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Public Oversight in Austria

Public Oversight in Austria. Audit Quality Control Act 2005 (Abschlussprüfungs-Qualitätssicherungsgesetz A-QSG) System: Monitored Peer Review, governed by 2 Authorities All auditors who perform statutory audits are subject to Quality Reviews with a minimum interval of

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Public Oversight in Austria

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  1. Public Oversight in Austria Audit Quality Control Act 2005 (Abschlussprüfungs-Qualitätssicherungsgesetz A-QSG) System: Monitored Peer Review, governed by 2 Authorities All auditors who perform statutory audits are subject to Quality Reviews with a minimum interval of • 3 years for auditors of public interest companies • 6 years for other auditors A-QSG Regina Reiter 15.03.2006

  2. Public Oversight in Austria Quality Control Agency (Qualitätskontrollbehörde) = public oversight body, acts as supreme authority, monitors and controls the quality control system in Austria, does not act or advise as standard setter (segregation of duties) 6 members, 6 stand-by members • Only non-practitioners, must meet certain qualification criteria (knowledge in finances, financial reporting, science or jurisprudence)) • function period: 6 years • Budget: only for out-of-pocket-expenses, members act on a honorary basis (required by law) A-QSG Regina Reiter 15.03.2006

  3. Public Oversight in Austria Quality Review Board (Arbeitsausschuss für externe Qualitätsprüfungen) = first instance authority acts on all day-to-day issues of the quality control system in Austria, 7 members, 7 stand-by members • Only practitioners • function period: 4 years • Members and stand-bys are independent • Budget: only for out-of-pocket-expenses, members act on a honorary basis A-QSG Regina Reiter 15.03.2006

  4. Public Oversight in Austria Quality Reviewer Public list, maintained by Quality Review Board Requirements: • 5 years experience as statutory auditor • Special Education or other experience with quality reviews • Quality Reviewer must consistently work as statutory auditor • Continuing training focussing on quality control: minimum interval 3 years A-QSG Regina Reiter 15.03.2006

  5. Public Oversight in Austria Quality Review • Audit firm submits proposal, naming 3 independent, listed quality reviewers • Quality Review Board appoints quality reviewer out of the listed 3 A-QSG Regina Reiter 15.03.2006

  6. Public Oversight in Austria Quality Review • Qality reviewer submits quality review report • Quality Review Board issues a certificate (Bescheinigung) if the Quality Review opinion is • Unqualified or • Qualified (meaning that deficiences have to be corrected) • Certificate expires after a maximum of • 3 years (auditors of public interest companies) • 6 years (other auditors) A-QSG Regina Reiter 15.03.2006

  7. Public Oversight in Austria Certificate • Will be license to audit after transition period • Withdrawal or Adverse notification are submitted as „official notification“ by the Quality Review Board • Appeals can be made to the Quality Control Agency A-QSG Regina Reiter 15.03.2006

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