WHAT WE DO

Who Are We?

As a state legal entity, we exercise public oversight over statutory auditors, audit firms operating in Poland, and the professional self-government body of statutory auditors — the Polish Chamber of Statutory Auditors. We work to improve the quality of financial reporting, which is essential to the security of economic transactions. We act in the public interest, serving all stakeholders who rely on financial statements, including investors and individual investors.

Mission

The Polish Agency for Audit Oversight acts in the public interest and strives to ensure the highest quality and reliability of financial statement audits and other services provided by statutory auditors and audit firms, thereby contributing to greater investor protection and the security of economic transactions.

Vision

PANA is an independent, professional and modern oversight institution that ensures the proper functioning, development and increased competitiveness of the market for statutory auditors and audit firms.

Our Guiding Principles

• we act in the public interest;
• we support education, dialogue and communication with all parties interested in improving the credibility of financial reporting and sustainability reporting, as well as statutory audit and sustainability reporting assurance;
• we operate within the scope and using the instruments strictly defined by law;
• we act both systemically, with a long-term perspective, and on an ad hoc basis in response to emerging risks, using prevention, monitoring, inspections and measures designed to stimulate change, including legislative change;
• we establish and communicate transparent operating conditions for all statutory auditors and audit firms;
• we operate openly and transparently, while ensuring the protection of confidential information.

Our Responsibilities

To ensure the highest quality and reliability of financial statement audits, assurance services other than statutory audits, and related services, we:

• take measures to ensure the proper functioning of the market for statutory auditors and audit firms;
• implement initiatives aimed at ensuring the proper functioning of quality assurance systems;
• oversee the Polish Chamber of Statutory Auditors, audit firms and statutory auditors;
• conduct inspections of audit firms;
• conduct administrative proceedings concerning audit firms and disciplinary proceedings concerning statutory auditors;
• review notifications concerning suspected breaches of statutory provisions and national professional standards;
• carry out information and educational activities relating to the market for statutory auditors and audit firms;
• maintain the list of audit firms;
• conduct market analyses based on the data available to us;
• cooperate with oversight authorities from other countries and with organisations bringing together foreign oversight authorities;
• issue opinions on draft legislation concerning statutory auditors and audit firms;
• support the development, competitiveness and innovation of the market for statutory auditors and audit firms.

Legal Basis

We operate pursuant to the Act of 11 May 2017 on Statutory Auditors, Audit Firms and Public Oversight. PANA is the competent authority within the meaning of Regulation (EU) No 537/2014 of 16 April 2014 on specific requirements regarding statutory audits of public-interest entities and repealing Commission Decision 2005/909/EC, in matters not reserved for other authorities.

The activities of PANA are supervised by the Minister of Finance, including through the appointment and dismissal of PANA’s governing bodies, the adoption of its statute, and the approval of its financial plan and financial statements.