Action Plan Developed by. Den norske Revisorforening (DnR) BACKGROUND NOTE ON ACTION PLANS
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1 BACKGROUND NOTE ON ACTION PLANS Action Plans are developed by IFAC members and associates to address policy matters identified through their responses to the IFAC Compliance Self-Assessment Questionnaires. They form part of a continuous process within the IFAC Member Body Compliance Program to support the ongoing development and improvement of the accountancy profession around the world. Action Plans are prepared by members and associates for their own use based on the national frameworks, priorities, and processes and challenges specific to each jurisdiction. As such, they will vary in their objectives, content and level of detail, consistent with their differing national environments and stages of development, and will be subject to periodic review and update. Refer to Responses to the Part 1 Assessment of the Regulatory and Standard-Setting Framework Questionnaire and Part 2 SMO Self- Assessment Questionnaire provide background information on each member and associate their environment and existing processes. These responses may be viewed at: Use of Information Please refer to the Disclaimer published on the Compliance Program website. ACTION PLAN IFAC Member: Den norske Revisorforening (DnR) Original Publish : December 2010 Last Updated: July 2013 Next Update: July 2015 Status as of of Publication Page 1 of 14
2 GLOSSARY CPD CPE DnR FSA IAASB IAESB IASB IES IESBA IFRS IPSAS ISA ISQC QA SME SMO Continuing Professional Development Continuing Professional Education Den Norske Revisorforening Financial Supervisory Authority of Norway International Auditing and Assurance Standards Board International Accounting Education Standards Board International Accounting Standards Board International Education Standard International Ethics Standards Board for Accountants International Financial Reporting Standard International Public Sector Accounting Standards International Standard on Auditing International Standard on Quality Control Quality Assurance Small and Medium Enterprises Statement of Membership Obligations Status as of of Publication Page 2 of 14
3 Action Plan Subject: Action Plan Objective: SMO 1 and Quality Assurance (QA) Maintain Effective and Efficient Quality Assurance Reviews of Our Members # Start Actions Completion Background: has since 1993 performed quality assurance reviews of its members who are statutory auditors. From 2010 changes to national law was implemented so that the Financial Supervisory Authority of Norway (FSA), public body authorizing and supervising the work of statutory auditors, is responsible for conducting reviews and supervising all statutory auditors in Norway. After this change FSA has appointed DnR to perform quality assurance reviews of its members who are statutory auditors and do not audit public interest entities. FSA gives instructions on how to perform the reviews and DnR performs the reviews and reports the results to FSA. The quality assurance reviews are performed by experienced members of DnR, practicing as statutory auditors. In addition to quality assurance reviews of statutory auditors, DnR performs quality assurance reviews of members providing book-keeping services. The first reviews of members providing book-keeping services were performed in 2012.These reviews are also done on behalf of FSA. Information on Oversight in Norway Responsible for oversight in Norway is he The Financial Supervisory Authority of Norway. For additional information about oversight in Norwegian, please visit their website ( Maintaining Processes 1. Q Implement quality assurance reviews of members performing bookkeeping services. Completed CEO Quality control manager 2. Meet with representatives from FSA, annually decide focus areas for the upcoming reviews based on recent developments and experience form previous reviews. Quality Control Committee, CEO Quality control manager, DnR technical staff 3. Annually meet with all members performing reviews (reviewers) to update them on changes affecting the reviews and information about the focus areas for the review. Quality Control Committee, CEO Quality control manager 4. Perform necessary updates to the quality assurance review program, and distribute annually to all members included in the quality assurance program. DnR Board, Quality Assurance Review committee, CEO Quality control manager Status as of of Publication Page 3 of 14
4 # Start Actions Completion Review of DnR s Compliance Information 5. Perform periodic review of DnR s responses to IFAC Compliance Self-Assessment Questionnaires and update relevant sections in the Statement of Membership Obligations (SMO). CEO DnR technical staff Status as of of Publication Page 4 of 14
5 Action Plan Subject: Action Plan Objective: SMO 2 and International Education Standards (IESs) Communicate IES Requirements to the Stakeholders in Accounting Education # Start Actions Completion Background: The Norwegian public accountants comprises two categories of auditors qualified to act as statutory auditors, "statsautorisert revisor" (state authorized public accountant) and "registrert revisor" (registered public accountant).both categories are licensed by the Financial Supervisory Authority of Norway and qualified to perform statutory audits of annual accounts. To be licensed as a statsautorisert revisor, the candidate must complete a master s degree in auditing and financial reporting (five years at university level). To be licensed as a registrert revisor, the candidate must complete a bachelor s degree in auditing and financial reporting (three years at university level). Equivalent education from abroad may be approved. In addition to the education the candidate is required to have a minimum of three years of varied audit practice, of which a minimum of two years under supervision of a licensed public accountant, and must have passed a test of practical ability after the practice period. Auditors licensed by other countries of the European Economic Area or by a country with which Norway has a reciprocal license agreement, may be licensed as a statsautorisert revisor or a registrert revisor after having passed an aptitude test. Education leading to licensing as public accountant is undertaken by state or private universities without direct involvement by DnR. All members of DnR responsible for audit engagements (statutory auditors) are required to complete 105 hours (statutory requirement), or its equivalent, of organized verifiable continuing professional education in each three-year rolling period. To comply with the International Accounting Education Standards Board for Accountants (IAESBA) requirement of 120 hours the members may complete additional organized verifiable Continuing Professional Education (CPE) or unverifiable professional development, i.e. self-studies. Maintaining Processes 6. Autumn 2012 Together with representatives from the audit firms develop changes to the education leading to qualification as Statsautorisert revisor. The changes should aim to better meet the requirements/needs of the audit firms and to secure recruitment of the best students to the audit profession. DnR Technical Staff and representatives from the audit firms 7. Inform the universities and the regional colleges where relevant education is given, about International Accounting Education Standards Board (IAESB) actions, outputs and strategic plans. CEO, Technical Director Technical Staff Status as of of Publication Page 5 of 14
6 # Start Actions Completion 8. Participate in discussions of changes to the framework for studies of accounting and auditing at institutions giving relevant education. CEO, Technical Director Technical Staff 9. Participate in the committee responsible for the Auditor s Aptitude Test ("Eksamensutvalget for praksisprøven"). This test (Praksisprøven) is a license requirement, managed by the Financial Supervisory Authority of Norway. CEO Technical manager 10. Inform on our website and in newsletters about IES standards and other relevant educational materials. Technical Director Technical manager and technical staff 11. Annually Arrange a forum for discussion and exchange of best practice for the regional colleges having education leading to a bachelor degree in accounting/auditing. 12. Annually Annual meeting with the universities having education leading to qualification as Statsautorisert revisor to discussing experiences and recent developments. Annually CEO Technical manager and technical staff Annually CEO Technical director and technical manager Review of DnR s Compliance Information 13. Continue to perform periodic review of the response to the IFAC Compliance self-assessment questionnaire and update sections relevant to this Statement of Membership Obligations (SMO) as necessary. Technical Manager Technical Staff Status as of of Publication Page 6 of 14
7 Action Plan Subject: Action Plan Objective: SMO 3 and International Standards and other Pronouncements Issued by the International Auditing and Assurance Standards Board (IAASB) To Continue Using Best Endeavors # Start Actions Completion Background: DnR publishes standards relating to auditing, attestation and quality control relating to the preparation and issuance of audit and attestation reports. The legal basis for this authority is the requirement in the Norwegian Act on Auditing and Auditors, to conduct their audit activity in accordance with good auditing practice, and the widespread use of the standards promulgated by the DnR by practitioners and authorities. The International standards are translated and adopted as issued by IAASB. The Auditing Standards Committee is responsible for the translation of the standards and development of national standards for areas which the International standards do not apply. The above mentioned standards apply to all auditors performing statutory audits in Norway, not only for members of DnR. Maintaining Processes Prepare Norwegian translations of the Clarity IAASB Standards (International Standard on Auditing (ISAs) and International Standard on Quality Control (ISQC) 1). Completed Jan 2010 Auditing Standards Committee Auditing Standards Committee, DnR technical staff 15. Jan 2010 Publish initial Norwegian language volume of the ISAs and ISQC 1. Completed May 2010 CEO Technical Manager Audit, DnR publications staff 16. Aug 2009 Publish articles on the Quality ISAs. Completed Aug 2010 Publish revised documentation guidance. Completed Dec 2010 Technical Director CEO Technical Manager Audit, Auditing Standards Committee members DnR technical staff Changes consequential to the IAASB s clarity project to DnR s data based audit methodology Descartes. Completed May 2010 CEO DnR technical and publications staff, ITconsultants Status as of of Publication Page 7 of 14
8 # Start Actions Completion 19. Further development of DnR s audit methodology Descartes (audit software). Action Plan Developed by CEO DnR technical and publications staff, ITconsultants 20. Development of new and updating of existing continuing education courses to assist with implementation of new/revised standards. DnR Education Committee Technical staff and external consultants 21. Review of IAASB agenda materials and exposure drafts including submission of comment letters. Auditing Standards Committee Technical staff. 22. Inform on DnRs webpage and in newsletters about IAASB exposure drafts. CEO Technical staff 23. Ad-hoc The Auditing Standards Committee of DnR is appointed by the Board of DnR and given the authority to prepare Norwegian translations of the standards and decide on their effective date in Norway. Auditing Standards Committee DnR technical Secretariat and committee members Review of DnR s Compliance Information 24. Perform periodic review of DnRs response to the IFAC Compliance Self-Assessment questionnaires and update relevant sections to the SMO s necessary. CEO Technical staff Status as of of Publication Page 8 of 14
9 Action Plan Subject: Action Plan Objective: SMO 4 and the International Ethics Standards Board for Accountants (IESBA) Code of Ethics Ensure that the Norwegian Ethics Framework, including DnR s Code of Ethics, Fulfill the IESBA Code # Start Actions Completion Background: The Norwegian Act on Auditing and Auditors includes detailed independence requirements. The DnR Code of Ethics can be downloaded from the DnR website Ensure Compliance with the IESBA Code of Ethics among DnR Members 25. April 2013 DnR is assessing suitable ways to ensure compliance with the IESBA Code of Ethics among DnR Members within the Norwegian regulatory framework. DnRs current Code of Ethics is, together with the independence- and other requirements in the Norwegian Auditors Act, compliant with the IESBA Code of Ethics. End 2013 CEO Technical staff 26. Ad-hoc News are published in newsletters and on DnR s website. CEO Technical staff 27. Conduct ethics education courses for members of DnR. CEO Training staff, external consultants Maintaining Processes 28. Ad-hoc Monitor new and amended standards from the IESBA. Provide and send comments to exposure drafts as needed. CEO Technical staff Continue to Counsel and Provide Advice to Members to Help Resolve Ethical Conflicts 29. Advice to members in professional crises. Committee of senior members Committee members 30. Advice to members through DnR s electronic permanent advisory query system. CEO Technical staff Status as of of Publication Page 9 of 14
10 # Start Actions Completion Review of DnR s Compliance Information 31. Perform periodic review of DnRs response to the IFAC Compliance Self-Assessment questionnaires and update relevant sections to the SMO s necessary. CEO Technical staff Status as of of Publication Page 10 of 14
11 Action Plan Subject: Action Plan Objective: SMO 5 and International Public Sector Accounting Standards (IPSASs) and Other IPSASB Guidance Promote Accrual Accounting in Public Sector and Harmonization with IPSASs # Start Actions Completion Background: DnR will continue to use its best endeavors to encourage the Norwegian government authorities to implement accrual accounting in local and central government, to harmonize with the IPSASB where appropriate. Promote Harmonization with IPSASs 32. DnR participates in a number of seminars and meetings on accrual accounting. Technical Director Technical staff Maintaining Processes 33. Ad-hoc Promote IPSASB in presentations and public debate. Continue to identify opportunities to further assist in promoting harmonization. Review of DnR s Compliance Information DnR Technical Director Technical staff 34. Perform periodic review of DnRs response to the IFAC Compliance Self-Assessment questionnaires and update relevant sections to the SMO s necessary. CEO Technical staff Status as of of Publication Page 11 of 14
12 Action Plan Subject: Action Plan Objective: SMO 6 and Investigation and Discipline Maintenance of Investigation/Enforcement Process # Start Actions Completion Background: The quality control program (cf. SMO 1) generates reports to the Financial Supervisory Authority of Norway in cases where withdrawal of the auditor s license should be considered. The Financial Supervisory Authority of Norway will investigate as necessary. The enforcement process is entirely conducted by the Financial Supervisory Authority of Norway according to Norwegian Auditing and Public Oversight legislation. Investigation and Discipline Program and Follow Up 35. Annually Report auditors not complying with the professional standards to the Financial Supervisory Authority of Norway in cases where withdrawal of the auditor s license should be considered. According to Quality Control plan. DnR Quality Control Committee, the Board of DnR Quality Manager Control Review of DnR s Compliance Information 36. Perform periodic review of DnRs response to the IFAC Compliance Self-Assessment questionnaires and update relevant sections to the SMO s necessary. CEO Technical staff Status as of of Publication Page 12 of 14
13 Action Plan Subject: Action Plan Objective: SMO 7 and International Financial Reporting Standards (IFRSs) Continue to Use Best Endeavors to Maintain and Continuously Improve the Program for Adoption and Implementation of IFRS # Start Actions Completion Background: Norwegian listed companies are required to use IFRS in consolidated financial statements. Other companies have the option to use IFRS as an alternative to Norwegian. GAAP. DnR provides training on IFRS and publishes relevant guidance. DnR actively support the IFRS for Small and Medium Enterprises (SMEs) as the basis for Norwegian accounting standards. Awareness of IFRS Among the Audit Profession and General Public 37. Publish books on IFRS. Publish articles on IFRS in DnR s magazines. CEO, authors. Publishing staff, technical staff, recognized authors. 38. Publish IFRS news on DnR s website. CEO Technical staff 39. Provide secretariat assistance to the Norwegian Standard Setter. CEO Technical staff Education and training on IFRS 40. Offer administrative support to the IFRS Academy run by the Norwegian Accounting Standards Board, Deloitte, EY and PWC. CEO DnR technical staff and DnR training staff 41. Offer IFRS education courses to members. Education Committee, CEO Training staff, technical staff, skilled auditors. Implementation of IFRS 42. Ad-hoc Contact with the Norwegian Authorities addressing matter on IFRS-implementation. CEO Technical staff Status as of of Publication Page 13 of 14
14 # Start Actions Completion Development of IFRS 43. Ad-hoc Contribute to comment letters to proposals from the International Accounting Standards Board (IASB) through involvement in FEE and The Norwegian Accounting Standards Board. CEO Technical staff IFRS for SMEs 44. January 2013 The Norwegian standard setter is preparing a new Norwegian accounting standard for non-listed entities based on the IFRS for SMEs. DnR is actively supporting this work. When implemented CEO Technical staff Review of DnR s Compliance Information 45. Perform periodic review of DnRs response to the IFAC Compliance Self-Assessment questionnaires and update relevant sections to the SMO s necessary. CEO Technical staff Status as of of Publication Page 14 of 14
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