public oversight system in poland. may 24, 2015accounting department ministry of finance 2 public...

Public Oversight System in Poland

April 18, 2023 Accounting Department Ministry of Finance

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Public Oversight System in Poland

Audit Oversight Commission (AOC) – public oversight bodyestablished 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


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Public Oversight

The Role of the AOC

Statutory Auditors

AuditFirms

NCSA


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Audit Oversight Commission

The AOC consists of 9 members appointed by the Minister of Finance, who are representatives of:- Minister of Finance (2 members, including the Chairman)- Financial Supervision Authority (2 members, including the Deputy

Chairman)- 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 of practitioners involved (3 out of 9 members at the moment)


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Audit Oversight Commission

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


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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 countriesApproval 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


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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


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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


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Quality Assurance System for auditorsof PIEs - Inspections

Inspections conducted in 3-year cycle

Inspectors (non-practitioners) are employed by the NCSAThe AOC inspectors have the right to 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)


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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)


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Contacts

Komisja Nadzoru Audytowego(Audit Oversight Commission)

Ul. Świętokrzyska 1200-916 Warszawa, Poland

Tel. +48 22 694 3961Fax: +48 22 694 3260

E-mail: [email protected]

Ministerstwo FinansówDepartament Rachunkowości(Ministry of FinanceAccounting Departmant)

Ul. Świętokrzyska 1200-916 Warszawa, Poland

Tel. +48 22 694 4402Fax: +48 22 694 3260

E-mail: [email protected]

public oversight system in poland. may 24, 2015accounting department ministry of finance 2 public...

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