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Annual Report 2017

Annual Report 2017 - Federal Audit Oversight Authority FAOA

48 Appendices | FAOA

48 Appendices | FAOA 2017 Cooperation with foreign authorities Status: 31 December 2017 Bilateral agreements Country Authority/authorities Agreement Germany Audit Oversight Commission (AOC) MoU (2012) Finland Auditing Board of the Central Chamber of Commerce (AB3C) MoU (2014) France High Council for Statutory Auditors (H3C) Cooperation Protocol (2013) Great Britain Financial Reporting Council (FRC) MoU (2014) Ireland Canada Irish Accounting and Auditing Supervisory Authority (IAASA) Canadian Public Accountability Board (CPAB) MoU (2016) MoU (2014) Liechtenstein Financial Market Authority (FMA) MoU (2013) Luxembourg Netherlands USA Commission de Surveillance du Secteur Financier (CSSF) Netherlands Authority for the Financial Markets (AFM) Public Company Accounting Oversight Board (PCAOB) MoU (2013) MoU (2012) SoP (2011) Addendum (2014) Multilateral agreements Country Authority/authorities Agreement Australia Australia Securities and Investments Commission (ASIC) IFIAR MMoU (2017) Brazil Securities and Exchange Commission of Brazil (CVM) IFIAR MMoU (2017) Canada Canadian Public Accountability Board (CPAB) IFIAR MMoU (2017) Cayman Islands Auditors Oversight Authority (AOA) IFIAR MMoU (2017) Dubai Dubai Financial Services Authority (DFSA) IFIAR MMoU (2017) France Gibraltar Japan Liechtenstein Lithuania Luxembourg Haut Conseil du Commissariat aux Comptes (H3C) Gibraltar Financial Services Commission (GFSC) Financial Services Agency / Certified Public Accountants & Auditing Oversight Board (FSA/CPAAOB) Financial Market Authority Liechtenstein (FMA) The Authority of Audit, Accounting, Property Valuation and Insolvency Management under the Ministry of Finance of the Republic of Lithuania (AAAPVIM) Commission de Surveillance du Secteur Financier (CSSF) IFIAR MMoU (2017) IFIAR MMoU (2017) IFIAR MMoU (2017) IFIAR MMoU (2017) IFIAR MMoU (2017) IFIAR MMoU (2017) Malaysia Audit Oversight Board Malaysia IFIAR MMoU (2017) New Zealand Financial Markets Authority (FMA) IFIAR MMoU (2017) Slovakia Auditing Oversight Authority IFIAR MMoU (2017) South Korea Financial Services Commission/ Financial Supervisory Service (FSC/FSS) IFIAR MMoU (2017)

Appendices | FAOA 2017 49 The Netherlands Taiwan (Chinese Taipei) Dutch Authority for the Financial Markets (AFM) IFIAR MMoU (2017) Financial Supervisory Commission (FSC) IFIAR MMoU (2017) Czech Republic Public Audit Oversight Board (RVDA) IFIAR MMoU (2017) Turkey Public Oversight, Accounting and Auditing Standards Authority (POA) IFIAR MMoU (2017) United Kingdom Financial Reporting Council (FRC) IFIAR MMoU (2017) United States Public Company Accounting Oversight Board (PCAOB) IFIAR MMoU (2017) Court rulings 2017 Status: 31 December 2017 The following is a complete list of the 2017 rulings of the federal courts relating to the FAOA. The rulings appear in chronological order, with a short note on the subject matter dealt with and on the conclusion of the court. – FAC Ruling No. B-4117/2015 of 16 January 2017: Breach of independence. Close business relationship with a director of eleven audited companies. Economic dependency. Audit expert licence withdrawal for two years. Rejection of appeal. Ruling legally binding. – FSC Ruling No. 2C_167/2016 of 17 March 2017: Concept of an order. Appeal cannot be made against an FAOA letter communicating the opening of proceedings due to the lack of a contestable order. Rejection of appeal. – FAC Ruling No. B-3069/2016 of 29 March 2017: Insufficient guarantee of proper audit services. Foreign conviction for stock exchange market manipulation. Audit expert licence withdrawal for three years. Appeal partially upheld in as much as withdrawal period reduced from three to two years. Ruling legally binding. – FAC Ruling No. B-4726/2016 of 10 April 2017: Concept of an order. Appeal cannot be made against an FAOA letter communicating the right to a legal hearing due to the lack of a contestable order. Appeal not considered. Rejection of appeal by the FSC (see below). – FAC Ruling No. B-2780/2016 of 18 April 2017: Compliance with management body quorums by an audit firm with the legal form of a GmbH. Breach of rule that the majority of members of the highest management or administrative body must have the necessary licence during two periods of 15, respectively 23 months. Issue of a reprimand. Rejection of appeal. Ruling legally binding. – FAC Ruling No. B-456/2016 of 19 July 2017: Breach of independence. Breach of independence requirements over six years in four different constellations and with respect to a total of eight engagements (1. Common management of two companies given same registered address, common office infrastructure, same people in decision-making bodies and shared employees; 2. Close family relationship; 3. Operation of a website shared with the audited company; 4. Collective signing authority of the auditor-in-charge at the audited company). Audit expert licence withdrawal for a period of two years. Rejection of appeal. Ruling legally binding. – FSC Ruling No. 2C_516/2017 of 14 September 2017: Concept of an order. Appeal cannot be made against an FAOA letter communicating the right to a legal hearing due to the lack of a contestable order. Appeal not considered. Confirmation of FAC Ruling No. B-4726/2016 of 10 April 2017. – FAC Ruling No. B-6138/2016 of 28 December 2017: Breach of duty to inform and provide information. Withdrawal of audit expert licence until the duty is met and first-instance review of the documentation made. Ruling not yet legally binding.