Finland
Methodology
Last updated: 12/2016
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Member Organizations
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Legal and Regulatory Environment
As a member of the European Union (EU), Finland is subject to the accounting, auditing and financial reporting requirements established in EU Regulations and Directives as transposed into national laws and regulations...
The Ministry of Economic Affairs and Employment is responsible for developing audit legislation and the Auditing Act (1141/2015) sets the qualifications and licensing requirements for the audit profession. In Finland...
The Audit Oversight Unit (AOU), established by the Auditing Act (1141/2015) centralizes and consolidates the responsibilities of the previous public oversight authorities which have been abolished: the Auditing Board of...
Suomen Tilintarkastajat ry is a voluntary organization uniting all approved auditors in Finland since April 2014. All of its members are certified in accordance with the Auditing Act.The association was formed as a...
Adoption of International Standards
In Finland, a mandatory quality assurance (QA) review system has existed since 2007, as established by the Auditing Act (459/2007). In this regime, the responsibility for the oversight of the QA review system was shared...
The Ministry of Employment and Economy and the Audit Oversight Unit are involved in establishing and administering initial professional development (IPD) and continuing professional development (CPD) requirements for the...
The Auditing Act (1141/2015) specifies that audits must be carried out in according with the international auditing standards as adopted by the European Commission (EC). In Finland, the legal adoption of the...
In Finland, only auditors are subject to ethical obligations, which are established in the Auditing Act (1141/2015). Although the law doesn’t refer to the IESBA Code of Ethics, Suomen Tilintarkastajat ry reports that...
In Finland, the state is responsible for public sector accounting standards.The central government accounting rules are established in the Budget Law (423/1988) and other statutes, while local government rules are...
In Finland, a mandatory investigative and disciplinary (I&D) system has existed since 2007, as established by the Auditing Act (459/2007). In this regime, the responsibility for the oversight of the I&D system was shared...
The Ministry of Employment and Economy is responsible for accounting legislation in Finland. The Accounting Act (1620/2015) was amended to transpose the content of the European Commission Accounting Directive...
Relevant OrganizationsSuomen Tilintarkastajat ry Audit Oversight Unit, Finnish Patent and Registration Office Auditing Board of the Central Chamber of CommerceMinistry of Employment and the EconomyRelevant...
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