Plan działań KNF w zakresie nadzoru publicznego wynikającego z ustawy o biegłych rewidentach, firmach audytorskich oraz nadzorze publicznym na rok 2024

The Polish Financial Supervision Authority (KNF) has issued an action plan for 2024, in which it describes the public oversight arising from the Act on Statutory Auditors, Audit Firms and Public Oversight. That is, it sets out its upcoming supervisory focus pertaining to all issues around the auditing of public companies.
The following action points stand in focus for 2024, among others:
(1) supervision of the policy and procedures of public companies regarding their audit committees (independence of members, composition of the committees);
(2) verification of the skills level of audit committee members;
(3) oversight of the criteria used in the selection of the audit firm and the restrictions that apply in terms of rotation or lack of ties with the previous firm;
(4) supervision of the work of audit firms in accordance with the Act;
(5) monitoring and verification of the data presented by public companies regarding audit issues (committee, audit firms); and
(6) initiating criminal prosecutions for violations under the Act; and
(7) engaging in dialogues with audit firms to ensure a high standard and to promote training and skills advancements among these firms.
As there are numerous other issues outlined in the document, please refer to the original legal paper for more information.