The overall objective was to consider the framework for implementing the Statutory Audit Directive (SAD) in the REPARIS region.
The specific objectives were:
- To involve representatives from professional bodies, regulatory bodies, and ministries of finance in the process
- To understand the aims of the Statutory Audit Directive (SAD) and to compare how a range of EU member states have approached implementing it
- To explore with the aid of a panel of experts how the directive can be applied in the REPARIS countries, in the light of their particular needs and the limited resources available
- To prepare work plans for the initial phase of implementing the directive which reflect agreements between the various bodies involved in each country
- To build a generic template for guiding implementation in the region
- To draw up a list of questions to be submitted to the European Commission (EC)
The workshop was attended by 29 participants representing the eight REPARIS countries with four additional guests and speakers.
The main agenda items of the workshop were as follows:
- Education requirements of the SAD
Together with the Accounting and Auditing Education Community of Practice, the AOCoP considered the education requirements of the SAD. Mr. Liam Coughlan of the CFRR presented the educational implications of the SAD and the complementary role of the International Education Standard (IES-8) on competence of audit professionals. Dr. Zorica Bozinovska Lazarevska of the Institute of Certified Auditors of the Republic of Macedonia (ICARM) presented the experience of ICARM in implementing the mandatory Continuous Professional Development (CPD) requirements for statutory auditors in Macedonia during 2009.
- Public Oversight System (POS) and Quality Assurance System (QAS) requirements of the SAD
The remainder of the workshop was devoted to exploring the POS and QAS requirements of the SAD.
This part of the workshop particularly benefitted from the participation of a panel of experts comprising: Jon Hooper, the International Relations Manager of the UK Financial Reporting Council and Secretariat to the International Forum of Independent Audit Regulators (IFIAR); John Carchrae of the CFRR; and Meta Duhovnik, Senior Advisor of the Slovenian Institute of Auditors.
Jon Hooper presented the main requirements of the SAD; John Carchrae presented the main challenges in implementing the SAD based on draft findings from a report being prepared by the CFRR comparing implementation of POS in selected countries in Europe; and Adrian Stirbu, Deputy President of Board of Directors of the Association of Professional Accountants and Auditors of the Republic of Moldova, outlined the structure of the Moldovan public oversight system and the main challenges that it was currently facing.
Following on from these sessions, participants engaged in a series of highly interactive panel, fishbowl and roundtable discussions to share experiences and came to the consensus that their three main pressing needs are: public oversight; quality assurance; and sanctions and discipline.
Participants then formed workgroups and developed workplans on these topics to guide the future activities of the AOCoP.
- A shared and better understanding of the Statutory Audit Directive.
- Workgroups and workplans were formed and developed on the three topics of public oversight, quality assurance and sanctions & discipline to guide the future activities of the AOCoP.