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Christian Bauch, Head of Unit REPARIS Conference Vienna, 15 March 2006

Public Oversight on Statutory Auditors An element to strengthen confidence in the work of auditors. Christian Bauch, Head of Unit REPARIS Conference Vienna, 15 March 2006. Introduction.

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Christian Bauch, Head of Unit REPARIS Conference Vienna, 15 March 2006

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  1. Public Oversight on Statutory AuditorsAn element to strengthen confidence in the work of auditors Christian Bauch, Head of Unit REPARIS Conference Vienna, 15 March 2006

  2. Introduction • Ongoing international discussions and regulatory changes regarding independent and effective oversight on auditors (USA :PCAOB (2002) but also UK, France, Germany, Japan, Canada, Australia etc.) • New EU requirements regarding oversight on auditors: New 8th Directive on Statutory Audits / Principles of Public Oversight (adopted in 10/2005; to be transposed within 24 months) • The German example: Adaptation of the German Oversight System in late 2004 in line with the new EU Principles of Public Oversight

  3. Compliance with the new EU Directive on Statutory Audits • Principles of Public Oversight (Article 31): • all statutory auditors subject to public oversight • governed by a majority of non-practitioners • ultimate responsibility for approval, registration, adoption of standards on ethics, internal quality control and auditing, continuous education, quality assurance and investigative and disciplinary systems • right to conduct investigations and to appropriate actions • transparent (annual work program and activity reports) • adequate funding secure and free from any undue influence by the profession

  4. Adaptation of the German system:The Former System of Public Oversight Federal Ministry of Economics and Technology governmental supervision Chief Public Prosecutor and Independent Courts Chamber of Public Accountants (WPK)Corporation under Public Law (since 1961) transfer of severe cases organizes examination, approval, registration, disciplinary proceedings, quality assurance; objective funding mechanism investigations and disciplinary proceedings Auditors and Audit FirmsMandatory Members of the Chamber of Public Accountants (WPK)

  5. Adaptation of the German system: The Revised System of Public Oversight Federal Ministry of Economics and Technology governmentalsupervision appoints members Auditor Oversight Commission (AOC)6 to 10 non-practitioners Chief Public Prosecutor and Independent Courts public oversight (ultimate responsibility including right to instruct and overrule); transparent reporting Chamber of Public Accountants (WPK)Corporation under Public Law (since 1961) transfer of severe cases organizes examination, approval, registration, disciplinary proceedings, quality assurance; objective funding mechanism investigations and disciplinary proceedings Auditors and Audit FirmsMandatory Members of the Chamber of Public Accountants (WPK)

  6. Contact Tim VolkmannHead of International Affairs------------------------------------------------------------------------------------------------------------------------Wirtschaftsprüferkammer K.d.ö.R. (WPK) - Chamber of Public AccountantsRauchstrasse 26,D-10787 BerlinGermanyTel.: +49 (0) 30 726161 183Fax: +49 (0) 30 726161 212Tim.Volkmann@wpk.dehttp://www.wpk.de

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