FEE Survey on Structure and Organisation of the Accountancy Profession across 30 European Countries: FEE has studied the structure and organisation of the accountancy profession across 30 European countries and summarised key facts and findings. This report is a snapshot that will provide interested parties with information about the accountancy professions per country, including an outline of the different education, qualification and registration requirements, reserved activities, supervision and competent authorities. Information about professional accountancy bodies and their roles and activities is available as well, showing how the professions are organised. View

 

Public Consultation Monitoring Group (MG) Governance Review Public Interest Oversight Board (PIOB) Work Program: The Monitoring Group (MG) and the Public Interest Oversight Board (PIOB) have approved the following public consultation papers, respectively, for simultaneous publication in 28 March 2012:
 

1. Public Consultation on the governance, (with special focus on organisational aspects, funding, composition and the roles), of the Monitoring Group, the PIOB and the standard-setting boards and Compliance Advisory Panel operating under the auspices of the International Federation of Accountants (IFAC), (View), and

2. PIOB work programme 2012 and beyond, Public Consultation Paper. View

 

Responses are requested by 28 June 2012, and should be submitted electronically to Piob-MonitoringGroup@ipiob.org

 

IAASB publishes new standards on use of internal audit (ISA 610 Revised): The new standard on "Using the Work of Internal Auditors" deals with the external auditor’s responsibilities if using the work of an internal audit function. Related changes have also been made to ISA 315 on "Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment". The revised standards are effective for audits of financial statements for periods ending on or after 15 December 2013. The IAASB intends to incorporate requirements and guidance on the external auditor's use of the work of internal auditors to provide direct assistance after the Internal Ethics Standards Board for Accountants (IESBA) has concluded its deliberations regarding the definition of "Engagement Team". The IAASB anticipates releasing the part of ISA 610 (Revised) relating to the use of direct assistance by the end of 2012.
 

• Link ISA 610 - View;

• Link ISA 315 - View; and 

• Link Basis for conclusions - View

 

ESMA reviews pre-trade transparency waivers to ensure consistent MiFID application: ESMA published a revision of its waiver document (ESMA/2011/241) which provides information on the pre-trade transparency of trading systems already set up in the European Union and informs on the compliance of such systems with MiFID (the Markets in Financial Instruments Directive). Pre-trade transparency is an integral feature of MiFID. However, in order to ensure the liquidity and efficiency of equity markets, waivers allow in a limited number of cases to deviate from MiFID’s trade transparency requirements. ESMA compiles its waiver document in order to contribute to a level-playing field across the Union when it comes to the consistent application of such waivers. View

 

The European Central Bank (ECB) and the European Banking Authority (EBA) published a second version of the classification system between their respective reporting frameworks: The first version of the classification system was published in February 2010. This second edition includes further enhancements and updates a series of reconciliation proposals which are in the process of being implemented. These efforts will help further streamline the reporting by entities that are required to deliver data to the Eurosystem as well as to supervisory authorities. View