Kammer der Wirtschaftstreuhänder
Member | Established: 1947 | Member since 1991
The Chamber of Public Accountants (KWT) is a mandatory membership organization for all professional accountants established in 1947. Its membership is comprised of CPAs and tax consultants. The Chamber responsibilities include to: conduct the professional examinations for CPAs and tax consultants; certify individuals as CPAs; review laws that are of relevance to the profession; establish continuing professional development; set auditing standards, and maintain an investigation and discipline system in conjunction with other national regulators. KWT is a member of IFAC and Fédération des Experts-comptables Europeéns.
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.
- SMO 1: Quality Assurance
The KWT, 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 KWT 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 KWT delivers continuing professional development courses for its members and quality assurance reviewers.
The KWT is encouraged to participate in the international standard-setting process through the provision of comments on IAASB Exposure Drafts pertaining to quality control.
- SMO 2: International Education Standards
The KWT shares responsibility for initial professional development and continuing professional development (CPD) of professional accountants. It supports the implementation of the education requirements through the provision of various education, examination preparation, and CPD programs to its members at the Chamber of Auditors’ (KWT) Academy of Public Accountants. The KWT also informs its members about changes to IESs to raise aware of new and revised standards.
- SMO 3: International Standards on Auditing
National auditing standards are primarily covered in non-legally binding professional standards issued by the KWT. It supports and promotes the adoption of ISAs in the EU by providing comments on Exposure Drafts and other related materials in the EU.
Since 2014, the KWT has delivered a comprehensive training program on the application of ISAs.
The KWT is also encouraged to participate in the international standard-setting process by providing comments on Exposure Drafts and other IAASB pronouncements.
- SMO 4: Code of Ethics for Professional Accountants
Although the KWT 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 KWT 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 KWT is encouraged to showcase in its Action Plan its activities for its members to support the implementation of the IESBA Code.
- SMO 5: International Public Sector Accounting Standards
The KWT has no responsibility for the adoption or implementation of public sector accounting standards in the jurisdiction. It reports, however, 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 KWT reports that further action to promote adoption of IPSAS is outside its influence.
- SMO 6: Investigation and Discipline
The KWT has direct responsibility for the investigative and disciplinary (I&D) system implemented for its members. Although it has established a Disciplinary Board, it is unclear whether the KWT’s I&D system fulfills SMO 6 requirements.
The KWT is encouraged to report on the extent to which its I&D system fulfills the requirements of SMO 6. The KWT is also encouraged to showcase the range of activities that it conducts, or participates in, to support adoption of all SMO 6 requirements for the investigation and discipline of its members and the implementation of an I&D system that is in line with the requirements of SMO 6 in the jurisdiction.
- SMO 7: International Financial Reporting Standards
The KWT has no responsibility for the adoption of IFRSs in Austria, but keeps members abreast of new and revised standards by publishing updates in its Journal. It also collaborates with the Institute of Austrian Certified 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.
The KWT is encouraged to showcase the range of activities that it conducts, or in which it participates, to support members with implementation of the standards.
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.