Audit Comitees

The Act on Chartered Accountants, Audit Firms and Public Supervision (Journal of Laws of 6 June 2017, item 1089; hereinafter: the “Act”), passed by the Sejm on 11 May 2017 and aimed at application of Regulation (EU) No 537/2014 on specific requirements regarding statutory audit of public-interest entities, requires that public interest entities which meet the criteria specified in that act, appoint their audit committees. Public interest entities (hereinafter: “PIE”) that at present have their audit committees and those, wherein audit committee’s duties are performed by supervisory boards, will be required to satisfy the new obligations. Any failure to comply with the new provisions is punishable with severe financial sanctions that may be imposed on both, the company and members of its governing bodies.

The Law Firm of D.Dobkowski offers you its comprehensive assistance including in particular:

  • analysis of an entity’s status in order to define its obligations stemming from the new act with reference to setting up an audit committee;
  • assistance in developing policies and procedures concerning selection of an audit firm and provision of additional services by an audit firm, an entity affiliated with an audit firm or a member of its network;
  • assistance in developing regulations specifying the principles of appointment of an audit committee, its composition and rules of operation, or assistance in reviewing the currently applicable regulations;
  • drafting amendments to the company’s bylaws in order to adjust them to the statutory requirements;
  • drafting agreements to be concluded with supervisory board members that are also members of an audit committee.