Auditors Activity Quality Control and independence - approach and general practice in Germany

Author:Georg TOMINSKI

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Keywords:impartiality, fees, quality control

Abstract:
Independence in practicing the profession represents the basics of the professional services in the financial audit based on the professional ethics regulations. These regulations have been developed for the auditors by the competent authority in the European Union by the IFAC Code of Ethics as well as based on the IFAC recommendations on the auditors’ independence. The Sarbanes- Oxley Act of 2002 contains new regulations concerning the audit activity as well as the procedures to be applied for the auditors’ activity oversight, especially for the audit engagements of the listed companies. The new regulations do not refer only to the auditors, but also to the entities as such, these being an integrant part of their management activity. During last years, the norms and regulations in the above mentioned area have been revised, expanded and improved in every country.

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