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Public Oversight System in Poland

Public Oversight System in Poland. Public Oversight System in Poland. Audit Oversight Commission (AOC) – public oversight body established by the Act of May 7, 2009 as a transposition of EU Directive 2006/43/EC

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Public Oversight System in Poland

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  1. Public Oversight System in Poland

  2. Public OversightSystemin Poland Audit Oversight Commission (AOC) – public oversight body established by the Act of May 7, 2009 as a transposition of EU Directive 2006/43/EC National Chamber of Statutory Auditors (NCSA) – delegation of some oversight tasks self-government of statutory auditors - professional body with mandatory membership of all auditors Accounting Department  Ministry of Finance

  3. The Role of the AOC Public Oversight Statutory Auditors Audit Firms NCSA Accounting Department  Ministry of Finance

  4. Audit OversightCommission The AOC consists of 9 members appointed by the Minister of Finance,whoare representatives of: • Minister of Finance (2 members, including the Chairman) • Financial Supervision Authority (2 members, including the DeputyChairman) • Minister of Justice(1 member) • National Chamber of Statutory Auditors(2 members) • Warsaw Stock Exchange (1 member) • Organizations of employers (1 member) Members are appointed for 4-year tenure Minority ofpractitioners involved (3 out of 9 members at the moment) Accounting Department  Ministry of Finance

  5. Audit OversightCommission The AOC is an independent body Technical expertise provided and administrative tasks performed by the Accounting Department in the Ministry of Finance The AOC is directly funded from state budget (but the NCSA contributes to the state budget) The AOC is a member of the EGAOB and is going to apply for the IFIAR membership Accounting Department  Ministry of Finance

  6. Main Tasks of AOC (1/2) Registration and deregistration of auditors and audit firms: • Right to object the registration • Right to appeal to the court against the resolutions on registration and deregistration • Second instance for issues concerning entries into and deletions from the register of statutory auditors and audit firms Registration of auditors and audit firms from third countries Approval of the resolutions of the NCSA, in particular referring to: • national standards on auditing and ethics, • rules of disciplinary procedure, • standards on internal quality control, • statute of the NCSA • rules of Continuing Professional Development Submitting complaints to administrative courts in respect of resolutions of the NCSA, which are not subject to the approval of the AOC, but which violate the law Accounting Department  Ministry of Finance

  7. Main Tasks of AOC (2/2) Involvement in the quality assurance system Conducting investigations through inspectors (non-practitioners) acting on behalf of the AOC, employed in the Ministry of Finance Involvement in the disciplinary system Cooperation with oversight bodies from the European Union member states and third countries Accounting Department  Ministry of Finance

  8. Quality Assurance System Delegated to the NCSA 2-tier system: • Auditors / audit firms of PIEs • Auditors / audit firms of other entities: • conducted in a 6-year cycle by peer-reviewers Under the ultimate oversight of the AOC Accounting Department  Ministry of Finance

  9. Quality Assurance System for auditorsof PIEs - Inspections Inspections conducted in 3-year cycle Inspectors(non-practitioners) are employed by the NCSA The AOC inspectors have the rightto participate as observers in inspections conducted by the NCSA The AOC approves: • annual inspection plan • candidates for inspectors and inspection staff for each inspection • each inspection report (the AOC has full access to related documents, with the right of making amendments) Accounting Department  Ministry of Finance

  10. Investigations and disciplinary system Investigations executed on ad hoc basis by the AOC inspectors or the NCSA inspectors Decision on the investigation taken by the AOC upon receiving information on misconduct concerning an auditor or an audit firm The AOC has the right to impose penalties on audit firms as a result of investigation outcome The AOC has the right to act as a prosecutor against an auditor in disciplinary court if the disciplinary offence violates public interest The AOC is entitled to act as a litigant party and appeal against a decision taken by a disciplinary court of the first instance (i.e. within a professional body) to the court of second instance (i.e. a common plea court) Accounting Department  Ministry of Finance

  11. Contacts Komisja Nadzoru Audytowego (Audit Oversight Commission) Ul. Świętokrzyska 12 00-916 Warszawa, Poland Tel. +48 22 694 3961 Fax: +48 22 694 3260 E-mail: biuro.kna@mf.gov.pl Ministerstwo Finansów Departament Rachunkowości (Ministry of Finance Accounting Departmant) Ul. Świętokrzyska 12 00-916 Warszawa, Poland Tel. +48 22 694 4402 Fax: +48 22 694 3260 E-mail: Sekretariat.DR@mf.gov.pl Accounting Department  Ministry of Finance

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