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<ul><li>Jon Hooper </li></ul><ul><li>Head of International Relations </li></ul><ul><li>UK Financial Reporting Council </li...
What I will cover <ul><li>What is oversight of statutory audit? </li></ul><ul><li>Process of establishing audit oversight ...
What is audit oversight? <ul><li>Oversight of the regulation of statutory auditors required by the EU’s Statutory Audit Di...
Process of establishing and improving audit oversight Law Board Procedures Policy Resources Implement Review Constant impr...
The 2 models of audit oversight <ul><li>Direct oversight of auditors </li></ul><ul><li>Oversight of professional body(ies)...
Components of audit oversight <ul><li>Qualification and education </li></ul><ul><li>Licensing </li></ul><ul><li>Registrati...
What we can share <ul><li>Methodology of overseeing/ inspecting professional bodies (4 in UK) </li></ul><ul><li>Audit insp...
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Public Oversight Of Statutory Auditors

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by Jon Hooper

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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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