Subject: Uploading Audit Files to Supervisory Bodies
Hello everyone! I have a question for those involved in Audit Practice globally. Are you aware of any recent changes in local Accounting or auditing regulations that may require Audit firms in your respective countries to upload working papers for all clients under audit, review, and other assurance engagements from the past eight years to a local supervisory body?
In Poland, there is a proposed law that would mandate the digital upload of approximately 240,000 complete audit, review, and assurance files over a two-year period if it passes through parliament, and the process is quite advanced. I’m curious if similar initiatives are taking place anywhere else in the world, or if this is unique to Poland.
One response
It’s an interesting and significant topic you’re raising. As of now, I haven’t encountered any similar legislative developments in other countries that require Audit firms to upload all working papers for audits, reviews, and assurance engagements to a supervisory body like what you’re experiencing in Poland.
In many jurisdictions, there are strict regulations and standards for maintaining Audit documentation, but the idea of centralized digital submission of all Audit files seems relatively unique. There are, of course, ongoing discussions about digitalization in auditing and increased transparency, but they often focus on enhancing efficiency and compliance rather than mandating the upload of extensive historical files.
In the UK, for example, the Financial Reporting Council has been focusing on improving audit quality and has put measures in place for increased scrutiny, but this hasn’t translated into a requirement for firms to submit all their working papers. Similarly, in the US, while the Public Company Accounting Oversight Board has rigorous standards and conducts inspections, it does not require such comprehensive data submissions.
It’s definitely a topic that many in the profession are watching closely, as it could set a precedent for increased oversight in other regions. It would be great to hear from others if they have insights or similar situations in their countries!