Article 46. External quality control of audit organizationʼs work

External quality control of audit organizationʼs work is a system of measures carried out by the authorized state body jointly with national public associations of auditors, aimed at identifying and subsequently preventing violations by audit organizations of the requirements of this Law and standards of auditing.

An audit organization may, on a voluntary basis, undergo external quality control by national public association of auditors. This type of control does not replace the external quality control carried out by the authorized state body in accordance with this Law.

If external quality control reveals violations in the work of an audit organization, the authorized state body shall have the right to apply the following enforcement measures against the audit organization:

issuing a notice obliging the audit organization to eliminate the identified violations and setting the deadline thereof;

applying to court on the grounds provided for in paragraphs three, four and five of part one of Article 43 of this Law;

deciding to exclude the audit organization from the Register of audit organizations in case of systematic (more than two times) violation of the requirements of Article 29 of this Law.

The results of external quality control of the work of an audit organization, indicating the measures taken on the identified violations, are published on the official websites of the authorized state body and national public associations of auditors.