International cooperation

The Auditing Act, which transfers the European Community Directive 2006/43/EC (dated 17 May 2006) into the Slovene legal system, stipulates that the Agency for Public Oversight of Auditing is also authorised to carry out international cooperation with other countries’ institutions that are performing supervision over auditors and audit companies, within the EU as well as with third countries.

In order to make the cooperation of supervisory institutions as efficient as possible, the European Commission formed the European Group of Auditors’ Oversight Bodies (hereinafter referred to as “EGAOB”), which is the European association of supervisory institutions, authorised to perform supervision over auditors and audit companies. A member of this body is also the Agency for Public Oversight of Auditing. Members of EGAOB can only be representatives of an institution that is charged with supervision over auditors and audit companies and must possess expert knowledge from the field of accounting and auditing and must not be active auditors. EGAOB assures efficient cooperation of newly established institutions for the supervision of auditors and audit companies between EU Member States. The tasks of this body are to prepare professional positions which will serve the European Commission as help and support in the preparation of comitology, especially in the field of mandatory application of International Standards on Auditing in the EU, to ensure quality work done by auditors and audit companies, to foster cooperation of supervisory institutions within the EU with third-country supervisory bodies, and to carry out cross-border inspections. Cooperation of supervisory institutions in all 27 Member States is important in order to effectively implement the provisions set by the Directive. The working group meets as and when required, as a rule four times a year.

European Group of Auditors’ Oversight Bodies