Álit: tímarit löggiltra endurskoðenda - 01.01.1993, Blaðsíða 22

Álit: tímarit löggiltra endurskoðenda - 01.01.1993, Blaðsíða 22
individuals or firms who are specially licensed to carry out statutory audits. The 8th directive specifies the minimum requirements for qualification as a statutory auditor. Under the 4th and 7th directives national law may - but need not - exempt small and medium-sized enterprises (SME) from the statutory audit obligation. The definition of an SME is very wide, and it has been widened further in the course of the E.C. legislation procedure. I assume that in Iceland like in Sweden the vast majority of domestic companies qualify for exemption. The practical consequence is that the legislation can be left very much the way it is, unless there is a national desire to change. Obviously, the qualification requirements of the 8th directive have to be studied carefully by all the non- E.C. Nordic countries. They concem theoretical education, practical training, professional examination, independence and the disciplinary system. It is important to notice, however, that the 8th directive does not cover work in non-regulated areas performed by professional accountants. It does not demand that states regulate non-audit services, such as tax and management advisory services, accounting services etc. In fact, the EEA agreement may even restrict the possibilities to regulate certain aspects of those activities, based on the rather strict mles in the E.C. directives that protect free competition. Let ine say a few words about the requirements of the 8th directive. I shall have to limit my remarks to a very general description. In order to qualify under the 8th directive, an accountant first of all needs a specified level of theoretical education, as required by article 4. He or she must first obtain the qualifications necessary to enter into university studies - qualifications which may obviously vary between different countries but which generally include some twelve years in school, often leading to a certificate referred to as the “baccalaureate” or some similar designation. The student should then be given a theoretical education in certain professional subjects that are specified in article 6 of the directive, and finally pass an examination at university level, covering those subjects. The directive is very vague on the education procedure - no doubt intentionally - but it is a common interpretation that the theoretical education should be equivalent to at least three years of university studies. The education could be given by the national university system, as in the Nordic countries, or by the professional bodies, as is generally the case in the United Kingdom and Ireland, and elsewhere. Article 8 of the directive further requires that the student be given no less than three years of practical training. At least two years of the practical training must take place under the supervision of persons who have already qualified as statutory auditors. The directive is equally vague on the procedure, but is does say that it is the responsibility of the member state to make certain that the accountants in charge of the supervision provide a satisfactory guarantee for the quality of the practical training. I like to think that this means an obligation to provide the student with active guidance and not only let him or her participate in audit work without having the idea of the audit explained. It is worth remembering that in some countries, notably in the British Isles, not all practitioners are allowed to take on students for practical training. As I mentioned, the 8th directive requires a professional examination, article 5. I cannot think of any other country than my own, Sweden, where this means a change. It is a slightly embarrassing fact that up till now, although an academic degree has been compulsory for qualification since 1912, our legislation has demanded no other test of a student’s practical skills that a written opinion from the employer of the training period. My institute has advocated a compulsory comprehensive professional examination for a long time, and a little more than a year ago we demonstrated our dissatisfaction by making a privately organised examination mandatory for membership of the institute. The demand in the 8th directive for auditors’ independence has a very general format. Actually, the only specific rule concems the ownership of accounting firms, where it is stated that licensed auditors should have the majority. In the proposed 5th directive there is more on independence. However it is very unclear when the 5th directive can be launched and how it is going to look at that time. In the working plan for 1993/94 of the E.C. Commission there are no provisions for resources to 5th directive work. There have been suggestions to cut out the audit parts from the draft and put them into a new directive, referred to in the discussions as “directive 8 bis.” It does not seem likely that this will take place in the near future. The 8th directive finally demands that member states ascertain that auditors are exposed to a system of professional discipline. As long as the govemment is satisfied that the system works there is wide freedom to tailor the system to national needs. In most cases a country with a working disciplinary scheme can go on operation in the traditional manner. Another thing is that I have understood from Icelandic colleagues that this may be the right time to do the changes that FLE has wanted to see for some time. It is perhaps relevant to point out that the four other

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