At 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.
Translate this page (the translation is carried out using Google Translate, the CFRR cannot guarantee the accuracy of the results of such an automatic translation)
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.