Institut Österreichischer Wirtschaftsprüfer

Member | Established: 1952 | Member since 1982

The Institute of Austrian Certified Public Accountants (IWP) is a voluntary association of individual auditors and audit firms. The Institute’s main objectives are to advance the interests of certified public accountants and audit firms in Austria. The IWP is a member of IFAC and the Fédération des Experts-comptables Europeéns.


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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.

Last updated: 12/2015
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SMO Action Plan

Status of Fulfillment by SMO

  • SMO 1: Quality Assurance

    The IWP, which has no direct responsibility for the quality assurance (QA) system in Austria, focuses on supporting its members in implementing appropriate internal control systems in accordance with ISQC 1 and ISA 220. The institute publishes implementation guidance, Guidance for the Application of Standards on Quality Assurance in Practice, which it revises periodically. It informs its members of updates to the QA review system. In addition, the IWP delivers continuing professional development training courses for its members and Quality Assurance reviewers.

    The IWP is encouraged to participate in the international standard-setting process by providing comments on IAASB Exposure Drafts pertaining to quality control.

    Current Status: Sustain

  • SMO 2: International Education Standards

    The IWP has no direct responsibility for initial professional development and continuing professional development (CPD) of professional accountants. It supports the implementation of the profession’s education requirements by offering various education, examination preparation, and CPD programs to its members through its Academy of Public Accountants. The IWP also informs its members about changes to the IESs to raise aware of new and revised standards.

    Current Status: Sustain

  • SMO 3: International Standards on Auditing

    The IWP does not have direct responsibility for the adoption or implementation of ISAs in the jurisdiction. However, it supports and promotes the adoption of ISAs in the EU through the provision of comments in the EU consultation process. It also supports the adoption process through its collaboration with the German professional accountancy organization to translate the standards into German.

    The institute updates its members on new and revised ISAs, and other IAASB pronouncements, in the IWP Journal.

    Since 2014, the IWP has delivered a comprehensive training program on the application of ISAs.

    The IWP is encouraged to participate in the international standard-setting process by providing comments on Exposure Drafts and other IAASB pronouncements.

    Current Status: Review & Improve

  • SMO 4: Code of Ethics for Professional Accountants

    Although the IWP has no responsibility for the adoption of ethical standards for members of the profession, it promotes the convergence of national and EU regulations with the IESBA Code of Ethics. The institute also raises member awareness of changes to the IESBA Code of Ethics in the IWP Journal.

    The IWP reports that the ethical requirements for professional accountants in Austria are equivalent and more stringent than the requirements of the IESBA Code of Ethics.

    The IWP is encouraged to showcase in its Action Plan its activities for its members to support implementation of the IESBA Code.

    Current Status: Review & Improve

  • SMO 5: International Public Sector Accounting Standards

    The IWP has no responsibility for the adoption or implementation of public sector accounting standards in the jurisdiction. IWP reports that its representatives promote convergence of national and EU regulations with IPSASB pronouncements and that it also helps to keep its members informed about pronouncements and updates issued by the IPSASB. The IWP reports that further action to promote adoption of IPSAS is outside its influence.

    Current Status: Sustain

  • SMO 6: Investigation and Discipline

    The IWP has no direct responsibility for the investigative and disciplinary (I&D) system governing its members; nevertheless, it established a Disciplinary Board to expel members in addition to sanctions issued by the Chamber of Public Accountants (KWT) and Austrian Auditors Supervisory.

    The IWP is encouraged to work with the KWT to report on the extent to which Austria’s I&D systems fulfill the requirements of SMO 6. The IWP is also encouraged to showcase the range of activities that it conducts, or participates in, to support the adoption of all SMO 6 requirements for the investigation and discipline of its members and the implementation of the I&D system that is in line with the requirements of SMO 6 in the jurisdiction.

    Current Status: Consider

  • SMO 7: International Financial Reporting Standards

    IWP, with no responsibility for the adoption of IFRSs in Austria, focuses on keeping members abreast of new and revised standards through updates that it publishes in its IWP Journal. It also collaborates with the Chamber of Public Accountants to host continuing professional development training events on the standards, and to participate in the public consultation process on private sector accounting standards run by the standard setter by providing comments and expert opinions.

    Current Status: Sustain


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.


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Tel: 43-1/71135-2623
Fax: 43-1/71135-2625

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