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.

Far

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:

Sweden

2. Name of member body:

Far

Or please specify name:

3. Individual responsible for preparation:

Dagny Hanspers

4. Date member body became a member of IFAC:

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

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, XBRL, Nordic Federation

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:		Companies Act/Aktiebolagslagen
b). the Enacting body:		Riksdagen/Parliament
c). date the Act or Code came into force:		12 / 1975

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

www.ridsdagen.se/debatt (clique on "fortattningsregister" and search for 1975:1385)

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			Requirement to prepare an "arsredovisning" (annual report) in accordance with the Annual Accounts Act
Private companies			As above
Governmental
Not-for-profit
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			The statutory audit is to be performed in accordance with "god revisionssed" (good auditing practise)
Private companies			As above
Governmental
Not-for-profit
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:

4 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:
A company shall have at least one auditor

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

See answer 24 a
the Enacting body(ies)

see answer 24b
the latest amendment date?

See answer 24c

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

See answer 25

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:

Requirements in regulations from the "Finansinspektionen" (the Swedish Financial Supervisory Authority) and in the agreement with "Stockholm-borsen (the Stockholm Stock Exchange)

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:

4 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	Companies Act (Chapter 10) 1975:1385	1975	FAR
Other (please describe) (both items of legislation give authority to set audit standards applicable for all entities subject to audit)	Auditing Acto 1999:1079	1999
Other (please describe)
Other (please describe)

See answer 25

Yes

Section 5B -- Standard-Setting (FAR)

44. For FAR, 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 the profession

Swedish Standards on Auditing

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

10 - Auditing Practice Committee

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:

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.)?

representation from large and small practioners

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

FAR Council

49. What is the term of appointment for members?

2 Year(s)

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

82 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)

$132,000

Please enter the exchange rate used to calculate this number.

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

7.5

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

FAR Board

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

public exposure of standards

standards normally exposed on the FAR website
accessibility of meetings (i.e., public or private)

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

simple majority of FAR Board
other relevant due process activities

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

12 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	Auditors Act	2001	Government
Professional Accountants in Business	Auditors Act	2001
Professional Accountants in the Public Sector	Auditors Act	2001
Other (please describe)

On FAR's website

Yes

Section 6B -- Standard-Setting (Government)

56. For Government, 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.

Government

Auditors Act (Ethics and independence requirements established by law)

[Are additional requirements beyond those in the Auditor Act established by the Supervisory Board or FAR? If so we will need to amend Q55 and answer the remainder of the questions in this section with reference to either the Board or the relevant standard setting group within FAR]

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:

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.)?

Differenct sectors of the society

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

Govt

61. What is the term of appointment for members?

2 Year(s)

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

81 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)

7,7645

Please enter the exchange rate used to calculate this number.

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

1 USD = 7,7645

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

Govt

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

public exposure of standards

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

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

Majority
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:

Compulsory School - 9 years
Gymnasium (Senior high school) - 3 years
University

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

Auditors Act/ (Revisorslagen) (2001:883) and Auditors Ordinance (Revisorsforordningen) (1995:665)

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 University degree with required minimum mix
	Professional examinations
	Practical experience 3 years and 5 years (depending on level)
	Final qualifying examination Examination of professional competence (2 levels)
	Other (please describe)

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.
The Government estbalishes education requirements through the two pieces of legislation noted in Question 68.

Revisorsnamnden (the Supervisory Board of Public Accountants) may issue further regulations concerning theoretical and practical training, the examination of professional competence as approved or authorized public accountant and aptitude tests.
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.far.se

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) see answers to 70, 71, 72

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?

See answers to 70, 71, 72, and 74

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)

79. Are there ongoing requirements to retain a license?

Yes

	Continuing professional development
	Re-examination
	Other (please specify): CPD

80. What entity grants the license?

Revisorsnamnden (Supervisory Board)

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

Auditors of listed entities must have an additional examination, additional studies of one year and additional practical experience of two years.

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	Parliament	07/2003	Ekonomistyrningsverket ESV (the Swedish National Financial Management Authority)
Ministry/department
Statutory authority/agency
Profit entity owned by government
State governments
Local governments	Lagen om kommunal redovisning	01/1998	Radet for kommunal redovisning RKR (the Swedish Council for Local Authorities Accounting)
Other (please describe)
Other (please describe)

By contacting the Swedish Parliament by fax or webiste www.esv.se and www.rkr.se respectively

Yes

Section 8B -- Standard-Setting (Ekonomistyrningsverket ESV (the Swedish National Financial Management Authority))

83. For Ekonomistyrningsverket ESV (the Swedish National Financial Management Authority), 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.

Public Sector Body

Arsredovisning b. budgetunderlag

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

None

85. 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:

86. 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.)?

No specific criteria apply

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

The regulator itself

88. What is the term of appointment for members?

Year(s)

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

6 Year(s)

90. 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)

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

N/A

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

public exposure of standards

No
accessibility of meetings (i.e., public or private)

Not possible
approval process for final standards (i.e., majority required to approve final standards)

None
other relevant due process activities

N/A

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

Day(s)

Section 8B -- Standard-Setting (Radet for kommunal redovisning RKR (the Swedish Council for Local Authorities Accounting))

83. For Radet for kommunal redovisning RKR (the Swedish Council for Local Authorities Accounting), 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.

Government

Rekommendationer

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

None

85. 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:

Not known.

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

The regulator itself

88. What is the term of appointment for members?

Year(s)

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

6 Year(s)

90. 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)

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

To none.

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

public exposure of standards

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

Not possible
approval process for final standards (i.e., majority required to approve final standards)

None
other relevant due process activities

N/A

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

Day(s)

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	Arsredovisningslagen (Annual Accounts Act) 1995:1554	1995	Bokforingsnamnden BFN (the Swedish Accounting Standards Board)
Other (please describe) All LLCs and other entities required to keep books according to the Bookkeeping Act and to prepare an Annual Report according to the Annual Accounts Act.	Bokforingslagen (Bookkeeping Act 1999:1078)	1999	Redovisningsradet RR (the Swedish Financial Accounting Council)
Other (please describe)
Other (please describe)
Other (please describe)

See answer to question 25.

Yes

Section 9B -- Standard-Setting (Bokforingsnamnden BFN (the Swedish Accounting Standards Board))

95. For Bokforingsnamnden BFN (the Swedish 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.

Government Agency

BFNAR

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.)?

Private and Public members

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

The Government

100. What is the term of appointment for members?

Year(s)

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

15 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)

N/A

Please enter the exchange rate used to calculate this number.

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

N/A

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

The Government

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

public exposure of standards

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

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

Simple majority
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 (Redovisningsradet RR (the Swedish Financial Accounting Council))

95. For Redovisningsradet RR (the Swedish Financial Accounting Council), 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 organisation

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:

academic

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

The RR Council

100. What is the term of appointment for members?

Year(s)

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

15 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)

N/A

Please enter the exchange rate used to calculate this number.

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

N/A

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

The RR Council

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

public exposure of standards

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

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

Simple majority
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 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:

Finansinspektionen FI (the Swedish Financial Supervisory Board)

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:

FI is a governmental authority with the legal authority to issue regulations for financial entities (including banks and insurance companies)

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

regulation of the audit profession

No role.
accounting and auditing standard-setting

FI regulates the financial reporting of financial entities
review of financial statements prepared by listed entities, and monitoring of their compliance with the accounting and disclosure requirements

FI supervises the reporting and disclosures of financial entities.

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
		Stockholmsborsen

Section 10B -- Stock Exchange
Stockholmsborsen Details

110. For Stockholmsborsen, 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.

A department within the Exchange supervising the compliance with the Exchange rules.
The consequences of non-compliance with the financial reporting, accounting or auditing requirements.

Fining.
How enforcement actions are administered.

N/A

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 Supervisory Board of Public Accountants � Revisorsnämnden (RN) � is the Government Office responsible for the examination of applicants to the profession as well as the supervision of members of the profession.

Approval or authorization as a public accountant is valid for a five-year period. The public accountant has to be professionally active as an auditor to retain the qualification during the period. When subject for renewal RN runs a general check on the applicant�s integrity and professional conduct. RN also exercises quality control on a continuity basis. This control generates on one hand from investigations of complaints by clients, the general public, or by notifications from authorities. The tax authorities are for instance required by law to notify RN, if they notice circumstances connected to the activity of a public accountant or a public accounting firm, which may have a bearing on RN�s supervisory functions. Secondly, RN initiates its own investigations, e.g. at indications from the media of irregularities concerning a public accountant or a public accounting firm. Finally, RN conducts a systematic quality control stipulated by Swedish law.

Swedish law also stipulates that it is the responsibility of RN to ensure that the development of professional ethics and professional audit standards is satisfactory and adequate. This is mainly done by the issuance of regulations concerning the activities of public accountants and public accounting firms. Professional ethics and standards can also be subject to the board�s interpretation in individual disciplinary cases. In the development of ethics and standards the two professional organizations for Swedish public accountants � FAR and Svenska Revisorsamfundet (SRS) (the latter mainly organizes Approved Public Accountants) � play important roles. FAR develops, codifies and issues recommendations for its members, for instance concerning audit standards. RN relies on these standards to a large extent, but has the preferential right of interpretation in cases of disagreement. Both professional organizations conduct obligatory quality reviews of their respective members. Approximately 80 % of Sweden�s 4.100 active public accountants are members of one of the two organizations. The internal quality review performed by the professional organizations is considered in RN�s selection of subjects for systematic control.
The number of members on the oversight body

N/A (Governmental Organization)
Its powers

See 111a.
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

See 111a.
The sanctions the oversight body may impose in the event of non-compliance

See 111a.
How the oversight body is accountable to any public institution or body

N/A

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:

See answers to 106-108

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:

See answers to 106-108

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

regulation of the audit profession

See answers to 106-108
accounting and auditing standard-setting

See answers to 106-108
review of financial statements prepared by listed entities

See answers to 106-108
enforcement of accounting, reporting and auditing requirements

See answers to 106-108

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.

See answers to 106-108

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

See answers to 106-108

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

regulation of the audit profession

See answers to 106-108
accounting and auditing standard-setting

See answers to 106-108
review of financial statements prepared by listed entities

See answers to 106-108
enforcement of accounting, reporting and auditing requirements

See answers to 106-108

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.

See answers to 106-108

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

See answers to 106-108

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

regulation of the audit profession

See answers to 106-108
accounting and auditing standard-setting

See answers to 106-108
review of financial statements prepared by listed listed entities

See answers to 106-108
enforcement of accounting, reporting and auditing requirements

See answers to 106-108

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.

See answers in section 10C including appendix

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

Under the authority of the Auditors� Act (2001:883) . Supplementary legislation is provided in the Auditors� Ordinance (1995:665) and � in further detail � RN�s regulations (RNFS 1996:1, RNFS 2001:2 and 2001:3).

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

Both FAR and SRS conduct obligatory quality reviews of their respective members. Approximately 80 % of Sweden�s 4.100 active public accountants are members of one of the two organizations. The internal quality review performed by the professional organizations is considered in the Supervisory Boards selection of subjects for systematic control.

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.

The Public Oversight Board (sw. Kvalitetskontrollstyrelsen)

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:

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.)?

A majority of the members in the Public Oversight Board shall be non practitioners. The majority, ie the non practitioner members, are appointed as representatives for authorities and professional associations where they are employed.

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

Members are appointed by the bodies mentioned in 132 that have been approached either by FAR or SRS to appoint suitable members. Also the Public Oversight Body can approach bodies with interest in the quality control area, after consultation with FAR/SRS

134. What is the term of appointment for members?

Year(s)

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

2 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)

Please enter the exchange rate used to calculate this number.

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

(specify currency)

137. To what entity is the body accountable?

Re: Q134 - The members are appointed with conditional tenure.

Q136: The Public Oversight Body has no budget. The members are employed and paid by their respective employer/"appointer". No special fee is paid to the members for participating in the work of the Public Oversight Board.

Q137: The Public Oversight Board is accountable to the Supervisory Board of Public Accountants (sw. Revisorsnämnden) which is the national authority.

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

4 Day(s)

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