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AOCoP GDLN Panel Q&A sessions

19 April and 5 May 2011


On Tuesday 19 April and Wednesday 5 May 2011, the World Bank Centre for Financial Reporting Reform (CFRR) held two Global Development Learning Network (GDLN) events. These were organized as panel sessions where program participants could put questions to the expert panel on issues that had emerged from the GDLN events on public oversight held on 15 March and 5 April. The events were organized by the Audit and Oversight Community of Practice (AOCoP) under the Road to Europe Programme of Accounting Reform and Institutional Strengthening (REPARIS).

AOCoP GDLN Panel Q&A Session

The first panel event focused on institutional and legal arrangements for public oversight, while the second concentrated more on the practical details of how a public oversight board (POB) carried out its activities. Both events were moderated by Ranjan Ganguli and Andrei Busuioc from the CFRR.

To the REPARIS program page

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Summary


Objectives

The main objective of the two events was to give participants the opportunity to raise queries about the public oversight of auditing and to follow up issues that had been raised in the previous two GDLN events.

Description

In both events, the expert panels gave brief scene-setting presentations of how the public oversight system operated in their home countries. These were then followed by a panel discussion of questions that participants had submitted.

In the first panel event, John Grewe (UK), Vibeke Sylvest Barfoed (Denmark) and Agnieszka Stachnika and Aleksandra Markowska-Tendaj (Poland) briefly described the institutional and legal arrangements governing the POBs in the UK, Denmark and Poland. The subsequent Question and Answer session covered a wide range of topics, though there was particular interest in the issues of how the independence of the POB was to be maintained in small economies where only a limited number of people had expertise in audit issues.

In the second panel event, John Grewe, Professor Kai-Uwe Marten and Audrius Linartas discussed practical details of how the POBs ooperated in the UK, Germany and Lithuania, respectively. The panel discussion that followed was again wide ranging, with the issue of the division of responsibilities between the POB and the professional body for auditors attracting particular attention.

Results

Participants gained a clearer view of the varying roles of the POBs in several EU member states, including two of the countries that had joined in 2004. They also obtained an deeper insight into many of the practical issues that needed to be considered when setting up and running a POB.

Biographies


Speaker Biographies

Vibeke Sylvest Barfoed

Chief Special Consultant, Danish Supervisory Authority on Auditing, Danish Commerce and Companies Agency, Danish Ministry of Economic and Business Affairs

Vibeke Sylvest Barfoed has been the Head of the Secretariat of the Danish Supervisory on Auditing (DSAA) for 5 years. The DSAA is responsible for the inspections on Danish audit firms. The inspections are carried out by inspectors and reported to the Secretariat which prepares the file before presenting them to the DSAA. Vibeke is responsible for drafting the guidelines for the inspections and educating the inspectors who are auditors. In addition, Vibeke works on international issues on Auditing such as the 8th Company Directive and the Commissions Green Paper on Auditing. She regularly participates in European Group of Auditors' Oversight Bodies (EGAOB) and International Forum of Independent Audit Regulators (IFIAR) meetings and is a member of the European Audit Inspection Group. Vibeke has a master degree in law from the University of Copenhagen and a master degree in public administration from Copenhagen Business School. To her present position, she worked for the Danish Parliament and the European Commission in Brussels.

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.

Audrius Linartas

Director, Audit and Accounting Authority of Lithuania

Audrius Linartas is the Head of the Audit and Accounting Authority of Lithuania, which is responsible for issuing and implementing Business Accounting Standards in Lithuania. He is also responsible for public audit oversight in Lithuania. His particular areas of expertise include IFRS, ISAs and EU accounting legislation. Audrius has also filled the post of Chairman of Lithuanian Accounting Standards Committee since 2008. Before moving to his current position, he was a Deputy Chairman of the Insurance Supervisory Commission, having led the insurance accounting project in Lithuania. He was also a Chief Expert of the financial accounting inspectorate at the State Insurance Supervisory Authority under the Ministry of Finance until 2004. Since 2005, he has given lectures at Mykolas Romeris University. He has gained working experience at the audit oversight body in Norway and Sweden, the financial supervision authorities in Denmark, Finland, Germany and Sweden. He holds master's degree in Economic Analysis and Planning from Vilnius University.

Aleksandra Markowska-Tendaj

Head of the Public Oversight Unit, Accounting Department, Ministry of Finance of Poland

The role of the Public Oversight Unit is to support the Audit Oversight Commission (AOC) in performing its tasks, particularly in the areas of international cooperation, legal and organizational matters. Aleksandra is responsible for materials for plenary meetings of the AOC and preparation of the AOC's decisions. She also represents the AOC at the meetings of the European Group of Auditors' Oversight Bodies, which is an advisory group to the European Commission. Working for the Ministry of Finance, she was also involved in the implementation of the project "Accounting and Auditing Reform in Poland", funded by the World Bank grant to support the reform of the audit oversight in Poland. Aleksandra has a M.A. degree in law and she is a graduate from the National School of Public Administration. She also took numerous courses in accounting.

Professor Dr. Kai-Uwe Marten

Deputy Chairman, Auditor Oversight Commission, Germany

Professor Dr. Kai-Uwe Marten has been Deputy Chairman of the German Auditor Oversight Commission (AOC) since its inauguration in 2005. He also chairs the AOC's Committee on Quality Assurance. Prior to this appointment, he held the position of Deputy Chair of the German Public Oversight Board on Quality Assurance, the AOC's predecessor organization. This continuity has enabled him to gain extensive practical experience in audit regulation. Currently, Prof. Dr. Marten also represents the AOC in various international organizations, including the International Forum of Independent Audit Regulators (IFIAR) and the European Group of Auditor Oversight Bodies (EGAOB). In addition, the European Commission nominated Prof. Dr. Marten in 2005 as one of the two official observers to the IAASB's Public Interest Oversight Board (PIOB). Since March 2008, he is a member of the PIOB. Prof. Dr. Marten has held a professorship for accounting and auditing since 1998. His research areas have primarily been directed at the fields of auditing, in particular quality assurance, public oversight, audit market research and the internationalization of accounting.

Agnieszka Stachniak

Deputy Director, Accounting Department, Ministry of Finance of Poland

Agnieszka Stachniak is a deputy director in the Accounting Department of the Ministry of Finance. She is responsible for accounting and auditing legislation, implementation of International Financial Reporting Standards, interpretations of Polish accounting regulations and international cooperation in accounting and auditing. Agnieszka is a member of the Polish Accounting Standards Committee. She represents Poland at EU bodies such as the Accounting Regulatory Committee (ARC), the Audit Regulatory Committee (AuRC) and the EU Council Working Party on Company Law. During the Polish Presidency in the EU in the second half of 2011 she will lead - as a Chairperson of this Group - the process of adopting the revised directive in the field of accounting that is planned to be submitted by the European Commission in June 2011. She is also the author of numerous articles on accounting and she used to be a lecturer at the National School of Public Administration and the Warsaw University. Mrs. Stachniak has a M.A. degree in accounting and she is a graduate from the National School of Public Administration. She is a statutory auditor.




Moderators' Biographies

Henri Fortin

Head, The World Bank Centre for Financial Reporting Reform (CFRR)

Henri Fortin became the CFRR's new head on 1 January 2011. Previously, Henri was Senior Financial Management Specialist in the Latin America and Caribbean Region at the World Bank. He lead the Reports on the Observance of Standards and Codes (A&A ROSC) Accounting & Auditing (A&A) program in that region and has been the lead author for 20 country reports since 2003. He has advised partner countries on implementing reforms and capacity development programs to bring their corporate financial reporting to par with international standards. He was also the World Bank's project manager for several related knowledge activities including the Accounting and Accountability for Regional Economic Growth (Contabilidad y Responsabilidad para el Crecimiento Económico Regional or CReCER in Spanish) annual conferences in Latin America and the Caribbean. Henri holds a master's degree in management from Ecole des Hautes Etudes Commerciales in Paris, France.

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.






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