Belgian Audit Oversight Board

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Dialogue with the sector: enriching and to be repeated

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The BAOB engaged in dialogue, over a period of six months, with all PIE audit firms and a representative sample of non-PIE audit firms, in order to enhance its understanding of the challenges in the sector.

The BAOB would like to extend its warmest thanks to all participating auditors for the time they invested and for their openness.

The dialogue process has enabled the BAOB to refine its insights into the challenges faced by the sector, how audit firms intend to improve audit quality by applying the new International Standards on Quality Management (ISQM) and to maintain vigilance as regards integrity risks such as the risks of fraud and money laundering . Such dialogues thus contribute to the BAOB’s proportionate and risk-based oversight.

The BAOB asked for and received input on its supervisory approach, and will include the suggestions received in its reflection on the action plan for 2024.

All participants, along with the BAOB, found the dialogue important and enriching, and wish to repeat this initiative in 2024.