«What do Board and Audit Committee members need to know about the New Audit Report?»

Transcription

1 INVITATION L INSTITUT LUXEMBOURGEOIS DES ADMINISTRATEURS in cooperation with EY LUXEMBOURG is pleased to invite you to the following conference: «What do Board and Audit Committee members need to know about the New Audit Report?» Greater Transparency. More Relevant. TUESDAY, 5 DECEMBER PM 7.00PM Venue : EY offices 35E avenue John F. Kennedy, L-1855 Luxembourg

2 Program What do Board and Audit Committee members need to know about the New Audit Report? In 2014 the European Union issued the Directive 2014/56/EU together with the new Regulation n 537/2014 on public interest entity audits, amending the Statutory Audit Directive. In January 2015, after a five-year project, the International Auditing and Assurance Standards Board (IAASB) issued a suite of new and revised International Standards on Auditing (ISAs). These new regulations give rise to a deep transformation of the auditor s report, including a description of the Key Audit Matters (KAMs) in the audit report of companies with securities listed. Similarly, the European Regulation introduces the new audit report for Public Interest Entities (PIEs) as well as the specific reporting and interaction with the Audit Committee. In Luxembourg, the Commission de Surveillance du Secteur Financier (CSSF) implemented these regulations for 2017 audits, with certain carve-out. During this event, our panellists will discuss the practical implications of the new audit report and interactions with Audit Committee. Join our subject-matter professionals as they present: 1. Where do these changes come from? 2. Presentation of the content of the new audit report 3. A closer look at the key audit matters 4. Lessons learned from early adopters 5. Benefits to stakeholders 5.00pm 5.15pm 5.20pm 5.30pm 5.35pm 5.45pm 6.05pm 6.25pm 6.55pm 7.00pm Registration & welcome Introduction, Olivier Lemaire, Partner, EY Luxembourg & Vincent Decalf, Member of the Board of Directors and Independent Director Where do these changes come from?, Frédéric Tabak, Head of public oversight of the audit profession, CSSF Presentation of the content of the new audit report, Jean-Michel Pacaud, Chairman IRE A closer look at the key audit matters, Jean-Michel Pacaud Lessons learned from early adopters, Les Clifford, Partner, EY Zurich Benefits to stakeholders, Maurice Lam, Chairman of the Audit Committee of several banks, Independent Director and Frédéric Lang, Chief Accounting Officer, Arcelor Panel discussion followed by a Q&A session with the audience Frédéric Tabak, Jean-Michel Pacaud, Les Clifford, Maurice Lam and Frédéric Lang Moderator: Olivier Lemaire Closing remarks, Olivier Lemaire Networking cocktail

3 Our Speakers Les Clifford Partner, EY Zurich Les Clifford is a senior partner in EY Zurich. Prior to this Les was based in EY London. With more than 30 years experience in Auditing and Advisory services for multinational companies listed on the UK, Swiss and US stock exchanges, Les has practical experience of dealing with clients who operate in IFRS, US and UK GAAP. Les led EY s UK Pharmaceutical & Life Sciences practice. In addition, Les led an EY team in a review of regulatory compliance in some 56 countries and continues to work with several multinational corporate clients on their Global Compliance frameworks. Les is a UK Chartered Accountant and Swiss Licensed Audit Expert. Les is a Board Member and Finance Committee Chairman of a leading UK Children s Charity Action for Children. Maurice Lam Independent Director Aged 60, Maurice Lam graduated from the UK s University of Leicester in 1979 with an Honours degree in Economics. Maurice s career started in audit with Deloitte in the UK after which Maurice moved to Luxembourg in From 2000 to 2010 Maurice acted as Managing Partner and CEO of Deloitte in Luxembourg. During his career at Deloitte, his professional experience was mainly focused on the financial sector, in particular, the banking, funds and insurance industries. Maurice is currently Member of the Board of Directors and Chairman of the Audit Committee of Bank of China (Luxembourg) S.A., Member of the Board of Directors and Chairman of the Audit Committee of KBL European Private Bankers S.A., Member of the Board of Directors and Chairman of the Audit Committee of Banque Internationale à Luxembourg. Frédéric Lang Chief Accounting Officer, ArcelorMittal Frédéric Lang is graduated from Neoma Business School in France in Frédéric started his career in Luxembourg in 1996 with KPMG where he stayed 4 years. In 2000, Frédéric joined Arbed and had subsequently different positions in group financial reporting within Arcelor and ArcelorMittal. Frédéric is the Chief Accounting Officer of ArcelorMittal group since 2016.

4 Olivier Lemaire Partner, EY Luxembourg Olivier Lemaire is a senior partner in Ernst & Young (EY) Luxembourg with more than 20 years experience in Auditing and Advisory services for large international group or listed companies. Olivier is part of the Management Team of EY Luxembourg as Assurance Leader. Olivier had been leading the Luxembourg Technology, Media & Entertainment, Telecommunications (TMT) practice from 2004 to 2017 and the telecom practice for Europe, Middle East, India and Africa (EMEIA) covering 12 regions 90 countries, from 2012 to Olivier is a Réviseur d entreprises agréé in Luxembourg, member of the Institut des réviseurs d'entreprises (IRE) and registered in the Public register of the audit profession of the Commission de Surveillance du Secteur Financier (CSSF), Luxembourg s financial supervisory authority. Jean-Michel Pacaud Chairman of the Institut des Réviseurs d Entreprises Jean-Michel Pacaud is a Réviseur d entreprises agréé in Luxembourg, Jean-Michel has been elected President of the IRE in 2012 and re-elected in June 2015 for a 3-year term. Jean-Michel is also the Chairman of the Insurance Commission. Jean-Michel is a senior partner in EY Luxembourg with more than 25 years experience in Auditing and Advisory services for financial services, specializing in banking, assets management and insurance companies. In addition, Jean-michel is a member of the Islamic Finance Working Group of the High Committee of the Financial Center (HCPF) chaired by the Minister of Finance and a member of the Accounting & Reporting Working Group of the Luxembourg insurance regulator (Commissariat aux Assurances). Frédéric Tabak Head of public oversight of the audit profession, CSSF Frédéric Tabak is Head of public oversight of the audit profession at the CSSF. Frédéric is a member of the Committee of European Auditing Oversight Bodies (CEAOB) and is representing Luxembourg at the International Forum of Independent Audit Regulators (IFIAR). Frédéric is heavily involved at European level in topics related to the consistent application of the audit directive and regulation. Before joining the CSSF in 2008, Frédéric mainly worked for EY Luxembourg for ten years as an auditor. Frédéric is a Réviseur d'entreprises in Luxembourg since 2001.

5 PRACTICAL INFORMATION Registration to the conference is free of charge. Online registration is open on the website: a confirmation will be sent to the registrants. Due to a limited number of seats available, any cancellation should be communicated in writing to events@ila.lu We remain available in case of questions, feel free to contact us: events@ila.lu