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EDITORIAL
Welcome in Paris !
In choosing to organise in Paris this European audit conference, the French profession wishes to demonstrate its interest in the harmonization of statutory audit in Europe.
The European reform, which ended last May with the publ icat ion of a Regulation and a Directive, has been the culmination of an initiative of almost four years having mobilized all the institutional representatives of the profession in Europe.
The purpose of this European audit conference is to enable us to provide an overview on a number of issues as part of this reform, opening up options for each Member State.
In order to organize the discussions at best, we deemed it useful to make, through this short document, a statistical summary of the state of the profession in the European countries.
It is not exhaustive to date and we keep on working further in order to make it comprehensive.
I would like to thank all the institutional representatives or representatives from the public authorities of some countries which have enabled us to carry out this study.
We stand of course at the disposal of all, with a view to complete or improve such resource which will provide every one with the opportunity to grasp and assess the issues at stake within the audit reform in Europe.
You will find all these elements, as well as a news feed on the work of this event, on our dedicated website :
https://www.cncc.fr/reforme-europeenne-audit/.
Wishing you a profitable day, meeting the expectations of each one of you.
Yves NicolasPresident of CNCC
AUDIT POLICY CONFERENCE • 17th october 2014 • 3
Didier-Yves Racapé, President of CRCC Paris
Patrick Rolland, President of CRCC Versailles
Dear colleagues,
We are very pleased to welcome you to Paris to this European audit conference.
The French profession is glad to have the opportunity to exchange views with its European colleagues on matters which will be crucial for the future of audit practitioners throughout Europe.
Our initiatives carried out at the regional and national levels, and more broadly in cooperation with the European professional bodies are driven by a common goal : to better meet the expectations of the economic environment and to adapt our profession appropriately, while at the same time defending our values and interests.
We wish you all a very fruitful conference.
.
AUDIT POLICY CONFERENCE • 17th october 2014 • 5
Didier-Yves Racapé - CRCC ParisPatrick Rolland - CRCC Versailles
Warning : the technical and statistical data provided in this booklet come from e x c h a n g e s w i t h t h e E u r o p e a n professional bodies presented hereinafter or their governments.They are not exhaust ive and are submitted to the comments and add-ons on our dedicated website : www.cncc.fr/reforme-europeenne-audit/
NA : non available- : non applicable
NUMBER OF PROFESSIONALSNatural Persons & Corporate forms
Belgium
Bulgaria
Cyprus
Czech Republic
Denmark
Estonia
Finland
France
Germany
Greece
Hungary
Ireland
Italy
Latvia 160
21
2000
3014
24
3321
5715
80
162
1835
375
250
94
519
173
14000
5223
977
17321
13625
1400
351
4479
1374
450
636
1080
Pers.Corp.
NA
AUDIT POLICY CONFERENCE • 17th october 2014 • 10
NA
Lituania
Luxembourg
Malta
Poland
Portugal
Romania
Slovakia
Slovenia
Spain
Sweden
United Kingdom6700
125
1400
52
232
369
230
1700
36
100
189
24300
4100
20000
219
820
4219
950
7200
967
421
397
Pers.Corp.
NUMBER OF PROFESSIONALSNatural Persons & Corporate forms
AUDIT POLICY CONFERENCE • 17th october 2014 • 11
SUPERVISORY MINISTRIES
Ministry of Justice
Ministry of Economics
and FinanceOrganisations
withoutsupervisory
ministry
BelgiumEstoniaFinland
GermanyHungaryPolandSpain
FranceItaly
Czech RepublicPortugalRomania
United Kingdom
AUDIT POLICY CONFERENCE • 17th october 2014 • 13
SUPERVISORY AUTHORITIES
AUDIT POLICY CONFERENCE • 17th october 2014 • 14
Belgium
• Public Prosecutor• High Council for the Economic Professions (CSPE)• Chamber of Disciplinary Transfer and Indictment
(CRME) • Advisory and Supervisory Committee on the
independence of the statutory auditor (ACCOM) • Disciplinary authorities
Czech Republic • Public Audit Oversight Board (RVDA)
Estonia • Auditors Activities Oversight Council
Finland • Auditing Board of the Central Chamber of Commerce
France • Haut Conseil du commissariat aux comptes (H3C)
Germany • Auditor Oversight Commission (Abschlussprüferaufsichtskommission)
Hungary • The Auditors Public Oversight Authority (APOA)
Ireland • Irish Auditing & Accounting Supervisory Authority (IAASA)
Poland • The Audit Oversight Commission (AOC)
Portugal • Conselho Nacional de Supervisão de Auditoria (CNSA)
Romania • The Council for the Public Interest Oversight of the Accountancy Profession (CSIPPC)
Spain • Instituto de Contabilidad y Auditoria de Cuentas (ICAC)
United Kingdom • Financial Reporting Council (FRC)
AUDIT THRESHOLDS (Bal. Sheet Total & Net Turnover in K€)
BelgiumBal. Sheet Total : 3650
Net Turnover : 7300Nbr. of employees : 50
CyprusBal. Sheet Total : 3417
Net Turnover : 7005Nbr. of employees : 50
Czech Republic Bal. Sheet Total : 1600
Net Turnover : 3200Nbr. of employees : 50
Denmark
see countries with multiple options
(following page)
Estonia
see countries with multiple options
(following page)
Finland Bal. Sheet Total : 100
Net Turnover : 200Nbr. of employees : 3
France
see countries with multiple options
(following page)
Germany Bal. Sheet Total : 4840
Net Turnover : 9680Nbr. of employees : 50
Hungary Bal. Sheet Total : -
Net Turnover : 1000Nbr. of employees : 50
Ireland Bal. Sheet Total : 4400
Net Turnover : 8800Nbr. of employees : 50
Italy Bal. Sheet Total : 4400
Net Turnover : 8800Nbr. of employees : 50
Lituania Bal. Sheet Total : 1738
Net Turnover : 3476Nbr. of employees : 50
Netherlands Bal. Sheet Total : 4400
Net Turnover : 8800Nbr. of employees : 50
Poland Bal. Sheet Total : 2500
Net Turnover : 5000Nbr. of employees : 50
Portugal Bal. Sheet Total : 1500
Net Turnover : 3000Nbr. of employees : 50
Romania Bal. Sheet Total : 3650
Net Turnover : 7300Nbr. of employees : 50
Spain Bal. Sheet Total : 2850
Net Turnover : 5700Nbr. of employees : 50
United Kingdom Bal. Sheet Total : 4108
Net Turnover : 7729Nbr. of employees : 50
AUDIT POLICY CONFERENCE • 17th october 2014 • 16
AUDIT THRESHOLDS (Bal. Sheet Total & Net Turnover in K€)
AUDIT POLICY CONFERENCE • 17th october 2014 • 17
* SAS : « Société par Actions Simplifiées »** SARL : « Société à Responsabilité Limitée »
Countries with multiple optionsCountries with multiple optionsCountries with multiple optionsCountries with multiple optionsCountries with multiple optionsCountries with multiple optionsCountries with multiple optionsCountries with multiple optionsCountries with multiple optionsCountries with multiple optionsDenmarkDenmark EstoniaEstoniaEstoniaEstonia FranceFranceFrance
Statutory audit Review Statutory
audit Review Statutory audit Review Statutory audit Statutory audit Statutory audit
If 2 out of 3 thresholdsIf 2 out of 3 thresholds
If 1 out of 3 thresholdsIf 1 out of 3 thresholds
SAS* SARL**Other legal forms
Bal. Sheet Total 4800 533 1000 500 3000 1500 1000 1550 -
Net Turnover 9600 1067 2000 1000 6000 3000 2000 3100 -
Nbr. of employees 50 12 30 15 90 45 20 50 -
Examples of countries whose definition is limited to the 3 European categories :
•BELGIUM•GERMANY•IRELAND•NORWAY, ...
PIEs DEFINITIONPER COUNTRYArt. 2 p.13 Directive 2014/56/EU
+?ENTITIES WHOSE SECURITIES ARE
ADMITTED TO TRADING ON A REGULATED
MARKET
INSURANCEUNDERTAKINGS
CREDIT INSTITUTIONS
EU PIEs definition
Entities designated by member states as PIEs
???
Examples of other categories of entities added to the PIEs definition ...before implementation of the new EU Directive
(see following page for details)
AUDIT POLICY CONFERENCE • 17th october 2014 • 18
??
??
?
?
PIEs DEFINITIONPER COUNTRYArt. 2 p.13 Directive 2014/56/EU
• POLANDOther categories of entities added to the PIEs definition:• Electronic money institutions • Open pension funds and general pension
societies • Open investment funds, specialist open
investment funds and closed-end investment funds
• Entities conducting brokerage activity (with some exceptions)
• PORTUGAL Other categories of entities added to the PIEs definition:• Securities investment funds envisaged in the
legal regime governing collective investment undertakings
• Real-estate investment funds envisaged in the legal regime governing real-estate investment funds
• Venture-capital companies and venture-capital funds
• Debt-securitisation companies and debt-securitisation funds
• Investment holding companies, where the investments held, directly or indirectly, confer upon these companies the majority of the voting rights in the credit institutions
• Pension funds• State-owned companies which, during two
consecutive years, report a turnover of more than M€ 50, or a net total assets of more than M€ 300
• ROMANIA Other categories of entities added to the PIEs definition:• Non-banking financial institutions• Payment institutions and electronic money
institutions • Licensed entities, regulated and supervised
by the Financial Supervisory Authority • Financial investment service companies,
investment management companies and collective investment undertakings, authorised/endorsed by the Financial Supervisory Authority
• National companies• Commercial companies with state integrally
or majority owned capital• Autonomous state owned companies• Legal persons belonging to a group of
companies, falling within the consolidation requirements of a Romania-based parent company, which must apply the International Financial Reporting Standards according to the legal requirements
• Non-profit organizations receiving public funds
• Sub-units having no legal personality in Romania, belonging to legal persons based abroad (with some exceptions)
• FRANCEOther categories of entities added to the PIEs definition:• Social security institutions • Mutual society, provident institutions or
employee benefits institutions • Not for profit organization raising funds from
the public at large )
Expectations of the French profession regarding the implementation of the new Directive:Stay close to the European definition
AUDIT POLICY CONFERENCE • 17th october 2014 • 19
Examples of other categories of entities added to the PIEs definition
before implementation of the new EU Directive
BELGIUM
Organisation of statutory auditor professionOrganisation of statutory auditor professionProfessional body Institut des Réviseurs d’Entreprises (IRE)
Supervisory authority Ministry of Economics and Finance
Supervisory body
• Public Prosecutor• High Council for the Economic Professions (CSPE)• Chamber of Disciplinary Transfer and Indictment (CRME) • Advisory and Supervisory Committee on the independence
of the statutory auditor (ACCOM) • Disciplinary authorities
Number of professionals
Audit ThresholdsAudit Thresholds
Balance sheet total 3650 K€
Net turnover 7300 K€Number of employees 50
AssignmentsAssignmentsTotal number NA
PIEs assigments NA
519
!1080
AUDIT POLICY CONFERENCE • 17th october 2014 • 22
CZECH REPUBLIC
Organisation of statutory auditor professionOrganisation of statutory auditor profession
Professional body Chamber of Auditors of the Czech Republic (KACR)
Supervisory authority -
Supervisory body Public Audit Oversight Board (RVDA)
Number of professionals
Audit ThresholdsAudit Thresholds
Balance sheet total 1600 K€
Net turnover 3200 K€Number of employees 50
AssignmentsAssignmentsTotal number NA
PIEs assigments NA
375
!1374
AUDIT POLICY CONFERENCE • 17th october 2014 • 23
Organisation of statutory auditor professionOrganisation of statutory auditor profession
Professional body Estonian Auditors'Association
Supervisory authority Ministry of Economics and Finance
Supervisory body Auditors Activities Oversight Council
Number of professionals
Audit ThresholdsAudit ThresholdsAudit ThresholdsStatutory
Audit ReviewStatutory
Audit ReviewReview
If 2 out of 3 thresholdsIf 2 out of 3 thresholds If 1 out of 3 thresholdsIf 1 out of 3 thresholdsIf 1 out of 3 thresholds
Balance sheet total 1000 K€ 500 K€ 3000 K€3000 K€ 1500 K€
Net turnover 2000 K€ 1000 K€ 6000 K€6000 K€ 3000 K€Nbr. of employees 30 15 9090 45
AssignmentsAssignmentsTotal number 6700
PIEs assigments 149
162
!351
AUDIT POLICY CONFERENCE • 17th october 2014 • 24
ESTONIA
Organisation of statutory auditor professionOrganisation of statutory auditor professionOrganisation of statutory auditor profession
Professional bodiesFinnish Institute of Authorised Public Accountants
Registered Association of Certified HTM-Auditors
Supervisory authority Ministry of Employment and EconomicsMinistry of Employment and Economics
Supervisory body Auditing Board of the Central Chamber of CommerceAuditing Board of the Central Chamber of Commerce
Number of professionals
Audit ThresholdsAudit Thresholds
Balance sheet total 100 K€
Net turnover 200 K€Number of employees 3
AssignmentsAssignmentsTotal number NA
PIEs assigments 600
80
!1400
AUDIT POLICY CONFERENCE • 17th october 2014 • 25
FINLAND
Organisation of statutory auditor professionOrganisation of statutory auditor profession
Professional bodyCompagnie nationale des commissaires aux comptes (CNCC)
Supervisory authority Ministry of Justice
Supervisory body Haut Conseil du commissariat aux comptes (H3C)
Number of professionals
Audit ThresholdsAudit ThresholdsSAS* SARL** Other legal forms
Balance sheet total 1000 K€ 1550 K€ -Net turnover 2000 K€ 3100 K€ -Nbr. of employees 20 50 -
AssignmentsAssignmentsTotal number 229 951
PIEs assigments 2473
5715
!13625
AUDIT POLICY CONFERENCE • 17th october 2014 • 26
FRANCE
* SAS : « Société par Actions Simplifiées »** SARL : « Société à Responsabilité Limitée »
Organisation of statutory auditor professionOrganisation of statutory auditor professionOrganisation of statutory auditor profession
Professional bodiesInstitut der Wirtschatsprüfer (IDW)
Wirtschaftsprüferkammer (WPK)
Supervisory authority Ministry of Economics and FinanceMinistry of Economics and Finance
Supervisory bodyAuditor Oversight Commission (Abschlussprüferaufsichtskommission)Auditor Oversight Commission (Abschlussprüferaufsichtskommission)
Number of professionals
Audit ThresholdsAudit Thresholds
Balance sheet total 4840 K€
Net turnover 9680 K€Number of employees 50
AssignmentsAssignmentsTotal number NA
PIEs assigments 1100
3321
!17321
AUDIT POLICY CONFERENCE • 17th october 2014 • 27
GERMANY
Organisation of statutory auditor professionOrganisation of statutory auditor profession
Professional body Chamber of Hungarian Auditors (MKVK)
Supervisory authority Ministry of Economics and Finance
Supervisory body Auditors Public Oversight Authority (APOA)
Number of professionals
Audit ThresholdsAudit Thresholds
Balance sheet total -
Net turnover 1000 K€Number of employees 50
AssignmentsAssignmentsTotal number NA
PIEs assigments NA
3014
!5223
AUDIT POLICY CONFERENCE • 17th october 2014 • 28
HUNGARY
Organisation of statutory auditor professionOrganisation of statutory auditor profession
Professional bodies
• Institute of Chartered Accountants in Ireland (ICAI)• Institute of Certified Public Accountants• Institute of Incorporated Public Accountants• Institute of Chartered Accountants in England & Wales
(ICAEW)• Institute of Chartered Accountants of Scotland (ICAS)• Association of Chartered Certified Accountants (ACCA)
Supervisory authority -
Supervisory bodyIrish Auditing & Accounting Supervisory Authority (IAASA)
Number of professionals
Audit ThresholdsAudit Thresholds
Balance sheet total 4400 K€
Net turnover 8800 K€Number of employees 50
AssignmentsAssignmentsTotal number NA
PIEs assigments 2000
2000
!NA
AUDIT POLICY CONFERENCE • 17th october 2014 • 29
IRELAND
Organisation of statutory auditor professionOrganisation of statutory auditor professionProfessional bodies NA
Supervisory authority Ministry of Justice
Supervisory body NA
Number of professionals
Audit ThresholdsAudit Thresholds
Balance sheet total 4400 K€
Net turnover 8800 K€Number of employees 50
AssignmentsAssignmentsTotal number NA
PIEs assigments NA
NA
!14000
AUDIT POLICY CONFERENCE • 17th october 2014 • 30
ITALY
Organisation of statutory auditor professionOrganisation of statutory auditor profession
Professional body National Chamber of Statutory Auditors (KACR)
Supervisory authority Ministry of Economics and Finance
Supervisory body Audit Oversight Commission (AOC)
Number of professionals
Audit ThresholdsAudit Thresholds
Balance sheet total 2500 K€
Net turnover 5000 K€Number of employees 50
AssignmentsAssignmentsTotal number NA
PIEs assigments 500
1700
!7200
AUDIT POLICY CONFERENCE • 17th october 2014 • 31
POLAND
Organisation of statutory auditor professionOrganisation of statutory auditor profession
Professional body Ordem dos Revisores Oficiais de Contas (OROC)
Supervisory authority -
Supervisory body Conselho Nacional de Supervisão de Auditoria (CNSA)
Number of professionals
Audit ThresholdsAudit Thresholds
Balance sheet total 1500 K€
Net turnover 3000 K€Number of employees 50
AssignmentsAssignmentsTotal number NA
PIEs assigments 1300
230
!950
AUDIT POLICY CONFERENCE • 17th october 2014 • 32
PORTUGAL
Organisation of statutory auditor professionOrganisation of statutory auditor profession
Professional body Chamber of Financial Auditors of Romania
Supervisory authority -
Supervisory body Council for the Public Interest Oversight of the Accountancy Profession (CSIPPC)
Number of professionals
Audit ThresholdsAudit Thresholds
Balance sheet total 3650 K€
Net turnover 7300 K€Number of employees 50
AssignmentsAssignmentsTotal number NA
PIEs assigments 500
369
!4219
AUDIT POLICY CONFERENCE • 17th october 2014 • 33
ROMANIA
Organisation of statutory auditor professionOrganisation of statutory auditor professionOrganisation of statutory auditor profession
Professional bodiesInstituto de Censores Jurados de Cuentas de España (ICJCE)
Consejo General de Economistas
Supervisory authority Ministry of Economy and CompetitivenessMinistry of Economy and Competitiveness
Supervisory bodyInstituto de Contabilidad y Auditoria de Cuentas (ICAC)Instituto de Contabilidad y Auditoria de Cuentas (ICAC)
Number of professionals
Audit ThresholdsAudit Thresholds
Balance sheet total 2850 K€
Net turnover 5700 K€Number of employees 50
AssignmentsAssignmentsTotal number 60200
PIEs assigments 8200
1400
!20000
AUDIT POLICY CONFERENCE • 17th october 2014 • 34
SPAIN
Organisation of statutory auditor professionOrganisation of statutory auditor profession
Professional bodies
• Association of Chartered Certified Accountants (ACCA)• Institute of Chartered Accountants in England & Wales
(ICAEW)• Institute of Chartered Accountants of Scotland (ICAS)• Institute of Chartered Accountants in Ireland• Association of Authorised Public Accountants
Supervisory authority -
Supervisory body Financial Reporting Council (FRC)
Number of professionals
Audit ThresholdsAudit Thresholds
Balance sheet total 4108 K€
Net turnover 7729 K€Number of employees 50
AssignmentsAssignmentsTotal number NA
PIEs assigments 2500
6700
!24300
AUDIT POLICY CONFERENCE • 17th october 2014 • 35
UNITED KINGDOM
NOTES
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AUDIT POLICY CONFERENCE • 17th october 2014 • 36
NOTES
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AUDIT POLICY CONFERENCE • 17th october 2014 • 37
NOTES
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AUDIT POLICY CONFERENCE • 17th october 2014 • 38ponpon