Poland

As a member of the European Union (EU), Poland is subject to accounting, auditing, and financial reporting requirements established in EU Regulations and Directives as transposed into national law. Poland’s corporate reporting and audit framework is primarily set out in the Accounting Act of 29 September 1994, the Act of 11 May 2017 on Statutory Auditors, Audit Firms and Public Oversight, the Commercial Companies Code of 2000, and sector-specific legislation applicable to financial institutions and other regulated entities.

The financial reporting framework in Poland is centered on the Accounting Act, under which the Ministry of Finance is responsible for drafting and setting accounting law. Within the Ministry, the Accounting Standards Committee plays an advisory and standard-setting role in relation to Polish national accounting standards. Entities whose securities trade on a regulated market are required to prepare consolidated financial statements in accordance with IFRS Accounting Standards as adopted by the EU. Poland has also exercised options under the EU framework to require or permit EU-endorsed IFRS for certain other entities and circumstances, including certain banks and some separate financial statements.

Entities that are not required or permitted to apply EU-endorsed IFRS prepare financial statements in accordance with the Accounting Act and applicable national accounting standards. The Polish accounting framework therefore operates as a differentiated system in which EU-endorsed IFRS apply to publicly accountable and certain other designated entities, while national requirements apply more broadly to other entities. Poland has not adopted the IFRS for SMEs Accounting Standard.

Statutory audit requirements are established under the Accounting Act and the Act on Statutory Auditors, Audit Firms and Public Oversight, which incorporates the EU audit reform framework into Polish law. The 2017 Act regulates the qualification and practice of statutory auditors, the organization and supervision of audit firms, public oversight arrangements, audit committees in public interest entities, and disciplinary responsibility in the audit profession. The Act defines statutory audit by reference to audits required under the Accounting Act, other national legislation, or applicable EU regulations.

Audits in Poland are required to be conducted in accordance with national auditing standards. Under the 2017 Act, those standards comprise International Standards on Auditing adopted into EU law, together with additional national standards adopted by the National Council of Statutory Auditors and approved by the Polish Agency for Audit Oversight where relevant to audits of financial statements. This framework reflects Poland’s use of ISA as the basis for statutory audits in the jurisdiction.

The Polish Agency for Audit Oversight exercises public oversight over statutory auditors, audit firms, and the professional self-government of statutory auditors. The Polish Financial Supervision Authority is responsible for supervision of the financial market, including the banking, insurance, pensions, capital market, cooperative banking, and payment services sectors. Sector-specific reporting and supervisory requirements therefore apply to regulated financial institutions in addition to the general corporate reporting framework.

Recent legislative developments have also expanded the reporting and assurance framework in Poland to address sustainability reporting requirements through amendments to the Accounting Act and the Act on Statutory Auditors. These changes are relevant to the broader statutory framework for corporate reporting and audit, although financial statement preparation and statutory audit continue to rest on the core legislative structure described above.

Only statutory auditors are regulated at the state level in Poland. The audit profession is governed by the Act of 11 May 2017 on Statutory Auditors, Audit Firms and Public Oversight, which establishes the legal framework for the qualification, registration, oversight, and discipline of statutory auditors and audit firms. Other accountancy professionals, including professional accountants in business and individuals providing accounting services, are not subject to a separate state-regulated professional licensing framework and may instead join a professional accountancy organization (PAO) on a voluntary basis.

Regulation of Auditors

The Polish Chamber of Statutory Auditors (PIBR) is the professional self-government of statutory auditors in Poland. Under the 2017 Act, all statutory auditors form the Chamber, and membership is mandatory from the date of entry in the register of statutory auditors. PIBR has legal personality and operates under the Act and its statute.

PIBR performs a number of regulatory and professional functions under public oversight. These include representation of members; establishment of national professional standards, national quality control standards, and principles of professional ethics; monitoring compliance with mandatory continuing professional development (CPD) requirements; conducting disciplinary proceedings in specified cases; cooperating in the development of financial reporting and audit principles; and preparing training materials for candidates for the statutory auditor profession. Resolutions adopted by the National Council of Statutory Auditors on matters within its legal remit are subject to approval by the Polish Agency for Audit Oversight (PANA), where required by law.

Public oversight of the audit profession is exercised by PANA. PANA oversees statutory auditors, audit firms operating in Poland, and PIBR as the professional self-government body. It is responsible for supervision of PIBR, oversight of audit firms, inspections, maintenance of public registers and lists within its remit, and investigative and enforcement activities as established by law.

Entry into the statutory auditor profession is regulated by the 2017 Act. Individuals entered in the register of statutory auditors must meet the legal requirements set out in the Act, which include legal capacity and good repute requirements, completion of higher education, practical experience, passing the required professional examinations and diploma examination before the examination body, and taking an oath. The register is maintained electronically by the National Council of Statutory Auditors and is publicly available. Entry becomes effective unless PANA objects within the legally prescribed timeframe.

Regulation of Accountants

Other accountancy professionals in Poland may choose to join a PAO on a voluntary basis.

The Accountants Association in Poland (AAP) is the principal voluntary professional body for accountants. It provides certification, education, professional support, and ethical guidance for accountants working in a range of roles outside the statutory audit profession.

AAP operates a voluntary professional certification system. According to its current framework, it offers four certification levels: Accountant, Accounting Specialist, Chief Accountant, and Chartered Accountant. Holders of these certifications are expected to possess the relevant knowledge, skills, and practical experience, and members at the higher certification levels are expected to participate in CPD.

AAP also promotes professional ethics through its Code of Professional Ethics in Accounting. Through its certification, education, and ethics activities, AAP supports the development of the broader accountancy profession in Poland, although its certifications do not constitute state licensing.

Independent public oversight of the audit profession in Poland is established under the Act of 11 May 2017 on Statutory Auditors, Audit Firms and Public Oversight, which provides the legal framework for the supervision of statutory auditors, audit firms, and the professional self-government of statutory auditors.

The Act designates the Polish Agency for Audit Oversight (PANA) as the independent public oversight authority for the audit profession. PANA operates as a state legal person under the supervision of the Minister of Finance and is responsible for exercising public oversight in line with the requirements of the European Union audit reform framework.

Under the Act, PANA is responsible for oversight of the Polish Chamber of Statutory Auditors (PIBR); supervision of statutory auditors and audit firms; inspections of audit firms carrying out statutory audits of public interest entities and other entities within its remit; maintenance of public registers and lists as prescribed by law; investigative and disciplinary proceedings within the scope of statutory audits; and cooperation and exchange of information with competent authorities in other jurisdictions.

PANA is also responsible for monitoring audit market developments and publishing reports on its oversight activities and inspections. Its responsibilities include quality assurance inspections, enforcement actions, and oversight of compliance with applicable auditing, ethical, and independence requirements.

PANA participates in international and regional regulatory cooperation arrangements and is a member of the International Forum of Independent Audit Regulators (IFIAR) and the Committee of European Auditing Oversight Bodies (CEAOB).

Accountants Association in Poland (AAP)

The Accountants Association in Poland (AAP) is the principal voluntary professional accountancy organization representing accountants and other accountancy professionals outside the statutory audit profession. Established in 1907, AAP is one of the oldest and largest professional bodies in the jurisdiction.

AAP operates on a voluntary membership basis and plays a significant role in professional education, certification, continuing professional development, and ethics for accountants in business, public sector accountants, tax and bookkeeping professionals, and other non-audit practitioners. Its certification framework currently includes the designations of Accountant, Accounting Specialist, Chief Accountant, and Chartered Accountant.

AAP also supports the development of the profession through training programs, conferences, publications, technical guidance, and the promotion of ethical standards through its Code of Professional Ethics in Accounting. Through these activities, AAP contributes to the broader development and modernization of the accountancy profession in Poland, although it does not serve as a statutory licensing body.

Polish Chamber of Statutory Auditors (PIBR)

The Polish Chamber of Statutory Auditors (PIBR) is the mandatory professional body for statutory auditors in Poland. PIBR was established by law as the professional self-government organization of statutory auditors and operates under the Act of 11 May 2017 on Statutory Auditors, Audit Firms and Public Oversight. Membership is mandatory for all individuals entered in the register of statutory auditors.

PIBR’s core functions include representing statutory auditors and audit firms, supporting the development and implementation of auditing and ethical standards, monitoring compliance with continuing professional development requirements, maintaining the professional register in cooperation with the public oversight framework, and conducting disciplinary proceedings within the scope established by law. PIBR also supports the professional development of the audit profession through guidance, publications, technical materials, and training activities.

In addition to its national role, PIBR is a member of the International Federation of Accountants and Accountancy Europe. It also participates in regional cooperation initiatives with professional bodies across Europe, particularly within Central and Eastern Europe.

The quality assurance (QA) review system in Poland is established under the Act of 11 May 2017 on Statutory Auditors, Audit Firms and Public Oversight, which provides the legal framework for mandatory QA reviews of all statutory audits.

The Polish Agency for Audit Oversight (PANA) is responsible for supervising and administering the QA review system in the jurisdiction. The system applies to all statutory auditors and audit firms carrying out mandatory audits.

PANA conducts QA reviews of audit firms performing audits of public interest entities on a three-year review cycle. Audit firms performing audits of non-public interest entities are subject to inspection at least every six years. This review cycle is aligned with the best practice benchmarks of Statement of Membership Obligations 1 (SMO 1).

The reviews are carried out by inspectors appointed by PANA in accordance with its inspection procedures and oversight framework.

The International Standard on Quality Management 1 (ISQM 1) and International Standard on Quality Management 2 (ISQM 2) were adopted in the jurisdiction and became effective from 1 January 2023 following their translation into Polish and formal approval by PANA. Subsequent updates were made to the inspection methodology and procedures to reflect the transition from the former quality control standards to the quality management framework.

Accordingly, the QA review system is operational for all mandatory audits and appears to be aligned with the requirements of SMO 1. On this basis, the jurisdiction’s status of adoption for QA remains assessed as Adopted.

Current Status: Adopted

Initial and continuing professional development requirements in Poland are established for statutory auditors under the Act of 11 May 2017 on Statutory Auditors, Audit Firms and Public Oversight.

Candidates for the statutory auditor profession, the only segment of the profession regulated by law, are required to meet detailed entry and qualification requirements established under the Act. These include completion of a university degree, fulfillment of practical experience requirements, and successful completion of professional examinations and a diploma examination before the Examinations Committee administered by the Polish Chamber of Statutory Auditors (PIBR) under the public oversight framework.

The education and qualification framework also includes practical training requirements and competency assessments that are aligned with the International Education Standards (IES), including practical experience and competence requirements for audit professionals. Continuing professional development (CPD) requirements for statutory auditors are established by PIBR and are subject to approval by the Polish Agency for Audit Oversight (PANA). Approved training providers are required to deliver CPD courses within this framework.

PIBR reports that the education requirements for statutory auditors, including both initial professional development (IPD) and CPD, are aligned with the 2019 IES, including the revised standards relating to audit professionals and continuing development.

Other accountancy professionals in Poland may voluntarily join a professional accountancy organization and be subject to its education and certification requirements. The Accountants Association in Poland (AAP) operates its own certification framework and reports alignment of its Certified Accountant pathway with the IES requirements, including translation of the 2019 IES into Polish. However, this framework applies on a voluntary basis and not to all professional accountants in the jurisdiction.

Accordingly, the education requirements in the jurisdiction are assessed as aligned with the IES for statutory auditors and certain voluntarily certified accountants, but not for all segments of the profession. On this basis, the jurisdiction’s status of adoption for IES remains assessed as Partially Adopted.

Current Status: Partially Adopted

Under the Act of 11 May 2017 on Statutory Auditors, Audit Firms and Public Oversight, national auditing standards in Poland are established through resolutions of the National Council of Statutory Auditors and are subject to approval by the Polish Agency for Audit Oversight (PANA).

International Standards on Auditing (ISA) are adopted in Poland through the national standards framework and apply to all statutory audits.

The Polish Chamber of Statutory Auditors (PIBR) continues to translate and update ISA and related pronouncements issued by the International Auditing and Assurance Standards Board (IAASB). Current official sources, including the IFAC Translations Database and PIBR’s standards portal, confirm that the 2023-2024 Handbook and subsequent 2024 updates are available or in progress for application in the jurisdiction.

PIBR also maintains separate national standards and implementation materials, including the revised International Standard on Auditing 600 and the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE). The ISA for LCE has been translated into Polish and supporting implementation guidance has been issued.

As the most recent confirmed handbook base currently evidenced is within the 2018-2024 period, and there is not yet clear confirmation that the 2025 edition is formally effective for all mandatory audits, the jurisdiction’s status of adoption for ISA is assessed as Partially Adopted.

Current Status: Partially Adopted

Under the Act of 11 May 2017 on Statutory Auditors, Audit Firms and Public Oversight, the Polish Chamber of Statutory Auditors (PIBR) is responsible for establishing ethical requirements for statutory auditors, subject to approval by the Polish Agency for Audit Oversight (PANA).

PIBR adopted the 2022 Handbook of the International Code of Ethics for Professional Accountants (including International Independence Standards) in December 2023, and the resolution became effective upon approval by PANA in December 2023. PIBR’s dedicated ethics page states that the Code applies to engagements for which the terms were agreed on 1 July 2024 or later, with earlier application permitted.

PIBR has also published separate Polish-language materials relating to later International Ethics Standards Board for Accountants pronouncements, including the revisions to the definitions of listed entity and public interest entity, the revisions relating to engagement team and group audits, and technology-related revisions to the Code. However, the available official sources indicate an ongoing process of translation and implementation support rather than clear evidence that the full 2024 or 2025 handbook has been formally adopted and made effective in the jurisdiction for statutory auditors.

Other than statutory auditors, professional accountants in Poland are not legally required to comply with PIBR’s ethical requirements. Other accountancy professionals may choose to join a professional accountancy organization and become subject to that body’s ethical framework on a voluntary basis.

The Accountants Association in Poland (AAP) maintains its own Code of Professional Ethics in Accounting for members and other voluntary signatories. The available AAP materials indicate that this Code operates alongside, rather than as a legal adoption of, the IESBA Code for all professional accountants in the jurisdiction.

Accordingly, ethical requirements based on the IESBA Code are in force for statutory auditors in Poland, and the currently evidenced adopted base is the 2022 Handbook, with subsequent revisions being translated and supported separately. On that basis, and applying the current DBR definitions, the jurisdiction’s status of adoption for the IESBA Code is assessed as Partially Adopted.

Current Status: Partially Adopted

The Ministry of Finance (MoF) is responsible for establishing public sector accounting requirements in Poland.

According to the International Public Sector Financial Accountability Index developed by the International Federation of Accountants (IFAC) and the Chartered Institute of Public Finance and Accountancy (CIPFA), Poland continues to apply national public sector accounting requirements on a partial accrual basis at the central government level.

Poland has not formally adopted International Public Sector Accounting Standards (IPSAS) for application across all public sector entities. Instead, national public sector accounting requirements continue to apply.

A comparison study prepared by the World Bank at the request of the MoF confirms that the Polish public sector accounting framework has been assessed against IPSAS as part of broader public financial reporting reform considerations and future alignment options. The study provides a standard-by-standard comparison between Polish public sector accounting regulations and IPSAS and was intended to support consideration of future reform directions.

While there is evidence that the MoF has considered further convergence with IPSAS and broader European public sector accounting reforms, current authoritative sources do not indicate that accrual-basis IPSAS have been formally adopted for all public sector entities.

Accordingly, the jurisdiction’s status of adoption for IPSAS remains assessed as Partially Adopted.

Current Status: Partially Adopted

Under the Act of 11 May 2017 on Statutory Auditors, Audit Firms and Public Oversight, responsibility for investigation and discipline of statutory auditors in Poland is shared between the Polish Chamber of Statutory Auditors (PIBR) and the Polish Agency for Audit Oversight (PANA). The legal framework establishes disciplinary liability for statutory auditors and allocates responsibilities between the professional body and the public oversight authority depending on the nature of the misconduct.

PIBR is responsible for monitoring compliance with continuing professional development requirements and for conducting disciplinary proceedings in cases concerning breaches of those requirements and certain other offenses not arising from the performance of assurance and related services in accordance with national professional standards. PANA is responsible for disciplinary proceedings in matters related to the performance of the audit profession within its statutory remit. PIBR’s published disciplinary materials also indicate that proceedings may be initiated ex officio or on the basis of complaints and notifications.

At the level of statutory auditors, the system incorporates a formal investigative and disciplinary process. However, available authoritative sources indicate that it is currently not possible for non-auditors to be nominated to PIBR’s disciplinary tribunal. This means that, although the jurisdiction has an operational system for statutory auditors, the tribunal composition does not fully reflect the broader public interest benchmark in Statement of Membership Obligations 6 (SMO 6), which calls for a mix of professional accountants and non-accountants in the disciplinary process.

Other accountancy professionals in Poland are not regulated at the state level but may voluntarily join a professional accountancy organization and become subject to that body’s disciplinary framework. The Accountants Association in Poland (AAP) maintains its own investigation and discipline system through peer courts established under its statute and implementing regulations. AAP’s rules provide for disciplinary proceedings in cases involving breaches of law, the association’s statute, and professional ethics.

AAP reports that its system is based on the main requirements of SMO 6, but also acknowledges that some elements remain only mostly aligned, particularly in relation to public interest considerations and regular review of the effectiveness of the system.

Accordingly, an investigation and discipline system is established and operational in Poland for statutory auditors and, on a voluntary basis, for members of AAP. However, because the system does not fully incorporate all SMO 6 best practices at the jurisdiction level, the status of adoption for investigation and discipline is assessed as Partially Adopted.

Current Status: Partially Adopted

As a member of the European Union (EU), Poland applies the financial reporting framework established under EU law as transposed into national legislation. In accordance with the EU IAS Regulation, International Financial Reporting Standards Accounting Standards (IFRS Accounting Standards) as adopted by the EU are required for the consolidated financial statements of all domestic companies whose debt or equity securities trade in a regulated market in Poland. The IFRS Foundation’s jurisdiction profile for Poland confirms that this requirement applies to all domestic publicly accountable entities whose securities trade in a public market.

In addition, Poland requires or permits EU-endorsed IFRS Accounting Standards for certain other entities and circumstances, including the consolidated financial statements of banks whose securities do not trade in a regulated market and, in specified cases, separate financial statements of listed entities and other designated entities. Entities that are not required or permitted to apply EU-endorsed IFRS Accounting Standards prepare financial statements in accordance with the Accounting Act and related national requirements.

Although EU-endorsed IFRS Accounting Standards have historically included limited modifications at the EU level, particularly in relation to certain hedge accounting provisions in International Accounting Standard 39, the IFRS Foundation notes that most companies can state full compliance with IFRS Accounting Standards because those modifications affect only a limited number of entities.

Poland has not adopted the IFRS for Small and Medium-sized Entities Accounting Standard. This does not affect the jurisdiction’s IFRS adoption rating because the rating is based on whether IFRS Accounting Standards in effect at the time of the assessment are required for all domestic publicly accountable entities in consolidated general purpose financial statements.

Accordingly, IFRS Accounting Standards are required for all domestic publicly accountable entities in Poland in consolidated general purpose financial statements. On that basis, the jurisdiction’s status of adoption for IFRS is assessed as Adopted.

Current Status: Adopted

Relevant Organizations

Accounting Standards Committee (ASC), Ministry of Finance

Accountants Association in Poland (AAP)

Polish Agency for Audit Oversight (PANA)

Polish Chamber of Statutory Auditors (PIBR)

Polish Financial Supervision Authority (KNF)

Relevant Legislation

Accounting Act of 29 September 1994 (as amended)

Act of 11 May 2017 on Statutory Auditors, Audit Firms and Public Oversight (as amended)

Banking Act of 29 August 1997

Commercial Companies Code of 15 September 2000

Statute of the Accountants Association in Poland

Relevant Publications

Accountants Association in Poland (AAP), SMO Action Plan, 2021

International Forum of Independent Audit Regulators (IFIAR), PANA Member Profile

International Financial Reporting Standards Foundation, IFRS Application Around the World: Jurisdictional Profile – Poland

Polish Chamber of Statutory Auditors (PIBR), SMO Action Plan, 2022

World Bank, Chamber of Auditors of Poland: Institutional Analysis, 2016

World Bank, Comparison of Polish Public Sector GAAP and IPSAS

World Bank, Report on the Observance of Standards and Codes – Accounting and Auditing: Poland, 2013