IFAC members and associates have provided self-assessment information about the regulatory and standard-setting framework in their countries (Part 1) and their organizations' activities in addressing IFAC's membership requirements (Part 2) as described in the Statements of Membership Obligations. Based on an analysis of this information, they are developing SMO Action Plans for continuous development and improvement.

Some organizations have qualified to submit SMO Action Plans on a biennial basis by meeting eligibility criteria. These organizations are indicated with an asterisk (*).

In the interest of transparency and providing information to the profession, regulators, and other stakeholders, all responses and SMO Action Plans are accessible below.

Estonian Association of Auditors

Introduction

The information below has been submitted as part of the IFAC Member Body Compliance program. The Program has two components:

Part 1:	Assessment of the Regulatory and Standard-Setting Framework (provides information about regulatory requirements and standard-setting processes in member body countries); and
Part 2:	Assessment of Compliance (provides information on compliance by member bodies with the Statements of Membership Obligations). Part 2 of the Compliance Program will begin later this year, and the results will also be posted to the website.

The responses to Part 1 are provided below. IFAC staff has reviewed the responses and, where necessary, validated them with external knowledgeable parties. A list of key terms is available to assist readers in understanding the responses.

The purpose of this Part 1 Assessment is to collect information on the roles of IFAC member bodies and other organizations (including government, regulatory or other appointed authorities) with respect to:

Setting auditing, accounting, ethics, public sector and education standards; and
Regulating the accountancy profession.

Sections 1 and 2 of Part 1 contain an introduction and instructions for member body respondents. For this reason, they are not included here, and the responses begin with Section 3.

Questions or comments may be sent to complianceassessment@ifac.org.

Section 3 -- Member Body General Information

1. Country:

ESTONIA

2. Name of member body:

Estonian Association of Auditors

Or please specify name:
Estonian Board of Auditors

3. Individual responsible for preparation:

Mr Toomas Vapper

4. Date member body became a member of IFAC:

Note: Please enter a numeric date (e.g., 12/2001, Month/Year)

11 / 2004

Questions 5 - 22 are for internal use only

Section 3G -- Affiliations

23. Please list those regional organizations to which your organization belongs (e.g., FEE, CAPA, ECSAFA, IAA, etc.):

FEE (correspondent member)

Section 4 -- Statutory Framework

Responses to this section will provide a description of the legal framework governing the commercial aspects of auditing and financial reporting in your country.

Section 4A -- The Companies Act or Commercial Code

The following questions concern the Companies Act (the Act) or Commercial Code (the Code) or similar Legal authority in your country. If no Legal authority exists, or the Legal authority does not address particular questions, please indicate "N/A" for Not Applicable.

24. What is the full name of:

a). the Act or the Code:		Commercial Code
b). the Enacting body:		Ministry of Justice
c). date the Act or Code came into force:		09 / 1995

25. How can IFAC obtain a copy of the Act or Code?

http://www.legaltext.ee/

26. Is the Act or Code available in English?

Yes

27. What are the types of entities covered by the Act or the Code?

Please check all that apply.

	Listed entities					Other (please specify):
	Private companies					Other (please specify):
	Governmental					Other (please specify):
	Not-for-profit					Other (please specify):

28. Is there a requirement for the following entities to prepare annual statutory financial statements? If YES, please describe the financial reporting requirements including the accounting standards to be followed.

Please check all that apply.

	No	Yes	(If YES, please describe)
Listed entities			All listed companies will be required to apply IFRS in their consolidated and separate accounts from 1 January 2005
Private companies			In November 2002 the Estonian Parliament passed the new Estonian Accounting Law. The new law, effective 1 January 2003, will allow all companies to apply International Financial Reporting Standards (IFRS, formerly IAS) instead of national accounting standards in both, consolidated and parent�s financial statements. In addition, the new law requires national accounting standards (Estonian GAAP) to be harmonised with IFRS and cross-referenced to applicable IFRS paragraphs. Any differences in the local standards compared to IFRS must be explained and justified. The accounting principles in the new standards of Estonian GAAP are fully harmonised with IFRS (in very rare cases simplified methods are allowed) but they will require less disclosure than IFRS. In areas, which are not covered by the guidelines of Estonian GAAP, the IFRS treatment is recommended, but not mandatory.
Governmental			As for private companies
Not-for-profit			As for private companies
Other (please describe)
Other (please describe)

29. Is there a statutory requirement for the following entities to be audited? If YES, describe the requirement including the auditing standards to be followed:

Please check all that apply.

	No	Yes	(If YES, please describe)
Listed entities			Auditing Guidlines prepared by EAB
Private companies			Auditing Guidlines prepared by EAB - also see Appendix 1
Governmental			Auditing Guidlines prepared by EAB - also see Appendix 1
Not-for-profit			Auditing Guidlines prepared by EAB - also see Appendix 1
Other (please describe)
Other (please describe)

30. Are the auditors ("statutory auditors") that are appointed for audits required by the Act or Code ("statutory audits") appointed for a specific period?

Yes

If YES, please indicate the term of appointment:

Year(s)

31. Who appoints the statutory auditors?

Please check all that apply.

	Shareholders					Management
	Board of directors					Other (please specify):
	Audit committee					Other (please specify):
	Government agency					Other (please specify):

32. Does the Act or Code require joint auditors for the statutory audit?

Yes

If yes, please describe the requirement:

33. Does the Act or Code require the rotation of the auditors or audit firms performing statutory audits?

Yes

If yes, please describe the requirement:

Section 4B -- Securities Market Regulations

Responses to this section will provide a description of the financial reporting and auditing requirements for listed entities in your country.

34. What are (a) the major items of Legal authority for such requirements, (b) the Enacting body(ies) and (c) the latest amendment date? Please identify the specific articles or sections that pertain to auditing and financial reporting:

the major items of Legal authority for such requirements

Tallinn Stock Exchange (TSE) Rules, requirements for issuers (see www.tse.ee)
the Enacting body(ies)

TSE Managment Board
the latest amendment date?

May 2005

35. How can IFAC obtain a copy of the Legal authority?

www.tse.ee

36. Is the Legal authority available in English?

Yes

37. Are there any additional or alternative financial statement reporting requirements for listed entities that are not described in your answer to Question 28?

Yes

If YES, please describe the requirement:

38. Are there any additional auditing requirements that apply to listed entities other than those described in your answer to Question 29 (e.g., additional GAAS requirements, additional independence requirements, requirements to report to those charged with governance, etc.)?

Yes

If YES, please describe the requirement:

39. Who appoints the statutory auditors of listed entities?

Please check all that apply.

	Shareholders			Management
	Board of directors			Other (please specify):
	Audit committee			Other (please specify):
	Government agency			Other (please specify):

40. Are auditors who perform audits of listed entities appointed for a specified period?

Yes

If YES, please indicate the term of appointment:

Year(s)

41. Are joint auditors required for audits of listed entities?

Yes

If YES, please describe the requirement:

42. Is rotation of the auditor or audit firm for audits of listed entities required?

Yes

If YES, please describe the requirement:

Section 5 -- Auditing Standards

Responses to this section will provide a description of the legal and professional framework governing audit and other assurance standards in your country. The section focuses on the establishment of such standards. Please indicate the role your organization plays within this framework.

Section 5A -- Statutory Framework

43. Please provide the name of the Legal authority and/or self-regulatory rules that establish audit and other assurance standards in your country, the date of the last amendment of such authority or rules and the name of body responsible for setting audit and other assurance standards. If the standards are different for different entities (e.g., listed entities, private companies, governmental bodies, not-for-profit organizations, etc.), please specify the details that apply to each:

Type of entity	Name of applicable legal authority	Date of last amendment (e.g. MM/YYYY 06/2001)	Name of body responsible for setting audit and other assurance standards
Listed entity
Other (please describe) All entities to be audited (incl. listed entities)	Auditing Guidelines	06/2000	EBA Management Board
Other (please describe)
Other (please describe)

www.audiitrokogu.ee

Yes

Section 5B -- Standard-Setting (EBA Management Board)

44. For EBA Management Board, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

Private organization established by profession and recognized by Government

Auditing guidelines

General comment to all questions this section:
Keeping in mind that EU 8th Audit Directive will make ISAs mandatory to all statutory audits, EBA MB has taken the position that local auditing guidelines will not be developed further, instead international auditing standards have been translated and made available to all auditors and we are updating those

45. How many voting members does the standard-setting body have?

EAB MB has 9 members

46. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:		EAB MB has 1 employeed and 8 voluntary members

47. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

EAB MB members are elected by the GM on "best person for the job" bases

48. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

General Meeting

49. What is the term of appointment for members?

3 Year(s)

50. For how many years has the standard-setting body been in existence?

6 Year(s)

51. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

150,000

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

11.4711

52. To what entity is the standard-setting body accountable?

to the General Meeting and to the Ministry of Finance

53. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards
accessibility of meetings (i.e., public or private)
approval process for final standards (i.e., majority required to approve final standards)

General Meeting gives consent and Ministry of Finance approves has ultimate right to approve or not approve guidelines
other relevant due process activities

54. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

14 Day(s)

Section 6 -- Ethics

Responses to questions in this section will provide a description of the legal and professional framework governing ethics standards for accountants in your country. This section focuses on the establishment of such standards. Please indicate the role your organization plays within this framework.

Section 6A -- Statutory Framework

55. For each of the following types of professionals, please indicate the name of the Legal authority and/or self-regulatory rules establishing ethics standards for accountants and auditors in your country, the date of the last amendment of such authority or rules and the name of body responsible for setting the ethics standards.

Type of professional covered	Name of applicable legal authority	Date of last amendment (e.g. MM/YYYY 06/2001)	Name of body responsible for setting ethics standards
Professional Accountants in Public Practice	Auditing Guidelines	06/2000	EBA Management Board
Professional Accountants in Business
Professional Accountants in the Public Sector
Other (please describe)

www.audiitorkogu.ee

Note: Since ethics standards are included in auditing guidelines, answers to the points in this section are exactly the same as in points nr 43-54.

Yes

Section 6B -- Standard-Setting (EBA Management Board)

56. For EBA Management Board, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

Private organization established by profession and recognized by government

Auditing Guidelines

57. How many voting members does the standard-setting body have?

58. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:		1 employeed, 8 voluntary

59. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

See Section 5b for answers to the remainder of this section.

60. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

61. What is the term of appointment for members?

Year(s)

62. For how many years has the standard-setting body been in existence?

Year(s)

63. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

64. To what entity is the standard-setting body accountable?

65. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards
accessibility of meetings (i.e., public or private)
approval process for final standards (i.e., majority required to approve final standards)
other relevant due process activities

66. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

Day(s)

Section 7 -- Education

Responses to questions in this section will provide a description of how education requirements for the profession are established. Please indicate the role your organization plays within this process.

Section 7A -- Education Requirements

67. Please describe in general terms the education system in your country including the different stages of education from early childhood education through to tertiary level study. Please indicate which aspects / levels are compulsory as part of the national education system:

See http://www.hm.ee/

Basic education (9 classes) is mandatory to everyone. Bachelor degree is mandatory to become an auditor.

68. Is there a legal authority or regulation that specifies the requirements for an individual to operate as an accountant or auditor in your country?

Yes

See Authorized Public Accountants Act (Chapter 3)

69. Please select from below all the relevant key levels of requirements to obtain certification from your member body (i.e. to qualify as a certified or chartered accountant) and provide a general description of the requirement.

	Academic requirements Level of education corresponds at least to a bachelor�s degree recognised by the state
	Professional examinations
	Practical experience 3 years under the supervision of an auditor
	Final qualifying examination Conducted by the Professional Qualifications Committee
	Other (please describe) - active legal capacity _ impeccable reputation

70. Which of the following arrangements best describes who establishes the education requirements for the accounting profession in your country? Please select one option.

	A government ministry, department or agency establishes education requirements for the accounting profession with no additional requirements set by the member body(ies).
	A government ministry, department or agency establishes minimum education requirements for the accounting profession, and member body(ies) supplement these requirements.
	Member body(ies) establishes the education requirements for the accounting profession.
	Other (please describe)

71. Please provide the name(s) of the relevant body in the government ministry, department, agency and / or member body who establishes the education requirements.

A general description of the role of the relevant body(ies) including how it operates and its due process in establishing the education requirements.
How many voting members does the relevant body(ies) have
Are the members of the relevant body(ies) involved on a voluntary basis or employed by the standard-setting body?

Voluntary

Employed

Both - Please describe:
For how many years has the body been in existence?

Year(s)

72. How would you describe the authority that the education requirements have?

	Requirements are legally-based
	Requirements are set in the constitution, by-laws or other rules of the relevant body(ies).
	Requirements are set in member body(ies) policy document(s).
	Other (please describe)

72 a. How can IFAC obtain copies of these documents?

www.aduiitorkogu.ee

72 b. Are these documents available in English?

Yes

73. Are the education requirements for accountants and auditors the same throughout your country, or do they differ among regions, provinces or states?

Same

Different

If different, please briefly describe the main differences:

74. Please indicate the scenario that best describes who delivers the education and examination process for members of the profession. Please only select one option.

	The education program and final examination are delivered by the member body.
	The education program and final examination are delivered by the member body and other education institutions (e.g., universities, colleges, and others).
	The education program and final examination are delivered by education institutions (e.g., universities, colleges, and others).
	Other (please explain)

75. Once qualified as a member of your professional body, can members offer their services directly to the public?

Yes

Section 7B -- Licensing

76. Are there licensing requirements for auditors in your country?

Yes (continue with Question 77)

No (proceed to Section 8)

77. Who sets the requirements to obtain a license?

Ministry of Finance

78. What are the requirements to obtain a license (please select all relevant requirements.)?

	Academic study specific for obtaining a license
	Practical experience
	Licensing examination
	Final qualifying examination
	Other (please describe) - active legal capacity - impeccable reputation

79. Are there ongoing requirements to retain a license?

Yes

	Continuing professional development
	Re-examination
	Other (please specify): An activity report at least once every three years

80. What entity grants the license?

Estonian Auditing Board

81. Describe any additional licensing requirements for auditors of listed entities (e.g., additional education requirements, registration, etc.).

None

Section 8 -- Public Sector Accounting Standards

Responses to this section will provide a description of the legal and professional framework governing public sector accounting standards in your country. The section focuses on the establishment of such standards. Please indicate, where appropriate, the role of your organization within this framework.

Section 8A -- Statutory Framework

82. Please provide the name of the Legal authority and/or self-regulatory rules establishing public sector accounting standards in your country, the date of last amendment and the name of the body responsible for setting public sector accounting standards. If the standards are different for different entities (e.g., whole of government, ministry/department, statutory authority/agency, profit entity owned by government, state governments, local governments, other [please specify]), please specify the details that apply to each.

Type of entity	Name of legal authority	Date of last amendment (e.g. MM/YYYY 06/2001)	Name of body responsible for setting public sector accounting standards
Whole of government
Ministry/department
Statutory authority/agency
Profit entity owned by government
State governments
Local governments
Other (please describe)
Other (please describe)

Comment to table above:

Legal authorities for all public sector entities are: Accounting Act (amended 01/2005) and General rules for state accounting (amended 03/2005). Ministry of Finance is responsible for for both of them.

Documents are available on Estonian Accounting Standards Board homepage www.easb.ee. Act is available in English, rules are not.

Yes

Section 9 -- Private Sector Accounting Standards

Responses to the questions in this section will provide a description of the legal, statutory and professional framework governing private-sector accounting standards in your country. The section focuses on the establishment of such standards. Please indicate what role your organization plays within this framework.

Section 9A -- Statutory Framework

94. Please provide the name of the Legal authority and/or self-regulatory rules that establish private-sector accounting standards in your country, the date of last amendment, and the name of the body responsible for setting private sector accounting standards. If the standards are different for different entities (for example, listed entities, private companies, governmental organization, not for profit organizations, etc.), please specify the requirements that apply to each.

Type of entity	Name of legal authority or applicable rules	Date of last amendment (e.g. MM/YYYY 06/2001)	Name of body responsible for setting private sector accounting standards
Listed entity	TSE Rules	05/2005	Tallinn Stock Exchange
Other (please describe) all other entities	Accounting Act	01/2005	Estonian Accounting Standards Board
Other (please describe)
Other (please describe)
Other (please describe)

www.tse.ee

www.easb.ee

Yes

Section 9B -- Standard-Setting (Tallinn Stock Exchange)

95. For Tallinn Stock Exchange, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

Private stock exchange

TSE Rules

96. How many voting members does the standard-setting body have?

97. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:

98. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

best person for the job

99. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

TSE Council

100. What is the term of appointment for members?

3 Year(s)

101. For how many years has the standard-setting body been in existence?

9 Year(s)

102. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

70,000

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

11.4711

103. To what entity is the standard-setting body accountable?

TSE Council

104. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards

TSE Rules state that listed entities has to use IFRS endorsed in EU. Therefore answers to following questions in this section is not relevant.
accessibility of meetings (i.e., public or private)
approval process for final standards (i.e., majority required to approve final standards)
other relevant due process activities

105. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

Day(s)

Section 9B -- Standard-Setting (Estonian Accounting Standards Board)

95. For Estonian Accounting Standards Board, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

Independent commission appointed by governement

EASB Guidelines

96. How many voting members does the standard-setting body have?

97. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:

Best person for the job

99. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

Government

100. What is the term of appointment for members?

3 Year(s)

101. For how many years has the standard-setting body been in existence?

13 Year(s)

102. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

Not available

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

103. To what entity is the standard-setting body accountable?

Ministry of Finance

104. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards

2 months
accessibility of meetings (i.e., public or private)

private
approval process for final standards (i.e., majority required to approve final standards)

public exposure feedback is considered prior to final voting for approving
other relevant due process activities

105. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

14 Day(s)

Section 10 -- Monitoring (Quality Assurance) and Enforcement

Responses to the questions in this section will provide a description of the legal and professional framework governing regulation of the profession in your country. Please indicate what role your organization plays within this framework.

Section 10A -- Securities Market Regulatory Authority

106. Name the authority that regulates the securities market:

Tallinn Stock Exchange

107. What responsibilities does this organization have for monitoring and enforcing compliance with accounting, reporting or auditing requirements? Please identify the Legal authority that establishes that responsibility:

Tallinn Stock Echange rules sets accounting, reporting and auditing requirements and TSE authority to control compliance with those.

108. Briefly describe the role of the regulatory authority as it relates to the following:

regulation of the audit profession

None
accounting and auditing standard-setting

None
review of financial statements prepared by listed entities, and monitoring of their compliance with the accounting and disclosure requirements

As set in TSE Rules, TSE is controlling that financial statements are presented as required.

Section 10B -- Stock Exchange

109. Name the four largest stock exchangers (by market capitalization) and whether it is organized as a profit or not-for-profit organization:

Profit	Not for profit	Stock Exchange
		Tallinn Stock Exchange

Section 10B -- Stock Exchange
Tallinn Stock Exchange Details

110. For Tallinn Stock Exchange, is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?

Yes

If YES, please describe the following:

How the monitoring and enforcement of financial reporting, accounting and auditing is conducted.

See TSE Rules (www.tse.ee) - Supervision
The consequences of non-compliance with the financial reporting, accounting or auditing requirements.

See TSE Rules - Supervision and Rates of Fines
How enforcement actions are administered.

See TSE Rules - Supervision and Rates of Fines

Section 10C -- Regulatory Oversight of the Accounting Profession

111. Has an audit profession oversight body been established (e.g., to oversee the external quality assurance review process, etc.)?

Yes

If NO, proceed to the next section.

If YES, please describe :

What are the name and duties of the oversight body?
The number of members on the oversight body
Its powers
How the oversight body conducts or oversees a program of inspections to assess the degree of compliance of each audit firm/auditor with applicable auditing standards and regulations
The sanctions the oversight body may impose in the event of non-compliance
How the oversight body is accountable to any public institution or body

Section 10D -- Banks Regulatory Authority

112. Name the authority that regulates the banks and similar financial institutions. Discuss how this authority differentiates between accounting requirements for regulatory reporting and general purpose external financial reporting:

Credit Institutions Act There is no difference between accounting requirements for regulatory and general purpose external financial reporting.

113. Discuss briefly the legal requirements with respect to monitoring and enforcement by the regulatory authority of accounting and auditing standards that apply to the banks and similar financial institutions:

Banks and similar financial institutions annual accounts has to be prepared in accordance with IFRS endorsed by EU and audited in accordance with international standards on auditing. Supervision is carried out by Financial Supervision Authority (FSA, see www.fi.ee).

114. Briefly describe the role of the regulatory authority as it relates to the following:

regulation of the audit profession

FSA has representative in Professional Qulaifications Committee and is active in regulatory initiatives (still has no right to regulate it directly)
accounting and auditing standard-setting

FSA has representative in Estonian Accoutning Standards Board and is active in accounting regulatory initiatives. FSA has no role in auditing standards setting process, but is still active in related regualtory initiatives.
review of financial statements prepared by listed entities

Being listed is not criteria for FSA review.
enforcement of accounting, reporting and auditing requirements

As described in a. and b.

Section 10E -- Non-Banking Financial Institutions Regulatory Authority

115. Name the regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements imposed on non-banking institutions.

FSA

116. What is the source of Legal authority of the regulatory authority(ies)?

Credit Institutions Act Finansial Supervision Authority Act

117. Briefly describe the role of the regulatory authority(ies) as it relates to the following:

regulation of the audit profession

See 114.a.
accounting and auditing standard-setting

See 114.b.
review of financial statements prepared by listed entities

See 114.c.
enforcement of accounting, reporting and auditing requirements

See 114.d.

Section 10F -- Insurance Companies Regulatory Authority

118. Name the regulatory authority responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements imposed on insurance companies.

FSA

119. What is the source of Legal authority of the regulatory authority(ies)?

Insurance Activities Act Financial Supervision Authority Act

120. Briefly describe the role of the regulatory authority(ies) as it relates to the following

regulation of the audit profession

See 114.a.
accounting and auditing standard-setting

See 114.b.
review of financial statements prepared by listed listed entities

See 114.c.
enforcement of accounting, reporting and auditing requirements

See 114.d.

Section 10G -- Other Regulatory Authority

121. Name any other regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements.

122. What is the source of Legal authority of each regulatory authority?

123. Briefly describe the role of the regulatory authority(ies) as it relates to the following

regulation of the audit profession
accounting and auditing standard-setting
review of financial statements prepared by listed listed entities
enforcement of accounting, reporting and auditing requirements

Section 10H -- Quality Assurance

124. Does any organization of professional accountants/auditors organize a program of quality assurance review to monitor compliance with accounting, reporting and auditing requirements?

Yes

If NO, proceed to next Section.

If YES, briefly describe the monitoring and enforcement mechanism.

EBA Management Board has supervisory authority over auditors activities.

125. Under what authority does the organization conduct the program of quality assurance review?

Authorised Public Accountants Act

126. Who performs the review (e.g., one firm reviewing another firm, staff from the national professional organization, contractors, or a combination of these)?

The review is performed by the members of the management board of the national professional organization (Estonian Auditing Board). There is 9 teams, where on member is the member of the MB and one member amongst auditors is elected on a principle best person for the job.

Section 10 I -- Investigation and Discipline

127. Is there a process for investigating and disciplining the accounting profession in your country?

Yes

If NO, proceed to the Certification of Chief Executive

128. Which of the following best describes the responsibility for the investigatory and disciplinary function in your country?

	Government or other agencies are solely responsible for this function.
	Government or other agencies have this responsibility, but the member body or bodies participate in the process.
	Government formally delegates this function to the member body or bodies, to exercise on its behalf.
	Member body or bodies have separate and independent processes that operate alongside processes of legal authorities.
	Other (please explain)

129. Please indicate the name of the body or bodies responsible for investigation and discipline.

EAB Managment Board

Responses to the remaining questions in this Section are required if your organization has responsibility for investigation and disciplinary actions.

130. How many voting members does the body have?

131. Are the members of the body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:		1 employeed, 8 voluntary

132. What are the criteria considered in selecting members of the body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

See p. 47

133. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

EAB General Meeting elects

134. What is the term of appointment for members?

3 Year(s)

135. For how many years has the body been in existence?

6 Year(s)

136. Please indicate the budget in US$ of the body for the last fiscal year.

Note: Please enter a whole number using commas (e.g., 4,000,000)

150,167

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

11.4711 (specify currency)

137. To what entity is the body accountable?

EAB GM and the Ministry of Finance

138. Approximately how many days per year does the body meet in full session (including teleconferences)?

14 Day(s)

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