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Auditors Registration System V1.21


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Mel Berg

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Auditors Registration System V1.21

  1. 1. Auditors Registration System Public Oversight and Quality Assurance Systems Workshop December 15 – 16, 2009
  2. 2. Auditors Registration System <ul><li>What is it? </li></ul><ul><li>Why is it necessary? </li></ul><ul><li>How is it done? </li></ul><ul><li>What is the process? </li></ul><ul><li>Issues to resolve </li></ul><ul><li>Discussion points </li></ul>
  3. 3. What is it? <ul><li>Listing of Auditors in a Country </li></ul><ul><ul><li>Statutory Auditors and Audit Firms </li></ul></ul><ul><ul><li>Supports auditor regulation and inspection </li></ul></ul><ul><ul><li>May be broader than public interest entity audits and auditors </li></ul></ul><ul><li>Accessible to public </li></ul><ul><ul><li>Electronic form </li></ul></ul><ul><ul><li>Accessible on Internet </li></ul></ul><ul><li>Managed by profession and/or regulator </li></ul>
  4. 8. Why is it necessary? <ul><li>Statutory Audit Directive of European Parliament </li></ul><ul><ul><li>Operational by June 30, 2009 </li></ul></ul><ul><ul><li>Detailed requirements </li></ul></ul>
  5. 10. How is it done? <ul><li>Software solution </li></ul><ul><ul><li>Custom development </li></ul></ul><ul><ul><li>Packaged software </li></ul></ul>
  6. 11. What is the process? <ul><li>Requirements analysis </li></ul><ul><li>Request for proposal </li></ul><ul><li>Select vendor </li></ul><ul><li>Develop / install and test </li></ul>
  7. 12. Requirements analysis <ul><li>Basic requirements </li></ul><ul><ul><li>Firms </li></ul></ul><ul><ul><li>Individual auditors </li></ul></ul><ul><ul><li>Clients (public interest entity) </li></ul></ul><ul><li>Additional requirements </li></ul><ul><ul><li>Support auditor regulation and inspection </li></ul></ul><ul><ul><li>Support audit professional association “business” </li></ul></ul><ul><ul><li>Support auditor training </li></ul></ul><ul><li>Country requirements </li></ul><ul><ul><li>Language </li></ul></ul><ul><ul><li>Specific legal and other requirements </li></ul></ul>
  8. 13. Opportunity for multi-country solution <ul><li>Common core software </li></ul><ul><ul><li>Core system to meet common objectives </li></ul></ul><ul><li>Unique country requirements </li></ul><ul><ul><li>Additional modules to meet unique country objectives </li></ul></ul><ul><li>Language </li></ul><ul><li>Potential for cost savings? </li></ul>
  9. 14. Request for proposal <ul><li>Document to communicate with prospective vendors </li></ul><ul><ul><li>Input from professional association </li></ul></ul><ul><ul><li>Input from profession regulatory / oversight body </li></ul></ul><ul><li>Detailed enough to enable prospective vendors to understand general requirements </li></ul><ul><ul><li>Not as detailed as a system design </li></ul></ul><ul><ul><li>Allow vendors to propose a custom or packaged solution </li></ul></ul>
  10. 15. Request for proposal <ul><li>Identify evaluation criteria </li></ul><ul><ul><li>Core businesses, years in business, financial stability </li></ul></ul><ul><ul><li>Qualification, including prior assignments </li></ul></ul><ul><ul><li>Technical and managerial capabilities </li></ul></ul><ul><ul><li>Qualifications and relevant experience of key staff </li></ul></ul><ul><li>Communicate through World Bank procurement system </li></ul><ul><ul><li>Internet </li></ul></ul><ul><ul><li>Specific identification of potential vendors </li></ul></ul>
  11. 16. Select vendor <ul><li>Influenced by extent of response </li></ul><ul><li>Evaluation of qualifications </li></ul><ul><li>Short list </li></ul><ul><li>Negotiate detailed terms, including price </li></ul>
  12. 17. Develop / install and test <ul><li>Detailed involvement of local profession and regulator </li></ul><ul><li>Influenced by extent of “extra” functionality </li></ul><ul><li>If multi-country, which country goes first? </li></ul><ul><ul><li>First installation will be a “pilot” </li></ul></ul><ul><ul><li>Subsequent installations should be easier and faster </li></ul></ul>
  13. 18. Issues to resolve <ul><li>Intellectual property rights </li></ul><ul><li>Maintenance and support </li></ul>
  14. 19. Discussion points <ul><li>Commonality of objectives </li></ul><ul><ul><li>Compliance with Statutory Audit Directive </li></ul></ul><ul><ul><li>Support profession </li></ul></ul><ul><ul><li>Support regulator </li></ul></ul><ul><li>Extent of country uniqueness </li></ul><ul><ul><li>Size </li></ul></ul><ul><ul><li>Language </li></ul></ul><ul><ul><li>Organization of profession </li></ul></ul><ul><ul><li>Regulator activities </li></ul></ul><ul><li>Advantages and disadvantages </li></ul><ul><ul><li>Cost </li></ul></ul><ul><ul><li>Timeline </li></ul></ul><ul><ul><li>Consistency </li></ul></ul><ul><ul><li>Other </li></ul></ul>