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