Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili

Member | Established: 2005 (original entity 1953) | Member since 1977

The CNDCEC is a mandatory membership organization established by the Legislative Decree No. 139/2005. Its members include Esperti Contabili (accountants who are authorized to deliver accounting services, perform tax fillings, and perform limited audit functions); and Dottori Commercialista (accountants who are authorized to perform the same services as Esperti Contabili and may also undertake company appraisals, insolvency procedures, defend clients before tax courts, and perform full scope audit and assurance services for non-statutory audits). According to Article 29 of the Legislative Decree No. 139/2005, the CNDCEC operates as an umbrella organization that coordinates territorial chapters.

The CNDCEC is responsible for a wide range of activities including: (i) developing ethical requirements for its members; (ii) monitoring and enforcing its members’ compliance with the profession’s technical and ethical standards; (iii) assessing and approving the continuing professional development programs established by the territorial chapters; (iv) representing the profession at national and international level; and (iv) formulating opinions on draft laws, as necessary.

In addition to being an IFAC member, the CNDCEC is a member the European Federation of Accountants and Auditors for SMEs, the Latin Integration Committee of Europe and the Americas, the Fédération des Experts-Comptables Méditerranéens, and Accountancy Europe.

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Statements of Membership Obligation (SMO)

The Statements of Membership Obligations form the basis of the IFAC Member Compliance Program. They serve as a framework for credible and high-quality professional accountancy organizations focused on serving the public interest by adopting, or otherwise incorporating, and supporting implementation of international standards and maintaining adequate enforcement mechanisms to ensure the professional behavior of their individual members.

Methodology
Last updated: 07/2017
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SMO Action Plan

Status of Fulfillment by SMO

  • SMO 1: Quality Assurance

    The CNDCEC does not have any regulatory responsibility for establishing a quality assurance (QA) review system in Italy. Its members who are also registered as statutory auditors (Revisori Legali) conduct audits of PIEs are subject to QA reviews by the Commissione Nazionale per le Società e la Borsa (CONSOB). QA reviews by the Ministry of Economy and Finance (MEF) for audits of non-PIEs will be conducted according to the ministerial decree which is expected to be enacted in 2017.

    The CNDCEC has been an active participant in the special advisory panel, which is tasked with the drafting of the decrees and regulations implementing the QA review system and relevant standards. The institute indicates that it promotes the SMO 1 requirements during the development process of the regulation and has offered to undertake the operation of the proposed QA review system for non-PIEs instead of the MEF. The CNDCE may be delegated to manage the QA system for non-PIEs by the MEF.

    The CNDCE reports that CONSOB’s system is based on ISA 220 and ISQC1 and that various aspects related to the quality control system as provided for by SMO1 are included in CONSOB’s procedures, including: subject matter of the reviews, review cycle, review team, reporting, corrective actions, consequences for failure to pass quality reviews, and public oversight considerations.

    To support its members that are statutory auditors, the CNDCEC has developed continuous professional development materials based on ISQC 1 and the IFAC Guide for Quality Control for Small- and Medium-Sized Practices. It has also completed the translation of ISQC 1 (2009 version) into Italian, which the MEF subsequently adopted for application, and the IFAC SMP Committee’s Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities, Third Edition.

    The CNDCE should then establish plans, if possible, to promote and support adoption of SMO 1 requirements as good practices to the MEF and CONSOB.

    Current Status: Review & Improve

  • SMO 2: International Education Standards

    The CNDCEC shares responsibility for initial and continuing professional development (IPD and CPD, respectively) for professional accountants—Dottori Commercialista and Esperti Contabil—with the Ministry of Education, University, and Research and the Ministry of Economy and Finance. The CNDCEC reports that it regularly monitors and engages with the authorities to encourage the incorporation of the IES requirements.

    Additionally, the CNDCEC cooperates with universities and its territorial chapters to promote bilateral agreements that permit candidates to be exempt from certain sections of the state examination based on the knowledge gained during their practical experience internship. The CNDCEC has also signed a framework agreement with the Ministry of Education, University, and Research and the Ministry of Justice, which is to be used as a guideline for the territorial chapters and universities. The agreement establishes the exemption from one written examination and the possibility of starting the practical experience during the university studies.

    Furthermore, the CNDCEC has established regional schools to provide special CPD courses, which emphasize a strong practical approach, in a selected number of professional matters that require high specialization.

    The CNDCEC reports that it regularly monitors, reviews, and takes the necessary actions to continue strengthening the IPD and CPD arrangements for its members.

    Lastly, the institute indicates that it participates in the international standard-setting process by reviewing and providing comments on Exposure Drafts issued by the International Accounting Education Standards Board.

    The CNDCEC has indicated in its 2017 SMO Action Plan that it will review and consider adoption of the revised IES requirements for its members in 2017.

    Current Status: Sustain

  • SMO 3: International Standards on Auditing

    Although the Ministry of Economy and Finance (MEF) and the Commissione Nazionale per le Società et la Borsa (CONSOB) formally approve auditing standards, the CNDCEC plays an active role in the standard-setting process by participating on the special advisory panel responsible for drafting and translating the auditing standards. Based on the special advisory’s proposals, the MEF and CONSOB have adopted ISA for application in Italy. In line with its responsibilities as a panel member, the CNDCEC reports that it has established an ongoing process to monitor, incorporate, and translate new and amended standards into national requirements on an ongoing basis.

    In its SMO Action Plan, the CNDCEC indicates that it supports its members with the implementation of the audit standards by providing training and guidelines. In addition, the CNDCEC confirms its participation in the international standard-setting process by providing comments on IAASB Exposure Drafts.

    Current Status: Sustain

  • SMO 4: Code of Ethics for Professional Accountants

    The CNDCEC is responsible for setting ethical requirements for its members and adopted the CNDCEC Code of Ethics in 2009 with subsequent updates in 2015. The CNDCEC reports that the combination of the legal requirements and the rules incorporated in its Code of Ethics are set in accordance with the IESBA Code of Ethics requirements and are more restrictive in some respects.

    Furthermore, the institute is also part of a special advisory panel, which is responsible for drafting and proposing the ethical requirements for statutory auditors to the respective regulators. The CNDCEC reports that a ministerial act is expected to formally adopt the proposed code of ethics.

    To support its members with the implementation of the Code of Ethics, the CNDCEC provides training, guidance, and has translated the 2010 version of the IESBA Code of Ethics. In addition, it reports to monitor new, proposed, and revised international standards and consider needs for adaptation at the national level, and provide comments to IESBA issued Exposure Drafts.

    The CNDCEC is encouraged to specifically include information in its Action Plan related to how the NOCLAR standard (effective 2017) has been adopted, and its plans regarding the specific training and other implementation support activities.

    Current Status: Review & Improve

  • SMO 5: International Public Sector Accounting Standards

    The CNDCEC is not the entity responsible for setting public sector accounting standards; nevertheless, it reports that it contributes significantly to the promotion, consultation, and research activities to encourage the adoption of IPSAS. For example, the CNDCEC is participating in a new project with academia to assess the applicability of IPSAS to different public sector entities. The project was launched at the end of 2015, and a first draft of this study has been finalized in December 2016.

    In its 2017 SMO Action Plan, the CNDCEC indicates that it has translated the 2012 version of the IPSAS, and organized continuing professional development courses for its members. The CNDCEC completed a translation of all the IPSAS in 2016, and has shared the translation with stakeholders. Additionally, the institute states that it monitors new and amended pronouncements issued by the IPSASB and disseminates them both to its members and the public.

    Current Status: Sustain

  • SMO 6: Investigation and Discipline

    The CNDCEC territorial chapters are responsible for establishing an investigative and disciplinary (I&D) system for professional accountants, and have established and implemented I&D systems accordingly. The CNDCEC acts as an appeal court and reports that in 2013, the I&D regulation was updated in order to incorporate the SMO 6 requirements related to the composition of the Board that issues sanctions. In addition, the CNDCEC states that it regularly assesses its I&D system to ensure it fulfills the SMO 6 requirements.

    The CNDCEC also collaborates with the Ministry of Economy and Finance and the Commissione Nazionale per le Società et la Borsa in an advisory role regarding the I&D of statutory auditors as it is not directly responsible for the management of these procedures. The CNDCEC supports the regulators to ensure that their system remains line with SMO 6 requirements Additionally, it also monitors the transposition of the new EU Audit Directive to better determine and coordinate the disciplinary requirements for CNDCEC members who are also registered as statutory auditors.

    Current Status: Sustain

  • SMO 7: International Financial Reporting Standards

    Although the Organismo Italiano di Contabilità (OIC) is the entity responsible for the adoption of corproate accounting standards, the CNDCEC actively participates and contributes to its standard-setting process and technical activities as one of the founding members of the OIC.

    The CNDCEC reports that it monitors and reviews changes to EU legislation and subsequently, promotes the necessary changes to the national legislation. Additionally, since 2010, the CNDCEC has been participating in public consultations on the approach of adopting accounting standards for Small-and Medium-Sized Enterprises.

    To support its members and the accountancy profession with the implementation of accounting standards, the CNDCEC organizes continuing professional development courses and develops guidelines on IFRS-related topics. In addition, the CNDCEC reports that it monitors new and amended standards and participates in the international standard-setting process by providing comments on IASB Exposure Drafts.

    Current Status: Sustain

Disclaimer

IFAC bears no responsibility for the information provided in the SMO Action Plans prepared by IFAC member organizations. Please see our full Disclaimer for additional information.

Contact

Piazza della Repubblica, 59
I-00185 Roma
Italy
Tel: 39-06/47-86-31
Fax: 39-06/47-86-334
international@cndcec.it
http://www.cndcec.it

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