Germany will establish new Public Oversight

The Auditor Oversight Act (Abschlußprüferaufsichtsgesetz – APAG) is intended to strengthen independent oversight on German Public Auditors: Presumably from January 1, 2005 a Public Oversight Board on Statutory Auditors, whose members are only non-practitioners, will be in charge of public oversight.

The German Chamber of Public Accountants (Wirtschafts-prüferkammer - WPK) considers the new law as a further step to enhancing public confidence in the audit profession.

See press release.