Félag Löggiltra Endurskodenda
Member | Established: 1935 | Member since 1977
The Institute of State Authorized Public Accountants in Iceland (FLE) was established on July 16, 1935 in Reykjavik and is the only professional body representing auditors in the country. FLE membership is mandatory for individual auditors who are qualified as state-authorized public accountants. Under Auditing Act No. 79/2008, the FLE is entrusted with the following tasks in consultation with the Public Auditors Oversight Board: (i) establish a Code of Ethics for auditors following confirmation by the Minister of Finance and Economic Affairs; (ii) promote the regular organization of courses of study that comply with continuing professional development (CPD) requirements specified in Article 7; (iii) keep CPD records; and (iv) undertake quality control reviews of the work of auditors. The FLE is a member of the Nordic Federation of Public Accountants.
Contact
Suourlandsbraut 6108 Reykjavik
Iceland
Tel: +354 568 8118
Fax: +354 568 8139
fle@fle.is
http://www.fle.is
Statements of Membership Obligations (SMOs)
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: 04/2015
We welcome feedback. Please email compliance@ifac.org
Status of Fulfillment
Having adopted a quality control standard for all of its members and developed new quality assurance (QA) guidance based on ISQC1 and the EU 8th Directive, the FLE’s focus in the area of QA since 2010 has been on...
The FLE is responsible for continuing professional development (CPD) for auditors. It indicates that it has developed and issued guidance on the CPD programs to its members. Currently, the FLE’s Action Plan needs more...
Given that ISA have been adopted in Iceland, the FLE continues to further develop the ongoing processes for ISA implementation. It facilitates the translation of ISA by the Auditors Public Oversight Board and publishes...
Having adopted and translated the 2009 IESBA’s Code of Ethics for Professional Accountants without modifications, the FLE continues to further develop the ongoing processes for the implementation of ethical principles...
Although the FLE has no responsibility for the adoption of IPSAS in Iceland, it continues to lobby the government to do so. The FLE also has plans to support the government in implementing IPSAS, assuming the Parliament...
The FLE states in its Action Plan that it does not undertake any special activity to promote its investigation and discipline (I&D) requirements, since investigations and disciplinary actions according to the Auditing...
The FLE has no direct responsibility for adoption or promulgation of IFRS in Iceland; this responsibility lies with the Ministry of Finance and Economic Affairs. The FLE supports the implementation of the standards...
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.