Minister of Finance draft regulation on annual reporting by audit firms implements authorization in art 51 S2 of Act of May 2017 on statutory auditors, audit firms, etc.
The draft specifies detailed scope of information referred to in art 51 S1 of the Act, the templates of reporting forms, form and manner of submitting the report.
The proposed rules will essentially replace current Regulation of Minister of Finance, Funds and Regional Policy of Jan. 2021 on annual reporting by audit firms.
Previous forms submitted by audit firms, proved to be effective in terms of scope of information needed to perform supervision by Polish Audit Oversight Agency.
Need to issue new regulation relates to Act of Dec. 6, 2024 Amending Accounting Act, Act on Statutory Auditors, Audit Firms, Public Supervision that provides in art 31 that current regulation will be valid for no longer than 9 months from its entry into force.
Thus, in addition to issues included in currently applicable regulation, which will expire, draft also covers issues related to certification of sustainable development reporting as resulting from need to specify financial audit activities for public supervision.
Amending act changes art 51, S1, item 3 which determines scope of reporting by audit firms, extends reporting to subcontractors in case of certification of sustainable development reporting; new regulation needed on the annual reporting of audit firms.
In order for the Polish Audit Supervision Agency to efficiently carry out its tasks, it is necessary for the agency to obtain certain information from audit firms.
Per art 51, S1 of Act, audit firms must, by last day of Feb. of following year, submit to Agency a report for previous calendar year containing data on audit firm's revenues and services provided by it in previous calendar year, including data specified in it.
The draft regulation does not require submission to bodies and institutions of EU including ECB for opinion, notification, consultation or agreement.
Not subject to notification in accordance with Regulation of Council of Ministers of Dec. 2002 on functioning of national system for notification of standards and legal acts.
In accordance with art 5 Act of Jul. 2005 on lobbying activities in law-making process and § 52 of Resolution 190/2013 it was made available in Public Information Bulletin on website of Government Legislation Centre, on Government Legislative Process site.
The rules in draft will not affect activities of micro-, SMEs, referred to in Entrepreneurs' Law 2018 other than audit firms; it does not conflict with EU law; details included.
Effectiveness
Consultation closes on May 5, 2025; no position is considered as agreement with text.
The regulation shall apply for the first time to reports submitted for 2025.
Once passed, it will enter into force after 60 days from its publication date.
