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AOCoP GDLN Distance Learning Event on Public Oversight, 15 March 2011

On 15 March, the World Bank Centre for Financial Reporting Reform (CFRR) held a distance-learning event on the EU's Statutory Audit Directive (SAD) and a comparison of existing systems of public oversight of auditing in Europe. The event was organized by the Audit and Oversight Community of Practice (AOCoP) under the Road to Europe: Programme of Accounting Reform and Institutional Strengthening (REPARIS). It was the first in a series of four distance-learning events which had the aim of providing members of public oversight bodies, government officials with responsibility for the public oversight system, and staff supporting the public oversight system with a good understanding of the key elements of their roles and responsibilities.

Global Development Learning Network

36 participants from 9 GDLN centres in the REPARIS countries saw John Grewe from the Professional Oversight Board of the UK's Financial Reporting Council (FRC) outline the main features of the SAD, and John Carchrae from the Centre for Financial Reporting Reform (CFRR) compare the operation of public oversight systems in Switzerland and a range of EU member states. The event was moderated by Ranjan Ganguli and Andrei Busuioc from the CFRR.

To the REPARIS program page

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Summary


Objectives

The event's main objective was for participants to gain a better understanding of the public oversight requirements of the SAD and the differing approaches that European countries had adopted to meeting these requirements in practice. This understanding would inform participants' ideas for setting up their own public oversight systems as part of their efforts to implement the EU's Statutory Audit Directive.

Description

In the first part of the event, Mr Grewe presented the main features of the EU's Statutory Audit Directive, with a particular focus on the Directive's requirements for effective public oversight and quality assurance of the audit profession. Mr Ganguli presented a range of possible institutional arrangements and divisions of roles and responsibilities between public oversight bodies and professional auditors' bodies.

In the second part of the event, Mr Carchrae presented a comparison of the main features of a selection of European Public Oversight Boards (POBs) including Austria, Finland, Luxembourg, the Netherlands, Slovakia, Sweden and Switzerland. He described how these countries had adopted varying approaches to the role, governance, staffing and funding of their public oversight bodies.

Results

Participants learnt about the requirements of the Statutory Audit Directive (SAD) and gained both an insight into how a selection of European countries had implemented public oversight systems consistent with the SAD and a better understanding of some of the practical issues involved in setting up a POB. They were generally satisfied or very satisfied with the event and found the comparison of the different European POBs particularly useful and relevant to their needs.

Videos


Video presentations

Highlights of the Statutory Audit Directive

Highlights of the Statutory Audit Directive John Grewe, Project Manager, Professional Oversight Board, FRC UK, presenting the main features of the EU's Statutory Audit Directive, with a particular focus on the Directive's requirements for effective public oversight and quality assurance of the audit profession at the REPARIS GDLN Distance Learning Event on Public Oversight, 15 March 2011.

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Public Oversight Systems - Structures, Funding and Staffing

Public Oversight Systems - Structures, Funding and Staffing John Carchrae, Senior Financial Management Specialist, comparing the main features of a selection of European Public Oversight Boards (POBs) at the REPARIS GDLN Distance Learning Event on Public Oversight, 15 March 2011.

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Presentations/Agenda


Agenda

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Presentations

Right click or option-click the link and choose "Save As..." to download these files.

John Grewe - "Highlights of SAD, the Statutory Audit Directive"




Ranjan Ganguli - "A Standard Model of Division of Responsibilities between POS and QAS"




John Carchrae - "Public Oversight Systems - Structures, funding & staffing"

Biographies


Speaker Biographies

John Carchrae

Assessment and Advisory Group, the World Bank Centre for Financial Reporting Reform (CFRR)

John Carchrae is a Senior Financial Management Specialist in the World Bank's Vienna Centre for Financial Reporting Reform. John has many years of experience in securities regulation, accounting standards-setting and public accounting.

Before joining the World Bank, John was Chief Accountant of the Ontario Securities Commission in Toronto, Canada where he played a leading role in the establishment of the Canadian audit oversight body. He also served on the International Organization of Securities Commissions Standing Committee dealing with financial reporting and disclosure matters. Previously he was Assistant Director, Accounting Standards, with the Canadian Accounting Standards Board where he worked closely with the International Accounting Standards Committee. Before moving to Canada, John worked in the audit practice of Thomson McLintock & Co in London, England.

He is a former member of the Standards Advisory Council of the International Accounting Standards Board and has also served on the Consultative Advisory Groups of the International Auditing and Assurance Standards Board and the International Ethics Standards Board for Accountants. John is a Fellow of the Institute of Chartered Accountants in England and Wales and a member of the Canadian Institute of Chartered Accountants.



John Grewe

Project Manager, Professional Oversight Board, UK Financial Reporting Council

John Grewe was a career civil servant for some thirty years, spending most of that time at the Department for Trade and Industry (now the Dept for Business) but with spells at the Foreign Office and Cabinet Office. Between 1998 and 2004 he was the Director at the DTI responsible for Accounting and Auditing Policy. In particular, he was closely involved in the Government review of the UK regulatory arrangements for auditing in the wake of the Enron scandal in the US and the collapse of Andersen, that led to the establishment of the Professional Oversight Board (POB) as part of the Financial Reporting Council.

He joined the FRC initially on loan to help to establish the POB, and is now a full time employee. He is the Secretary to the Board and is also closely involved both in cooperation within the EU and in monitoring the audit regulation undertaken by the UK professional bodies.




Moderator Biographies

Ranjan Ganguli

Assessment and Advisory Group, The World Bank Centre for Financial Reporting Reform (CFRR)

Ranjan Ganguli is a member of the Institute of Chartered Accountants in England and Wales (ICAEW) with experience in both private and public sectors in the UK and abroad, notably in Europe and Central Asia as well as in sub-Saharan Africa. He worked for KPMG in London from 1987 to 1992, and spent two years in each of their Hungary, Russia and Czech Republic offices from 1992 to 1998, helping establish their audit and advisory practices. From 1998 to 2001 Ranjan was based in Washington DC working as Senior Financial Management Specialist for the World Bank.

Since 2001 Ranjan has worked as an independent financial management consultant, primarily for the World Bank but also for the UK Department for International Development (DFID), the European Commission and various country offices of the United Nations Executive Committee agencies. Ranjan has been a member of the Centre's Assessment and Advisory Group since 2009 helping to lead the Audit and Oversight Community of Practice (AOCoP) within the framework of the Road to Europe Programme of Accounting and Reform and Institutional Strengthening (REPARIS). Ranjan is a graduate of Manchester University with a bachelor's degree in Computing and Accounting.




Andrei Busuioc

Assessment and Advisory Group, The World Bank Centre for Financial Reporting Reform (CFRR)

Andrei Busuioc is a Financial Management Specialist with over 13 years of experience in the accounting and auditing area in both the private and public sectors as well as in lecturing. Prior to joining the Centre in 2008, Andrei worked in the World Bank Country Office in Moldova as a Financial Management Specialist, covering fiduciary activities, public finance management development, and corporate financial reporting development. He is an accountant by training, and a member of the Association of Chartered Certified Accountants. Andrei holds a university degree in economics from the Moldova State Agricultural University, and a Ph.D. in economics from the Academy of Economic Studies of Moldova. He has completed a postgraduate diploma in public financial management from the Centre for Financial and Management Studies, University of London. He speaks Russian, Romanian, English and basic Bulgarian.

Venues


Venues

The following GDLN sites participated at the event.

Country, City

Venue

Albania, Tirana

World Bank Office - Tirana

BiH, Sarajevo

E-Net Centre Sarajevo

BiH, Banja Luka

University of Banja Luka

Croatia, Zagreb

Croatian Academic and Research Network (CARNet)

Kosovo, Pristina

British Council Pristina

Macedonia, Skopje

British Council Skopje

Moldova, Chisinau

Academy of Sciences of Moldova (silver meeting room)

Montenegro, Podgorica

World Bank Office - Podgorica

Serbia, Belgrade

British Council Belgrade






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