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Reykjavik November 16, 2007 Anette Hedbern
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FAR SRS 2007

• Two subsidiary companies
• Irev AB Education
• FAR SRS Förlag AB Publishing company
• Irev
• Pre-qualification courses and post-qualification
  courses/seminaries
• 100 courses and 150 events during a year
• 5 500 persons educated during a year
• Annual Turnover 5 milj Euro
• 13 employees
• 140 teachers

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FAR SRS 2007 4 000 members

• Who is a member today?
• Authorised public accountants 1 800
• Approved public accountants 2 000
• Specialists (tax, accounting) 200
• Has to work in an audit firm (not internal
  auditor)
• Notice
• Professional accountant is a person who is a
  member of an IFAC
• member body. Means both auditors and accountants,
  we do not have
• this word in the Nordic languages.

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The organization from 2008
Tax
Audit
Accounting
Business Advisory Services
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Audit by law

• Denmark
• 0,4 milj
• 0,2 milj
• 12

• EU
• Turnover 7,3 milj
• Balance 3,56 milj
• Employees 50

Finland 0,2 milj
0,1 milj
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Companies in EU
Limit for audit by law near the maximum

• Cyprus
• Italy
• Luxembourg
• Belgium

• Great Britain
• Germany
• Austria
• the Netherlands
• Slovenia

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What happened in England?

• Greater competition between audit firms
• Risk for poorer quality intact revenues
• 7 years from the first exemption for audit by law
• Audit firms decreased
• 2007 - about 1 000 000 limited companies do not
  need audit by law and of those about 200 000 have
  chosen audit.

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Authorised Accountant FAR SRS

• Members in FAR SRS from 1 January 2008
• Auditors today, also Authorised Accountant FAR
  SRS
• FAR SRS recommend CPD (continuing professional
  development)
• Seminars (at least 60 hours during 3 years shall
  be verifiable)

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Authorised Accountant FAR SRS

• Becoming a member
• At least 3 year university studies in economics
• Very alike the practical and theoretical training
  as for becoming an auditor. IPD, Initial
  Professional Development (pre-qualification
  stage)
• 5 years accounting praxis, at least 3 years at a
  firm (accounting or audit firm)

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Authorised Accountant FAR SRS

• Recommended courses during 5 years
• Total of 350 hours
• Subjects Accounting, Book-keeping Act, Tax,
  VAT,
• Wages and salaries, Labour agreement, Financial
  control,
• Company law, Consolidated accounts,
• Business guidance, IFRS-introduction,
• Recommend a test after 2 years workplace
  learning.
• No examination for becoming a member is planned
  yet.

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Examination for becoming an auditor

• Examination subjects (2 days)
• Role of auditor
• Auditing
• Accountancy (IFRS)
• Tax law (only 5 of the total)
• Civil law
• Financial management
• 50-60 approved (at the last examination 72
  easier)
• Proposal from 2009
• 3 5 4 4 5 3 8 years for
  becoming an auditor
• One title Authorised public accountant

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Lifelong Learning CPD

• IAESB has 8 standards, no more is planned
• 1-6 Pre-qualification
• 7-8 Lifelong Learning or CPD (7 - CPD)
• CPD defined by IAESB
• Learning activities for developing and
  maintaining the
• capabilities of professional accountants to
  perform
• competently within their professional
  environments. (post-qualification)
• Future work for IAESB
• Accounting Technicians - exploration of potential
  guidance
• Education quality

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CPD in Sweden

• Follows the standard (120 hours/3 years)
• For all members in FAR SRS
• In the ethics rules (not in law)
• The responsibility of the auditor
• Checks in the quality control, measure hours
  (input-based)
• 20 hours/year, 60 hours/3 years verifiable
• No licenssystem for providers
• Attend the courses/seminaries at Irev, at the
  firm or other learning provider
• Relevant CPD develop the professional
  knowledge, professional skills and professional
  values, ethics and attitudes, relevant to their
  current and future work and professional
  responsibilities.
• Mentor work and teaching - good CPD

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CPD Planning

• All members in FAR SRS have to plan and document
  their annual CPD planning
• Deborah Chaplin, The Institute of Chartered
  Accountants, visit FAR SRS in June 2007
• CPD Planner
• Reflect
• Act
• Impact
• Declare
• Evidence
• (Action points for further development)
• CPD should always increase your knowledge or
  skills.

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CPD Measuring for Auditors

• Input based
• Output based
• Combination
• Tougher the older you get and also because of
  specialization
• Compare with the Pre-qualification
• Very structured planning for courses and
  practical experience ahead of examination for
  auditors in Sweden during 3-4 or 5-6 years
• Planning and signing of mentor (copy in English)
• Compare with Mexico no workplace learning is
  required yet