Regulatory Framework

The Oversight Board was established by the Netherlands Order of Accountants and Accounting Consultants (NOvAA), the legally regulated professional association of AA Accountants. On 30 October 2002, the General Meeting, the highest body of authority in the NOvAA, voted to create the Board. The General Meeting did this by adopting two statutes: the Statute on the Oversight Board (Dutch version only) and the Statute on Periodical Preventative Auditing (Dutch version only). These statutes establish the Board’s working method and include compulsory stipulations for AA Accountants.

The Board may act only within the authority granted to it by virtue of these statutes. Modifications to this authority are possible only through a decision taken by the General Meeting of the NOvAA. On the grounds of the Statute on the Oversight Board, the Board can establish its own working methods and draw up detailed working procedures and work programmes to implement its task.

For AA Accountants, a statute is the most important form of rule, after the law, with regard to its business operations. Infringement of a statute may result in sanctions being imposed on an AA Accountant by the disciplinary committee.

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