The European Group of the Auditor’s Oversight Bodies

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Table of Contents

Introduction
Overview
Members
Conclusion
References

Introduction

Multiple public audit bodies are performing in the European Union (EU). However, it is necessary to regulate their work and ensure effective cooperation. For that purpose, the European Group of the Auditor’s Oversight Bodies (EGAOB) was formed. The main goals of this paper are to discuss the role of the EGAOB and identify the European countries with a public oversight body for auditing along with their names.

Overview

The European Group of the Auditor’s Oversight Bodies (EGAOB) was established in 2005 (“Group details – Commission Expert Group,” n.d.). The main purpose of the group is to assist the European Commission in statutory audit matters. In addition, it coordinates different public systems that are aimed to supervise statutory auditors within the EU. Various modifications of the regulations for independent inspection organizations in the EU and throughout the world led to the foundation of the EGAOB. However, the main reasons were the establishment of new audit firms in different countries and the updated 8^th Company Law Directive. The new directive obligated the members of the EU to establish public audit systems for the existing auditors (“Guidance on the 8^th EU Company Law Directive,” n.d.). Similar systems did perform in some countries, but it was necessary to create them in all Member States. Therefore, a new forum with public oversight organizations was established.

Twenty-seven state representatives made up the EGAOB. The group was headed by the European Commission. However, the “membership of the EGAOB is not open to third countries (USA, Canada, Japan, etc.) but only to EU Member States and EEA countries (Norway, Liechtenstein, Iceland)” (“The European Group of Auditors’ Oversight Bodies,” n.d., p. 1). The two main functions of the Commission are to supervise the secretariat and prepare papers for discussion at meetings. Although such meetings do not result in any official decisions (as the members cannot vote), the main points discussed there are taken into account by the Commission when developing working documents. The Commission also exchanges views about the matter with the key market players, auditors, and end-users. There are several main issues on which the EGAOB was focused. First, it aimed at enhancing cooperation among public audit bodies so that they could exchange their professional experiences (“Audit regulation,” n.d.). Second, the group worked on the technical evaluation of public audit bodies of states that were not in the EU. Third, it coordinated international interactions between the members of the union and third countries. Fourth, the group conducted the technical assessment of international auditing standards. It also participated in their development to make them more adoptable for European communities. Subsequently, the group was replaced with a new organization, the Committee of European Auditing Oversight Bodies (“EU to replace audit oversight body with CEAOB,” 2016). However, it has similar functions.

Members

The existing organization is made up of thirty-two members. The current composition chair is Ralf Bose, Chief Executive Director, Germany’s Audit Oversight Body (AOB) (“Committee of European Auditing Oversight Bodies – Composition,” n.d.). The Vice-Chair is Nathalie DE BASALDÚA Acting Director Investment and Company Reporting, DG FISMA. The following is the list of the EU countries with an auditing oversight body:

Austria – Austrian Auditing Oversight Authority – AAOA
Belgium – Belgian Audit Oversight College (CTR/CSR)
Bulgaria – Commission for public oversight of statutory auditors
Croatia – Coming soon
Cyprus – Cyprus Audit Oversight Board
Czech Republic – Public Audit Oversight Board
Denmark – Danish Business Authority
Estonia – Estonian Auditing Activities Oversight Board
Finland – Finnish Patent and Registration Office – Auditor Oversight Unit
France – Haut Conseil du Commissariat aux Comptes – H3C
Germany – APAS / Audit Oversight Body – AOB
Greece – Hellenic Accounting and Auditing Standards Oversight Board – AOOB
Hungary – Auditors’ Public Oversight Authority – Ministry for National Economy of Hungary
Ireland – Irish Auditing and Accounting Supervisory Authority (IAASA)
Italy – Coming soon
Latvia – Ministry of Finance of Latvia – Commercial Companies Audit Policy and Oversight Unit
Lithuania – Authority of Audit, Accounting, Property Valuation and Insolvency
Luxembourg – Commission de Surveillance du Secteur Financier – CSSF
Malta – Accountancy Board
Netherlands – The Netherlands Authority for the Financial Markets – AFM
Poland – Audit Oversight Commission – AOC
Portugal – Comissão do Mercado de Valores Mobiliários – CMVM
Romania – The Public Interest Oversight Body of Accounting Profession – CSIPPC
Slovakia – Auditing Oversight Authority – UDVA
Slovenia – Agency for Public Oversight of Auditing – APOA
Spain – Instituto de Contabilidad y Auditoría de Cuentas – ICAC
Sweden – Swedish Inspectorate of Auditors – Revisorsinspektionen
United Kingdom – Financial Reporting Council – FRC
ESMA – European Securities and Markets Authority – ESMA (“Committee of European Auditing Oversight Bodies – Composition,” n.d.).

Also, there are three European Economic Area representatives:

Iceland – Coming soon
Liechtenstein – Financial market authority (FMA)
Norway – Finanstilsynet (“Committee of European Auditing Oversight Bodies – Composition,” n.d.).

Conclusion

In conclusion, the EGAOB is an important entity that monitors and controls interactions among public oversight firms within the EU. It also implements the assessment of the performance of such bodies. Therefore, the main objective of the group is to ensure the effective cooperation of oversight systems via technical assistance and promotion of the standards of audit.

References

Audit regulation. (n.d.). Web.

Committee of European Auditing Oversight Bodies – Composition. (n.d.). Web.

EU to replace audit oversight body with CEAOB. (2016). Web.

Guidance on the 8^th EU Company Law Directive. (n.d.). Web.

Group details – Commission Expert Group. (n.d.). Web.

The European Group of Auditors’ Oversight Bodies. (n.d.). Web.

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The European Group of the Auditor’s Oversight Bodies

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