! Audit Oversight in Malta Presented by MARCEL P. COPPINI - PowerPoint PPT Presentation

Accountancy Board Accountancy Board Quality Assurance Quality Assurance ! Audit Oversight in Malta Presented by MARCEL P. COPPINI marcel.coppini@gov.mt ! 12th FCM Annual Conference - Tirana, 1 Albania - 4 November 2013

Accountancy Board Quality Assurance Background • Accountancy Board – set up in 1979 – to regulate accountants and auditors; • Smallest jurisdiction within the EU – (population of 400k - 250 audit practitioners – some 1,700 CPAs • Public Oversight was set up in June 2006 – profession moved away from self regulation • Transposition of EU Statutory Audit Directive into our legislation between 2006/ 2007 • First visits started in June 2007 12th FCM Annual Conference - Tirana, 2 Albania - 4 November 2013

Accountancy Board Quality Assurance "#$!%&$#'&#$(! ! ! 12th FCM Annual Conference - Tirana, 3 Albania - 4 November 2013

Accountancy Board Quality Assurance )*+,'!-++(./*0+!,.!&1(! +(2.3!#4!56!7#80,'!!"9($+,31&! • Close working relationships with the Chartered Accountants Regulatory Board (CARB) of Ireland, ICAEW, and the ACCA; • Keeping tab of all warrant holders – Annual Returns; • Setting up a robust data base; • Other than establishing Audit Policies and regulation and its responsibility towards QA – the Oversight Board must ensure the setting up of a robust enforcement mechanism. 12th FCM Annual Conference - Tirana, 4 Albania - 4 November 2013

Accountancy Board Quality Assurance :.&($*'/5.!;,&1!5&1($ ! !<#=,&!$(3#0*&5$+ ! • European Group of Audit Oversight Board (EGAOB) • European Audit Inspection Group (EAIG) • Audit Regulatory Committee • International Forum of Independent Audit Regulators ! 12th FCM Annual Conference - Tirana, 5 Albania - 4 November 2013

Accountancy Board Quality Assurance Quality Assurance Unit Malta 75+&*0!*==$(++>!%?*00!-.&($4$,+(!@(.&$(! ! ! !!A*$+*!:.=#+&$,*0!-+&*&(! ! ! !!A*$+*B!AC%!DEEE! ! ! !!A*0&* !! !! -F?*,0>!!!!!!!!!!!!!!!?*$'(0G'544,.,H359G?&! ! I(0(415.(>!!!!!!!!JEEDKLM!NONNEEPQ! ! ! !!JEEDKLMNONNPLRE! ! <)!S(8+,&(!>!;;;G*''5#.&*.'T85*$=G359G?&!!!!!!! 12th FCM Annual Conference - Tirana, 6 Albania - 4 November 2013