Institut Österreichischer Wirtschaftsprüfer

The Austrian Auditor Oversight Act of 2016 (Abschlussprüfer-Aufsichtsgesetz – APAG) establishes the Audit Oversight Body of Austria (Abschlussprüferaufsichtsbehörde – APAB) as the authority responsible for the quality assurance (QA) review system for statutory auditors and audit firms. The system is operational and covers all mandatory audits.

Within this framework, the Institute of Austrian Certified Public Accountants (Institut Österreichischer Wirtschaftsprüfer – IWP) does not have direct responsibility for the QA review system but supports its implementation through a range of ongoing activities.

IWP provides guidance to its members on the application of quality management and auditing standards and supports firms in strengthening their internal systems in line with applicable professional requirements. The Institute publishes implementation materials, including quality assurance guidance, and regularly updates these resources to reflect new and revised standards.

IWP also communicates developments related to the QA review system and delivers continuing professional development programs and training activities to support audit quality.

Through these established and ongoing processes, IWP maintains a sustained role in supporting the implementation of quality management practices and contributes to the effective operation of the QA framework in Austria.

Current Status: Sustain

Initial professional development (IPD) and continuing professional development (CPD) requirements for professional accountants in Austria are established through legislation, including the Accountants Act (Bilanzbuchhaltungsgesetz – BiBuG) and the Public Accountants’ Statute of Professional Practice (Wirtschaftstreuhandberufsgesetz – WTBG 2017).

Within this framework, the Institute of Austrian Certified Public Accountants (Institut Österreichischer Wirtschaftsprüfer – IWP) does not have direct responsibility for establishing education requirements but supports their implementation through a range of professional activities.

IWP provides education and training opportunities to its members, including continuing professional development programs, technical sessions, and professional publications. The Institute communicates updates on new and revised standards and promotes awareness of developments in the International Education Standards (IES).

IWP also contributes to international standard-setting activities through participation in consultations and the submission of comments on exposure drafts and other pronouncements.

Through these established and ongoing activities, IWP maintains a sustained role in supporting the development of professional competence and continuous learning among its members.

Current Status: Sustain

International Standards on Auditing (ISA) are applied in Austria within the European Union regulatory framework and the national legal system governing statutory audits.

Within this framework, the Institute of Austrian Certified Public Accountants (Institut Österreichischer Wirtschaftsprüfer – IWP) supports the implementation of ISA through a range of ongoing professional activities. IWP provides technical resources and guidance to its members, including updates on new and revised standards and other pronouncements issued by the International Auditing and Assurance Standards Board (IAASB).

IWP delivers education and training programs on the application of ISA, including structured training initiatives and web-based learning tools, and regularly updates these programs to reflect developments in auditing standards.

In addition, IWP participates in the standard-setting process through engagement in consultations and the submission of comments on exposure drafts and other IAASB pronouncements, often in collaboration with the Chamber of Public Accountants (Kammer der Steuerberater:innen und Wirtschaftsprüfer:innen – KSW).

Through these established and ongoing activities, IWP maintains a sustained role in supporting the consistent application and implementation of ISA and contributes to maintaining audit quality in Austria.

Current Status: Sustain

Ethical requirements for professional accountants in Austria are established through legislation, including the Accountants Act (Bilanzbuchhaltungsgesetz – BiBuG) and the Public Accountants’ Statute of Professional Practice (Wirtschaftstreuhandberufsgesetz – WTBG 2017).

Within this framework, the Institute of Austrian Certified Public Accountants (Institut Österreichischer Wirtschaftsprüfer – IWP) does not have direct responsibility for the adoption of ethical requirements but supports their implementation and ongoing development. IWP promotes awareness of ethical requirements among its members and communicates updates and developments related to the International Code of Ethics for Professional Accountants through its publications and professional activities.

IWP also participates in the standard-setting process through engagement in consultations and the submission of comments on exposure drafts and other pronouncements, often in collaboration with the Chamber of Public Accountants (Kammer der Steuerberater:innen und Wirtschaftsprüfer:innen – KSW).

Based on available information, ethical requirements in the jurisdiction are aligned with the 2018 Handbook of the International Code of Ethics for Professional Accountants (including International Independence Standards). Through its ongoing activities, IWP maintains established processes to support implementation and awareness of ethical requirements.

IWP is encouraged to continue promoting alignment with the most recent version of the IESBA Code, including supporting awareness and implementation of updates to the Code as they are issued.

Current Status: Sustain

Public sector accounting in Austria is governed by national legislation, with accrual-based reporting applied at the federal government level and national standards developed by the government with reference to international frameworks.

The Institute of Austrian Certified Public Accountants (Institut Österreichischer Wirtschaftsprüfer – IWP) does not have direct responsibility for the adoption or implementation of public sector accounting standards in the jurisdiction. However, IWP supports awareness and understanding of public sector accounting developments among its members.

IWP promotes awareness of developments related to International Public Sector Accounting Standards (IPSAS) and European Public Sector Accounting Standards (EPSAS), including through engagement with relevant stakeholders and contributions to professional discussions. The Institute also communicates updates on IPSASB pronouncements and incorporates IPSAS-related topics into its professional activities and publications.

Through these established and ongoing activities, IWP maintains a sustained role in supporting awareness and understanding of public sector accounting developments within the profession.

Current Status: Sustain

Investigation and disciplinary (I&D) requirements for professional accountants in Austria are established through legislation, including the Accountants Act (Bilanzbuchhaltungsgesetz – BiBuG) and the Public Accountants’ Statute of Professional Practice (Wirtschaftstreuhandberufsgesetz – WTBG 2017), and are implemented through a combination of public oversight and professional mechanisms.

Within this framework, the Institute of Austrian Certified Public Accountants (Institut Österreichischer Wirtschaftsprüfer – IWP) operates investigation and disciplinary mechanisms for its members. IWP has established internal governance structures, including disciplinary and arbitration processes, to address professional conduct and resolve disputes among members.

IWP supports awareness and effectiveness of its I&D system by providing guidance to members on how to initiate complaints and by communicating information on disciplinary processes and outcomes through its publications and professional channels. The Institute also promotes compliance with professional obligations through continuing professional development activities.

Based on available information, including disclosures from IWP and the Chamber of Public Accountants (Kammer der Steuerberater:innen und Wirtschaftsprüfer:innen – KSW), I&D systems in the jurisdiction are operational and incorporate the key elements of SMO 6. Through its ongoing activities, IWP maintains established processes to support effective investigation and discipline and continuous improvement of its framework.

Current Status: Sustain

Financial reporting requirements in Austria are established under the Austrian Commercial Code (Unternehmensgesetzbuch – UGB), with EU-endorsed IFRS Accounting Standards required for the preparation of consolidated financial statements of publicly accountable entities in accordance with Regulation (EC) No. 1606/2002.

The Institute of Austrian Certified Public Accountants (Institut Österreichischer Wirtschaftsprüfer – IWP) does not have direct responsibility for the adoption of IFRS in the jurisdiction. However, IWP supports the implementation of financial reporting standards through ongoing professional activities.

IWP provides updates on new and revised IFRS through its publications and professional communications and delivers continuing professional development programs and training activities for its members. In collaboration with the Chamber of Public Accountants (Kammer der Steuerberater:innen und Wirtschaftsprüfer:innen – KSW), IWP also contributes to awareness of developments in financial reporting standards and participates in consultations on proposed changes.

Through these established and ongoing processes, IWP maintains a sustained role in supporting the application and understanding of IFRS among its members.

Current Status: Sustain