Implementing the Law on Audit of the Republic of Lithuania the Authority of Audit and Accounting performs new function - public oversight of auditors and audit entities from the 1st of September, 2008.
Public oversight of auditors and audit entities means the totality of measures whereby the Authority of Audit and Accounting seeks to assure the quality and reliability of financial statements.
Seeking perform the public oversight of auditors and audit entities efficiently, the Audit Supervisory Committee as an advisory body is created in the Authority of Audit and Accounting. The composition of Audit Supervisory Committee could be seen here.
The Audit Supervisory Committee performs the following main functions:
- considers draft regulations on public audit oversight prepared by the Authority;
- examines the reports of audit quality review and expresses its opinion on the proposed disciplinary penalties or instructions;
- examines the reports of the audit investigation.
The plan of meetings of the Audit Supervisory Committee in 2010 is presented here.
Quality assurance of the carried out audit
By the paragraph 1 of Article 34 of the Law on Audit of the Republic of Lithuania quality assurance of the audit carried out by auditors and audit firms shall be implemented by the Authority of Audit and Accounting together with the Lithuanian Chamber of Auditors. Quality assurance of the carried out audit is practically implemented by the quality reviews and the investigation of the audit of auditors and audit firms.
The Authority of Audit and Accounting in its website publishes every year by 1st March the aggregated results of audit quality assurance of auditors and audit firms by specifying the number of performed audit quality reviews and investigations, their results, the disciplinary penalties imposed and instructions given.
