1. Józef Król President National Chamber of Statutory Auditors, Poland Challenges facing the National Chamber of Statutory Auditors (KIBR) in the coming years Moscow, July 2nd, 2014

2. 2 A CHANGE OF THE 43 RD D IRECTIVE – THE MOST IMPORTANT CHANGES (1/2) 1.No further quality controls by the Chamber in audit firms that perform audits in PIE’s. 2.Obligatory rotation for audit firms that perform audits in PIE’s. 3.„Black list” of services for audit firms that perform audits in PIE’s. 4.Limit for remuneration for audit firms that perform audits in PIE’s for non-audit services.

3. 3 A CHANGE OF THE 43 RD D IRECTIVE – THE MOST IMPORTANT CHANGES (2/2) 5.Position of the Audit Committee in PIE’s is to be strengthened. 6.Additional audit report for the PIE’s Audit Committee. 7.No practitioners in the Public Oversight Body.

4. 4 S OME STATISTICS ON KIBR 7.185 members (statutory auditors) 1.653 audit firms, out of which: 959 – sole practitioners 584 – limited liability companies 31 – civil partnerships 23 – partnerships 32 – limited partnerships 5 – unlimited companies 4 – joint-stock companies 15 – other ca. 11.000 candidates for statutory auditors within the KIBR’s qualifying conduct

5. 5 CHALLENGES… 1.IT software supporting statutory auditors in auditing according to the International Standards on Auditing.

6. 6 CHALLENGES… 2.Paper version of the audit documentation in accordance with the International Standards on Auditing.

7. 7 CHALLENGES… 3.Help-line for statutory auditors in the Chamber.

8. 8 CHALLENGES… 4.Separate department within the Chamber to support audit firms.

9. 9 CHALLENGES… 5.Knowledge portal for statutory auditors.

10. 10 CHALLENGES… 6.Electronic English-Polish dictionary on accounting, auditing and financial reporting.

11. 11 CHALLENGES… 7.Comprehensive commentary on the Polish Act on Auditors.

12. 12 CHALLENGES… 8.Training Centre for statutory auditors, candidates but also for others (finance directors, CFO’s etc.).

13. 13 Thank you for your attention The National Chamber of Statutory Auditors, Poland international@kibr.org.pl www.kibr.org.pl