Ordem dos Revisores Oficiais de Contas

In Portugal, responsibility for quality assurance of statutory audits is shared between the Comissão do Mercado de Valores Mobiliários (CMVM) and the Ordem dos Revisores Oficiais de Contas (OROC). The CMVM conducts inspections of statutory auditors and audit firms performing audits of public interest entities, while OROC conducts quality assurance reviews of auditors and firms performing audits of non-public interest entities, under the supervision of the CMVM.

OROC operates a mandatory quality assurance review system that includes cyclical inspections at both firm and engagement level. Auditors and audit firms are reviewed at least once every six years. Reviews assess internal quality management systems as well as the quality of selected audit engagements. Written inspection reports are prepared by reviewers and approved by OROC’s Quality Control Committee, and follow-up procedures are applied where deficiencies are identified.

OROC maintains documented inspection methodologies, reviewer qualification criteria, and mandatory annual training requirements for reviewers. The International Standards on Quality Management (ISQM 1 and ISQM 2) have been translated and incorporated into OROC’s inspection framework, and implementation training sessions have been provided to members.

Based on available information, OROC maintains an operational quality assurance system for non-public interest entity audits and demonstrates ongoing processes consistent with the requirements of SMO 1.

Current Status: Sustain

In Portugal, initial and continuing professional development requirements for statutory auditors are established in national legislation and implemented by the Ordem dos Revisores Oficiais de Contas (OROC), in coordination with universities and under the oversight framework defined by law.

To qualify as a statutory auditor and become a member of OROC, candidates must hold a university degree, successfully complete entrance examinations consisting of four written examinations and one oral examination, undertake at least three years of supervised practical experience under a qualified mentor, and pass a final professional assessment.

OROC requires its members to complete 60 continuing professional development credits over a rolling three-year period, with a minimum annual requirement. Compliance with CPD obligations is monitored through established reporting and review mechanisms. In 2024, OROC revised its CPD regulation to incorporate a more output-based approach and to integrate emerging subject areas, including sustainability.

OROC maintains ongoing processes to monitor revisions to the International Education Standards and to incorporate relevant updates into its education, examination, and CPD frameworks.

Based on available information, OROC maintains structured and operational processes aligned with the 2019 International Education Standards and demonstrates ongoing monitoring and updating mechanisms consistent with SMO 2.

Current Status: Sustain

In Portugal, statutory audit requirements are established by Law No. 148/2015, which requires statutory audits to be performed in accordance with International Standards on Auditing (ISA) as issued by the International Auditing and Assurance Standards Board (IAASB).

The Comissão do Mercado de Valores Mobiliários (CMVM) holds overall responsibility for the regulatory framework applicable to statutory audit, while the Ordem dos Revisores Oficiais de Contas (OROC) supports the implementation of ISA through translation, dissemination, and technical guidance activities.

OROC has translated and published the 2024 IAASB Handbook, including the International Standards on Quality Management (ISQM 1 and ISQM 2), and has translated the ISA for Less Complex Entities (ISA for LCE). OROC maintains an established Review Translation Committee in accordance with IFAC’s translation policies to ensure ongoing updates of IAASB pronouncements.

To facilitate implementation, OROC provides training activities on ISA and related standards, including e-learning courses, issues technical guidance and reporting models, disseminates updates through its website and professional publications, and promotes discussion with universities to support incorporation of current auditing standards into academic curricula. OROC also participates in regional standard-setting discussions through Accountancy Europe.

Based on available information, OROC maintains established processes to support the implementation of ISA and to monitor and incorporate new and revised IAASB pronouncements, consistent with the requirements of SMO 3.

Current Status: Sustain

The Ordem dos Revisores Oficiais de Contas (OROC) establishes ethical requirements for statutory auditors in accordance with its statutory mandate.

OROC’s current Code of Ethics, effective January 2012, is based on the 2009 version of the International Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants (IESBA). OROC has initiated a structured convergence process to update its Code to reflect the latest IESBA requirements. The 2024 IESBA Code has been translated, and a formal review and comparison process is underway to identify necessary amendments to the national Code. Completion of this process is planned for 2026.

OROC monitors revisions to the IESBA Code and maintains procedures to update its national Code when required. Ethical requirements are integrated into professional examinations and continuing professional development programs, and ethics-related training sessions are provided to members. Updates and interpretations are disseminated through official communications and professional publications.

OROC coordinates with the Comissão do Mercado de Valores Mobiliários (CMVM), which exercises public oversight of the audit profession. The CMVM has referenced the IESBA Code as a source for interpreting and developing independence requirements within the national oversight framework.

OROC should complete the convergence process to formally incorporate the 2024 International Code of Ethics into its national Code within the planned 2026 timeframe. Particular attention should be given to revisions relating to independence, non-assurance services, fee-related provisions, sustainability-related services, and the role and mindset provisions to ensure full alignment with the current IESBA framework. Following adoption, OROC should continue strengthening implementation support and communication to members to facilitate consistent application.

Current Status: Execute

The adoption of public sector accounting standards in Portugal is the responsibility of the Comissão de Normalização Contabilística (CNC), operating under the Ministry of Finance. The national public sector accounting framework is accrual-based and was developed with reference to the 2014 version of the International Public Sector Accounting Standards (IPSAS).

The Ordem dos Revisores Oficiais de Contas (OROC) does not have standard-setting authority in this area but participates in the CNC and contributes to discussions relating to the development and implementation of the IPSAS-based national framework. OROC previously translated the IPSAS 2012 Handbook and has initiated the process to translate updated IPSAS materials.

OROC organizes training sessions and professional events relating to the public sector accounting framework, disseminates updates and technical information through its professional publications, and participates in consultations on IPSASB exposure drafts through national and international forums.

Given the ongoing modernization of the national IPSAS-based framework and the active translation and convergence processes underway, OROC is reviewing and enhancing its support activities in this area.

OROC should continue supporting convergence between the national public sector accounting framework and the most recent IPSAS, particularly in light of new standards addressing sustainability reporting and public sector combinations. Continued engagement in translation and implementation activities will support alignment with evolving international guidance.

Current Status: Sustain

In Portugal, responsibility for investigation and disciplinary (I&D) systems applicable to statutory auditors is shared between the Comissão do Mercado de Valores Mobiliários (CMVM) and the Ordem dos Revisores Oficiais de Contas (OROC), in accordance with the national audit legal framework.

OROC maintains a Disciplinary Committee with defined authority to investigate and sanction statutory auditors for breaches of legal, professional, and ethical requirements within its mandate. The system includes established procedures for initiating investigations, conducting disciplinary proceedings, and applying proportionate sanctions. Disciplinary outcomes are disclosed in OROC’s annual reports in accordance with applicable legal provisions.

OROC conducts periodic reviews of its I&D framework to assess alignment with SMO 6 requirements and maintains mechanisms to inform members of their professional responsibilities and disciplinary processes.

Based on available information, OROC maintains an operational investigation and disciplinary system consistent with the requirements of SMO 6.

Current Status: Sustain

In Portugal, EU-endorsed International Financial Reporting Standards (IFRS) are mandatory for the preparation of consolidated financial statements of public interest entities in accordance with Regulation (EC) No. 1606/2002. The Comissão de Normalização Contabilística (CNC), under the Ministry of Finance, is responsible for establishing national accounting standards applicable to other entities.

The Ordem dos Revisores Oficiais de Contas (OROC) does not have standard-setting authority in this area but participates in CNC working groups and contributes to discussions relating to the implementation and convergence of national standards with IFRS.

OROC supports the implementation of IFRS among its members by integrating IFRS content into initial professional development and continuing professional development programs, providing technical training sessions, and disseminating updates through its professional publications and website. OROC also participates in regional standard-setting discussions through Accountancy Europe and contributes to IASB consultations through this network.

Based on available information and considering the nature of its mandate, OROC maintains established processes to support awareness and implementation of IFRS consistent with the requirements of SMO 7.

Current Status: Sustain