Compliance Responses and Action Plans

  • Compliance Responses and Action Plans

    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.

     

    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:

    1. Setting auditing, accounting, ethics, public sector and education standards; and
    2. 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:

      Austria


    2. Name of member body:

      Or please specify name:
      KWT



    3. Individual responsible for preparation:
      Dr. Claudia Widauer


    4. Date member body became a member of IFAC:
      Note: Please enter a numeric date (e.g., 12/2001, Month/Year)

      11 / 1991



    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, IFAC, CFE, CLC, members of our organisation belong to ACCA, EFRAG, at the moment IIN (until next year).



    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: Handelsgesetzbuch (Commercial Code)
      b). the Enacting body: Austrian Parliament, enacted in the year 1897
      c). date the Act or Code came into force: /


    25. How can IFAC obtain a copy of the Act or Code?
      http://www.ris.bka.gv.at English versions of same laws are available at http://www.ris.bka.gv.at/englische-rv/


    26. Is the Act or Code available in English?
      Yes   No


    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 national GAAP
      Private companies national GAAP with small entity exclusions
      Governmental
      Not-for-profit national GAAP with small entity exclusions
      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 national GAAS
      Private companies national GAAS with small entity exclusions
      Governmental
      Not-for-profit national GAAS with small entity exclusions
      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   No
      If YES, please indicate the term of appointment: 1 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   No
      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   No
      If yes, please describe the requirement:
      currently internal rotation (for the signing persons) after 7 years, with 1 year cooling-off-period.

      (There are discussions about revising the regulation to 5 year internal rotation and a 5 year cooling off period; will likely come into effect not earlier than January 1, 2006)



    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:
    1. the major items of Legal authority for such requirements

      commercial code

    2. the Enacting body(ies)

      Parliament

    3. the latest amendment date?

      2004


    35. How can IFAC obtain a copy of the Legal authority?
      http://www.ris.bka.gv.at

      English versions of same laws are available at
      http://www.ris.bka.gv.at/englische-rv/


    36. Is the Legal authority available in English?
      Yes   No


    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   No
      If YES, please describe the requirement:
      The Vienna Stock Exchange has separate prime-market-regulations requiring listed companies to issue IFRS- or US-GAAP-Financial Statements.

      (a copy of the regulations has been sent to sylviabarrett@ifac.org by separate email)


    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   No
      If YES, please describe the requirement:
      According to Art 245a of the Commercial Code, group accounts can be prepared on the basis of IFRS or US-GAAP. In these cases the auditor may follow internally accepted Auditing Standards (eg ISAs), see Art 274 of the Commercial Code.


    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   No
      If YES, please indicate the term of appointment: 1 Year(s)


    41. Are joint auditors required for audits of listed entities?
      Yes   No
      If YES, please describe the requirement:


    42. Is rotation of the auditor or audit firm for audits of listed entities required?
      Yes   No
      If YES, please describe the requirement:
      See Question 33



    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 commercial code 02/2004 Parliament
      Other (please describe) private companies commercial code 02/2004 Parliament
      Other (please describe) listed and private entities expert opinions, guidelines and comments, but THESE ARE NON-BINDING RULES currently issued Board of Experts
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      http://www.ris.bka.gv.at

      English versions of same laws are available at
      http://www.ris.bka.gv.at/englische-rv/


      b. Are the documents available in English?
      Yes   No


    Section 5B -- Standard-Setting (Parliament)


    44. For Parliament, 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.
      a. Nature of body

      It is elected by Austrian cititzens and responsible for legislation determining which accounting and auditing standards are to be applied

      b. Name of standards

      Handelsgesetzbuch


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


    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: N/A


    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.)?
      N/A


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


    49. What is the term of appointment for members?
      4 Year(s)


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

      N/A

      Please enter the exchange rate used to calculate this number.

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

      N/A



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


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

      N/A

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

      N/A

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

      N/A

    4. other relevant due process activities

      N/A


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


    Section 5B -- Standard-Setting (Board of Experts)


    44. For Board of Experts, 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.
      a. Nature of body

      It is a subcommittee of the Austrian Chamber of Chartered Accountants, Tax Advisors and Licensed Bookkeepers (the Chamber) - See Aust1 response

      b. Name of standards

      Expert Opinions (Fachgutachten), Guidelines (Richtlinien), Stellungnahmen (Comments)


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


    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.)?
      members of the profession and Academics


    48. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      the Executive Board of the Chamber of Chartered Accountants, Tax Advisors and Licensed Bookkeepers


    49. What is the term of appointment for members?
      Year(s)


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

      not available

      Please enter the exchange rate used to calculate this number.

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

      not available



    52. To what entity is the standard-setting body accountable?
      the Chamber of Chartered Accountants, Tax Advisors and Licensed Bookkeepers


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

      issuance of drafts to the members

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

      private

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

      simple majority

    4. other relevant due process activities



    54. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      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 Wirtschaftstreuhandberufs-Ausuebungsrichtlinie 12/2001 Chamber of Chartered Accountants, Tax Advisors and Licensed Bookkeepers
      Professional Accountants in Business
      Professional Accountants in the Public Sector
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      (a copy of the Wirtschaftstreuhandberufs-Ausuebungsrichtlinie has been sent by seperate email to sylviabarrett@ifac.org)

      b. Are the documents available in English?
      Yes   No


    Section 6B -- Standard-Setting (Chamber of Chartered Accountants, Tax Advisors and Licensed Bookkeepers)


    56. For Chamber of Chartered Accountants, Tax Advisors and Licensed Bookkeepers, 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.
      a. Nature of body

      self-regulated body under public oversight

      b. Name of standards

      Wirtschaftstreuhandberufs-Ausuebungsrichtlinie


    57. How many voting members does the standard-setting body have?
      11


    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.)?
      best person for the job


    60. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      Chamber of Chartered Accountants, Tax Advisors and Licensed Bookkeepers


    61. What is the term of appointment for members?
      5 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)

      not available

      Please enter the exchange rate used to calculate this number.

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

      not available



    64. To what entity is the standard-setting body accountable?
      Ministry for Economic Affairs


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

      to the members

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

      private

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

      simple majority

    4. 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:
      beginning after the age of 6 years:
      1. elementary school (4 years)
      2. a) primary school (4 years)
      b) secondary school, either comprehensive (4 years) or vocational school (5 years)


    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   No

      If YES, please provide the name and describe the requirements, including any relating to education, experience or qualifications.

      1. Admission Prerequisites for the Examination:
      see Art 13, 14 and 16 WTBG of the Statute on the Regulation of the Auditing, Tax Advising and Related Professions (Wirtschaftstreuhandberufsgesetz WTBG)

      2. Examination
      see Art 24 to 27 of WTBG


      for exemptions see Art 19 WTBG


      (a copy of the law will be sent by separate email to sylviabarrett@ifac.org)

      IWP organises some education events


    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
      see Art 13, 14 and 16 WTBG
      Professional examinations
      there is a licensing examination, see Art 24 to 34 WTBG
      Practical experience
      see Art 13, 14 and 16 WTBG
      Final qualifying examination
      there is a licensing examination, see Art 24 to 34 WTBG
      Other (please describe)
      IWP organises some Education Events


    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.
      The parliament as the authoritative legislator.
      It is elected by Austrian cititzens and responsible for legislation.

    1. A general description of the role of the relevant body(ies) including how it operates and its due process in establishing the education requirements.

      N/A

    2. How many voting members does the relevant body(ies) have

      N/A

    3. 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: N/A

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

      40 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?

    72 b. Are these documents available in English?
      Yes   No


    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   No



    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?
      The parliament as the authoritative legislator.
      It is elected by Austrian cititzens and responsible for legislation.


    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   No

      If YES, please select all relevant requirements.
      Continuing professional development
      Re-examination
      Other (please specify): see Art 99 of WTBG for cases of suspension


    80. What entity grants the license?
      The Chamber of Chartered Accountants, Tax Advisors and Licensed Bookkeepers.


    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) Public sector No specific authority/requriements
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      -

      b. Are the documents available in English?
      Yes   No



    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 commercial code 2004 parliament
      Other (please describe) commercial code 2004 parliament
      Other (please describe) Vereinsgesetz 2002 parliament
      Other (please describe)
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      http://www.ris.bka.gv.at

      English versions of same laws are available at
      http://www.ris.bka.gv.at/englische-rv/


      b. Are the documents available in English?
      Yes   No


    Section 9B -- Standard-Setting (parliament)


    95. For parliament, 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.
      a. Nature of body

      It is elected by Austrian cititzens and responsible for legislation.

      b. Name of standards

      Vereinsgesetz


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


    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: N/A


    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.)?
      N/A


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


    100. What is the term of appointment for members?
      4 Year(s)


    101. For how many years has the standard-setting body been in existence?
      20 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?
      N/A


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

      N/A

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

      N/A

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

      N/A

    4. other relevant due process activities

      N/A


    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:
      Financial Market Authority

      (www.fma.gv.at)


    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:
      The FMA is an independent, autonomous and integrated supervisory authority for the Austrian Financial Market, established by the parliament as an institution under public law. It is responsible for the supervision of credit institutions, insurance undertakings, pension funds, staff provision funds, investment funds, investment service providers, companies listed on the stock exchange as well as stock exchanges themselves.


      -to contribute toward the stability of Austria as a financial market;

      -to reinforce confidence in the ability of the Austrian financial market to function;

      -to protect in accordance with provisions of law investors, creditors and consumers; and

      -to put forth preventive efforts with respect to compliance with supervisory standards while consistently punishing any violations of these standards.

      (a copy of the Federal Act on the Institution and Organisation of the Financial Market Authority is sent by seperate email to sylviabarrett@ifac.org


    108. Briefly describe the role of the regulatory authority as it relates to the following:
    1. regulation of the audit profession

      it has no specific authority to regulate the profession

    2. accounting and auditing standard-setting

      it has no specific authority to set auditing or accounting standards

    3. review of financial statements prepared by listed entities, and monitoring of their compliance with the accounting and disclosure requirements

      no specific authority



    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
      Wiener Boerse (www.wbag.at)



    Section 10B -- Stock Exchange
    Wiener Boerse (www.wbag.at) Details


    110. For Wiener Boerse (www.wbag.at), is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?
      Yes   No

      If YES, please describe the following:

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



    2. The consequences of non-compliance with the financial reporting, accounting or auditing requirements.



    3. How enforcement actions are administered.




    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   No

      If NO, proceed to the next section.

      If YES, please describe :

    1. What are the name and duties of the oversight body?



    2. The number of members on the oversight body



    3. Its powers



    4. 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



    5. The sanctions the oversight body may impose in the event of non-compliance



    6. 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:
      Financial Market Authority (FMA) (www.fma.gv.at)


    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:
      - Financial statements of banks have to be audited by a bank auditor (appointed by the bank with the right of FMA to object to the appointment) (see Art 60 to 62, 63 and 63a of the Austrian Banking Act) - the bank has specific reporting requirements to FMA (see Art 73 of the Austrian Banking Act) - FMA has the right to request any necessary information (see Art 70 and 70a of the Austrian Banking Act) (a copy of the Austrian Banking Act has been sent to sylviabarrett@ifac.org by separate email)


    114. Briefly describe the role of the regulatory authority as it relates to the following:
    1. regulation of the audit profession

      it has no specific authority to set auditing standards, but has the right to object to the appointment of a bank auditor, see Art 63 of the Austrian Banking Act (a copy of the Austrian Banking Act has been sent to sylviabarrett@ifac.org by separate email)

    2. accounting and auditing standard-setting

      Basically FMA has no authority to set standards are by law of parliament (see Art 43 of the Austrian Banking Act for some rights and Art 43 to 59a for specific bank accounting standards)

    3. review of financial statements prepared by listed entities

      FMA has the right to request any necessary information to fulfill its duties (see Art 70 and 70a of the Austrian Banking Act)

    4. enforcement of accounting, reporting and auditing requirements

      FMA has no specific authority



    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.
      court of justice


    116. What is the source of Legal authority of the regulatory authority(ies)?
      regulations to punish intentional criminal offenses against the auditing and accounting standards of the commercial code


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

      interpretation of the laws regulation auditing standards

    2. accounting and auditing standard-setting

      interpretation of the laws regulation accounting standards

    3. review of financial statements prepared by listed entities

      decisions of the court to impose penalties and compensation for damages

    4. enforcement of accounting, reporting and auditing requirements

      decisions of the court to impose penalties and compensation for damages



    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.
      Financial Market Authority (www.fma.gv.at)


    119. What is the source of Legal authority of the regulatory authority(ies)?
      INSURANCE SUPERVISION ACT (a copy of the Federal Act on the Institution and Organisation of the INSURANCE SUPERVISION ACT has been sent by seperate email to sylviabarrett@ifac.org)


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

      it has no specific authority to regulate the profession

    2. accounting and auditing standard-setting

      - see Art 85 of the INSURANCE SUPERVISION ACT for the right to set specific accounting standards - FMA has not the right to set auditing standards, but has the right object to the authorisation of the auditor (see Art 82 of the INSURANCE SUPERVISION ACT)

    3. review of financial statements prepared by listed listed entities

      it has no specific right to rewiew the F/S, but to get any information necessary to fulfill its duties, see Art 83 of the INSURANCE SUPERVISION ACT

    4. enforcement of accounting, reporting and auditing requirements

      no specific authority



    Section 10G -- Other Regulatory Authority


    121. Name any other regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements.
      NONE


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


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

      N/A

    2. accounting and auditing standard-setting

      N/A

    3. review of financial statements prepared by listed listed entities

      N/A

    4. enforcement of accounting, reporting and auditing requirements

      N/A



    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   No

      If NO, proceed to next Section.

      If YES, briefly describe the monitoring and enforcement mechanism.

      IWP has a Peer Review System requiring its members (only auditors can be members) to have a review conducted by a licensed Peer Reviewer every 4 years



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


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



    Section 10 I -- Investigation and Discipline


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

    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.
      Chamber of Chartered Accountants, Tax Advisors and Licensed Bookkeepers


    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.)?



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


    134. What is the term of appointment for members?
      Year(s)


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



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



     

     

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    The information contained within the Part 1 Assessment of the Regulatory and Standard-Setting Framework Questionnaires, Part 2 SMO Self-Assessment Questionnaires, and Part 3 SMO Action Plans are based entirely on information provided to IFAC by the IFAC member or associate to which the information relates. Further, the information has been collected by IFAC for the exclusive use and benefit of IFAC and IFAC's members and associates, but is being made available through this website to the general public in the interest of transparency of the IFAC Member Body Compliance Program. While certain efforts are made to validate the information, IFAC undertakes no obligation to confirm or investigate the completeness or accuracy of any of the content of the questionnaire or action plan, now or at any time in the future. Persons accessing the questionnaire or action plan assume full responsibility for the use of the information set forth herein. IFAC does not make any express or implied warranties or representations whatsoever as to any information provided through the questionnaire or action plan, including, without limitation, that the information contained herein will be error-free. IFAC shall not be liable for any damages, including, without limitation, direct, indirect, incidental, special, punitive or consequential damages, that result in any way from your use or reliance on information provided in the questionnaire or action plan. If you need to rely on the information set forth herein for any purpose, you are urged to confirm the information set forth herein with other sources.

    * Indicates organizations that qualify to submit SMO Action Plans biennially

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