The AOA operates a system of oversight, quality assurance and investigation. We have powers to take disciplinary action when considered warranted.
Register of recognized auditors: We maintain and publish the register of recognized auditors: [Register].
Details of the registration process can be found here:[ registration process]
Rules: We publish Rules which recognized auditors are required to follow and which also govern certain aspects of the interaction between the AOA and those under its regulation and supervision, including establishing appeals and dispute resolution procedures.
In certain instances the Rules continue to apply notwithstanding that registration has ceased.
The information on the Rules can be found here: [Rules]
Inspections: Periodic, risk-based inspections are our primary quality assurance tool. We have contracted the Institute of Chartered Accountants in England & Wales to conduct inspections under our direction. The AOA controls the timing, scoping, file selection, reporting and any disciplinary consequences of the inspection process.
Details of the inspection process can be found here:[inspection process]
Investigations: When considered necessary we will carry out investigations relating to a specific audit or series of audits, or the conduct of a recognized auditor.
Disciplinary measures: The AOA can take disciplinary action against auditors in specified circumstances, including when a breach of the Rules occurs. The sanctions are wide ranging and include imposing fines, restrictions and other requirements and, ultimately (subject to an appeal to the courts), revoking a recognized auditor’s registration to audit market traded companies.
Details of the disciplinary measures taken by the AOA can be found here: [disciplinary measures taken]
Reporting: We publish our findings at least once annually: [inspection reports]
Policy statements and Guidance notes: We publish policy statements and guidance notes here: [policy and guidance].
International cooperation: We cooperate with other equivalent, competent authorities around the world; details can be found here: [international cooperation].
The AOA joined the International Forum of Independent Audit Regulators in February 2014.
