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National Institutions

National InstitutionsAt the national level, professional bodies for accountants and auditors generally set qualification standards for financial reporting professionals and deal with most issues of professional standards and discipline. However, following a series of accounting scandals in the 1990s, there has been a move for the public interest in a well-functioning financial reporting system to be represented by a public oversight body (POB), which is independent of the professional bodies and oversees their operation. The existence of a POB for the audit profession is now a legal requirement in all EU members (see public oversight). In some countries the POB is an independent body; in others it is part of the Ministry of Finance or another government department.

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National accounting standards are generally set by an accounting standards board or other standard setting body. To maintain public confidence in the reliability of reporting standards, in many countries responsibility for standards setting has moved away from the professional accounting bodies to more independent bodies or to the local ministry of finance or other government department. The Ministry of Finance also has an additional influence on financial reporting through its responsibility for the design of the national tax system.

The policies of central banks and other financial regulators also play an important role in influencing financial reporting. In response to the recent financial crisis, there has been a move to increase the role of the central bank in enforcing prudential standards across the financial system as a whole (“macro-prudential regulation”), with the supervision of individual financial entities (“micro-prudential regulation”) often still the responsibility of separate regulatory bodies.

On the country pages of the CFRR website, we provide contact details for as many of these national institutions as possible for the CFRR’s partner countries, arranged by country. On the pages below, we provide the same information, arranged by type of institution. As the number of missing entries demonstrates, this is very much “work in progress” – some of the relevant national institutions are still in the process of being set up, while others have no presence yet on the internet.


Prof. bodies


National Professional bodies

Albania

Austria

Azerbaijan

Belgium

Bosnia and Herzegovina

Bulgaria

Croatia

Cyprus

Czech Republic

Denmark

Estonia

Finland

France

Georgia

Germany

Greece

Hungary

Iceland

Ireland

Italy

Kazakhstan

Kosovo

Latvia

Lithuania

Luxembourg

Macedonia, Former Yugoslav Republic of

Malta

Moldova, Republic of

Montenegro

Netherlands

Norway

Poland

Portugal

Romania

Russian Federation

Serbia (Republic of)

Slovakia

Slovenia

Spain

Sweden

Switzerland

Turkey

Ukraine

United Kingdom

POB and Standard Setters


Public oversight bodies

Austria

Belgium

Bulgaria

Czech Republic

Denmark

Estonia

  • Auditors’ Professional Qualifications Committee

Finland

France

Germany

Greece

Hungary

Iceland

  • Endurskoðendaráð

Ireland

Italy

Latvia

Lithuania

Luxembourg

Malta

Netherlands

Norway

Portugal

Poland

Romania

  • Council for the Public Oversight of the Activity of the Statutory Audit

Slovakia

Slovenia

Spain

Sweden

United Kingdom


National Standard setting bodies

Estonia

Poland

Central Banks and regulators


Central banks and financial regulators

Albania

Armenia

Austria

Azerbaijan

Belarus

Belgium

Bosnia and Herzegovina

Bulgaria

Croatia

Cyprus

Czech Republic

Denmark

Estonia

European Union

Finland

France

Georgia

Germany

Greece

Hungary

Iceland

Ireland

Italy

Jersey, Channel Islands

Kazakhstan

Kosovo

Kyrgyz Republic

Latvia

Lithuania

Luxembourg

Macedonia, FYR

Malta

Moldova

Montenegro

Netherlands

Norway

Poland

Portugal

Romania

Russia

Serbia

Slovakia

Slovenia

Spain

Sweden

Switzerland

Tajikistan

Turkey

Ukraine

United Kingdom




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