Public Oversight Of Statutory Auditors

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by Jon Hooper

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  • First delighted to be invited back to Moscow and grateful to Geoff for the invitation. What I can’t do is to say - this is what the role of professional organisations should be in Russia – you should organise in such and such a way and have such and such powers. What I can do is to set the scene and say what the role of the professional accountancy organisations is in the UK, a little bit how it developed and suggest some of the good and the bad things about this. So my first point is that what is right in one country not necessarily right in another – we always say of US regulatory arrangements for example that they do not always travel very well. How they do things may be well suited to their needs - and there may be good ideas we want to take from the US – but we certainly do not slavishly follow the US approach!
  • Public Oversight Of Statutory Auditors

    1. 1. <ul><li>Jon Hooper </li></ul><ul><li>Head of International Relations </li></ul><ul><li>UK Financial Reporting Council </li></ul><ul><li>IFIAR Secretariat </li></ul>Public Oversight of Statutory Audit
    2. 2. What I will cover <ul><li>What is oversight of statutory audit? </li></ul><ul><li>Process of establishing audit oversight </li></ul><ul><li>The 2 models of audit oversight </li></ul><ul><li>Components of audit oversight </li></ul><ul><li>What we can share </li></ul><ul><li>Questions and discussion </li></ul>
    3. 3. What is audit oversight? <ul><li>Oversight of the regulation of statutory auditors required by the EU’s Statutory Audit Directive </li></ul><ul><li>Can be direct or indirect </li></ul><ul><li>If indirect, must have ‘ultimate responsibility’ in certain areas </li></ul><ul><li>No need to ‘reinvent the wheel’ </li></ul>
    4. 4. Process of establishing and improving audit oversight Law Board Procedures Policy Resources Implement Review Constant improvement Peer comparisons
    5. 5. The 2 models of audit oversight <ul><li>Direct oversight of auditors </li></ul><ul><li>Oversight of professional body(ies) </li></ul><ul><li>Combination of both i.e. different for auditors of PIEs </li></ul>
    6. 6. Components of audit oversight <ul><li>Qualification and education </li></ul><ul><li>Licensing </li></ul><ul><li>Registration </li></ul><ul><li>Quality control </li></ul><ul><li>Complaints, investigation and discipline </li></ul><ul><li>Standards and other policy/regulations </li></ul>
    7. 7. What we can share <ul><li>Methodology of overseeing/ inspecting professional bodies (4 in UK) </li></ul><ul><li>Audit inspection methodology (UK FRC’s and up to 30 others) </li></ul><ul><li>Commercially available UK audit methodology for smaller auditors </li></ul><ul><li>Experiences and TA from 34 IFIAR member countries </li></ul>

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