and a level playing field for digital networks and innovative services to flourish; (3) maximising the growth potential of the digital economy.

ECIIA comments on EBA consultation on remuneration

Find the ECIIA reaction here.

Former Deloitte Italy CEO Appointed to Audit Vatican

Pope Francis has appointed Libero Milone, the former chairman and CEO of Deloitte & Touche Italy, as the first auditor general of the Vatican, where he is expected to oversee a clean-up of the scandal-scarred Vatican Bank.