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Information about registration of third country audit entities

Information about registration of third country audit entities

Information about registration of third country audit entities

Information about registration of third country audit entities

Pursuant to Article 207 of the Act of 11 May 2017 on statutory auditors, audit firms and public oversight, hereinafter called "the Act", the Audit Oversight Commission ("AOC") shall keep the list of third country audit entities.

Pursuant to the Act on the list kept by the AOC are entered third country audit entities, which will carry out or carry out audit concerning accounts of a company incorporated in the third country whose transferable securities are admitted to trading on a regulated market in Poland.

That provision shall not be applied when the audited company is an issuer exclusively of debt securities whose nominal value in EUR as of the issue date amounts to at least EUR 100,000 per unit or the equivalent of this amount in another currency. The conversion into euro is made at the average exchange rate determined by the National Bank of Poland as of the issue date.

The registration is intended to subject third country audit entities to public oversight in Poland.

Audit of a financial statement carried out by a non-registered third country audit entity, shall not have any legal effects in Poland.

  • The registration on the list of third country audit entities

In order to register it is required to provide:

  1. The filled in application form (doc file 195 KB) for the registration on the list of third country audit entities.
  2. Officially certified document confirming that the audit entity is registered in the third country, with the Polish translation.
  3. Officially certified documents confirming that the majority of the members of the management board of the audit firm meets requirements for the statutory auditors equivalent to those in Poland, with the Polish translation.
  4. Officially certified documents confirming that the third country statutory auditor carrying out, on behalf of the third country audit entity, audits concerning accounts of a company incorporated in the third country whose transferable securities are admitted to trading on a regulated market in Poland, meets requirements equivalent to those in Poland, with the Polish translation.

It is also obligatory to provide the documents, with the Polish translation, confirming that the person who signs the application for the registration on the list is authorized to represent the applicant and if the applicant has not appointed a proxy living in Poland with respect to the registration it is obligatory to appoint a proxy in Poland with a power to receive correspondence. The documents have to be translated by a certified translator.

Provisions of the Act – Code of Administrative Procedure of June 14, 1960 shall apply to the proceedings with respect to the application for the registration on the list of third country audit entities.

The AOC shall verify provided documents. In case of any doubts or any further proofs needed for checking compliance with requirements stipulated in the Act, the AOC may require explanations, including providing further proofs of compliance with requirements from the applicant or the relevant third country registration authority.

The AOC in the form of an administrative decision shall decide about registration of the applicant on the list of third country audit entities kept by the AOC or about refusal. In case of the AOC's decision about registration the applicant is obliged to pay a fee to the account of the state budget in the amount of 2000 PLN.

  • The transitional period for audit entities from certain third countries and third territories regarding the registration on the list of third country audit entities

The transitional period regards audit entities from the following group of countries or territories -Bermuda, Cayman Islands, Egypt, Russia. In order to take advantage of the so called transitional period it is required to provide:

  1. The filled in information form (file pdf 176 KB);
  2. Officially certified document confirming that the audit entity is registered in the third country, with the Polish translation.

It is also obligatory to provide the documents, with the Polish translation, confirming that the person who signs the information form is authorized to represent the audit entity. The documents have to be translated by a certified translator.

Pursuant to the EC decisions, the AOC shall not apply the requirement to register with regard to audit entities from the above mentioned third countries or territories, which provide audit reports for financial years starting during the period from 2 July 2010 to 31 July 2018 concerning accounts of companies incorporated in the third countries, whose transferable securities are admitted to trading on a regulated market in Poland.

Notwithstanding application of the transitional period for audit entities from certain third countries, the Polish public oversight system may apply its investigation and penalty systems.

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Data utworzenia: 16.10.2013 Data publikacji: 16.10.2013 11:35 Data ostatniej modyfikacji: 30.08.2018 15:48
Autor: Departament Rachunkowości Osoba publikująca: Agnieszka Dylewska Osoba modyfikująca: Krzysztof Kuraś
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