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Home International Relations International cooperation

Seventh meeting of the European Audit Inspection Group

Representatives of the Commission, the European oversight bodies from 29 member states of the EAIG, the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) participated in a meeting of the working group of the European Audit Inspection Group which was held in Zurich on 15th and 16th November 2012.
Subject of the debate was the ongoing discussion of previous meetings for the establishment of an electronic database of findings. The risk-based approach for inspections was further discussed, in particular the one related with the activities for assessing the adequacy of audit fees. In this regard, it was noted that during the quality control review an analysis was carried out to confirm that the company's criteria for determining the audit fee take into account the specific features and resources planned for the corresponding engagement. In addition, an analysis of the differences between planned and actual hours in audit, an analysis of the involvement of partners and managers in the engagements, and an analysis of the use of internal and external experts were performed. At that moment was impossible to find a relationship between low pay and the provision of additional non-audit services.

Meeting of the Working Party “Company Law” at the Council of the European Union

A representative of the Commission participated in the meeting of the Working Party “Company Law” at the Council of the European Union (EU) which took place on 5th October 2012 in Brussels under the chairmanship of the Republic of Cyprus in the presence of representatives of all Member States, the General Secretariat of the Council of the EU and the “Audit Policy” Department from Directorate General “Internal Market and Services” of the European Commission.

Twelfth Plenary Meeting of the International Forum of Independent Audit Regulators

Representatives of the Commission and 39 independent audit regulators participated in the Twelfth plenary meeting of the International Forum of Independent Audit Regulators, held from 1st to 3rd October 2012, in London, chaired by the Financial Reporting Council of the UK.
A considerable in contents information, obtained from the different countries that participated in the survey, was presented in regard to results of inspections of audit firms. Members commented on the recent findings from inspections which were mainly focused on the typical problematic issues prevailing in public-interest entities. Furthermore, findings of the individual Member States relating to inspections of audits of major financial institutions including focus on the upcoming developments in auditing were discussed. On the basis of those discussions, it was decided that a comprehensive review of information would be processed and prepared for publication by the end of 2012.

International cooperation

Workshop with lecturers from the Institute of Chartered Accountants of England and Wales

18.05.2012
The Commission for Public Oversight of Statutory Auditors (CPOSA) continues to maintain its cooperation with the Institute of Chartered Accountants of England and Wales (ICAEW).
Intentions for future meetings and initiatives with the aim of exchanging best practices and tools towards establishing a risk based approach for carrying out inspections for quality control, emerged after the successful workshop on Quality Control of Audit Services in February 2011 with lecturers from ICAEW.
In this regard, in Sofia on May 18th 2012 the Bulgarian Institute of Certified Public Accountants and the Commission for Public Oversight of Statutory Auditors held a workshop devoted to a risk-based approach regarding quality assurance reviews.
Lecturer of the seminar was Nick Reynolds – Reviews Expert, “Quality Assurance” Directorate of ICAEW. Representatives and inspectors of CPOSA, as well as representatives of the Managing Board and the Council for Quality Control of Audit Services of the Institute of Certified Public Accountants.
The risk-based approach of ICAEW regarding the choice of audit firms and files for reviews was presented. The frequency of visits when choosing audit firms was examined, focusing on the moment that the risks are tracked in the history of previous visits; an assessment of those identified through the information gathered from annual returns, as well as internal and external sources.
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