The webinar brought together 302 participants from across the Europe and Central Asia (ECA) region, including regulators, public oversight bodies, and ministries of finance; professional accountancy organizations (PAOs), audit firms, auditors, accountants; board members, audit committee members, and accountants of large and medium-sized companies, including state-owned enterprises; financial institutions and business associations; and academics. It was delivered under three CFRR regional programs: Enhancing Accounting, Auditing, and Sustainability Reporting Program (EAASURE); Public Sector Accounting and Reporting Program (PULSAR); and the Road to Europe Program of Accounting Reform and Institutional Strengthening for Small and Medium Enterprises (REPARIS for SMEs), with the IAASB providing technical content and speakers.

The aim was to raise awareness of recent and forthcoming IAASB standards and revisions, clarify their implications for policy and practice, and support transition planning by regulators, PAOs, firms, and universities. There was a focus on achieving consistent, high quality, and transparent assurance, including readiness for sustainability assurance. Key updates included the shift to proactive, risk-based quality management under ISQM 1 and ISQM 2; enhanced fraud responsibilities in ISA 240, strengthening professional skepticism, documentation, and communication; revised going concern requirements in ISA 570, expanding management assessment to the date of financial statement approval and introducing clearer reporting; and updated group audit guidance in ISA 600, emphasizing a risk based approach, stronger linkage to other ISAs, and structured involvement of component auditors. The session also examined ISSA 5000, establishing a global baseline for sustainability assurance applicable to both reasonable and limited assurance engagements, and the ISA for LCE, with simplified, scalable requirements for audits of less complex entities. Collectively, these changes signal a step change toward proactive, scalable, and risk focused quality management, reinforced professional skepticism, and clearer reporting and communication. This shift underpins investor confidence and public trust amid evolving fraud risks and the rapid rise of sustainability reporting.

Collectively the revisions will improve audit quality, transparency, and communication and can bolster investor confidence, strengthen risk dialogue, and enhance governance effectiveness amid evolving fraud risks and the rapid growth of sustainability reporting. ECA stakeholders need to prepare for upcoming effective dates. Next steps include aligning national standards, inspections, professional development, and qualification pathways to the risk based approach. Academia must update curricula to embed the new requirements and future proof skills. Firms are expected to redesign methodologies, tooling, and training; strengthen governance and monitoring; and build capability for sustainability assurance. The CFRR will identify appropriate opportunities for further support, including follow up clinics or deep dives on specific topics such as fraud procedures, going concern documentation, and ISSA 5000 scoping.