Two important public procurement procedures launched by the Belgian Audit Oversight Board (BAOB) have recently been successfully completed. Their purpose was to involve the sector in the oversight of auditors carried out by the BAOB and to ensure and enhance the quality of their activities.
Public procurement 2024/034 concerns a cooperation agreement between specialists and the BAOB for the purpose of carrying out specialist assignments. The selection of specialists to support the BAOB’s oversight depends on the subject of the specialist assignment in question. This public procurement was also open to professionals in areas of expertise other than audit matters, so as to enable the BAOB to call upon their services in tasks not directly related to audit, such as accounting, tax and actuarial issues.
Public procurement 2024/035 concerns a cooperation agreement between inspectors and the BAOB for the purpose of conducting quality assurance at audit firms that do not carry out audits of public interest entities (non-PIE audit firms). These inspectors must, in accordance with the Law of 7 December 2016[1], have appropriate professional qualifications and relevant professional experience in the statutory audit of annual financial statements, financial reporting and, where applicable, in the area of sustainability information or other sustainability-related services, and shall have received specific training in quality assurance.
After a careful selection procedure, various inspectors and specialists were selected based on their experience, knowledge and organization.
During the evaluation of the tenders submitted for this public procurement, the BAOB noted that not all candidates were equally familiar with participating in public procurement procedures that exceed the European threshold amounts. This can lead to missed opportunities for both the tenderers and the BAOB. In order to address this problem, the BAOB will in future hold information sessions covering the shortcomings it has observed that led to the exclusion of certain tenderers. This approach will hopefully allow all candidates to be better prepared to take part in the public procurement process and avoid missed opportunities on both sides.
The practice of the BAOB is to award contracts to inspectors and specialists taking into account their ranking, available resources, ability to carry out the specific task (whether or not within a short timeframe) and their characteristics and competencies needed to carry out a high quality service for the task at hand.
The BAOB values collaboration with inspectors and specialists.
With their varied areas of experience, the inspectors and specialists assist the BAOB in continuously refining its proportionate approach in the interest of the quality of its oversight.
The BAOB congratulates and thanks all those who have taken part in this public procurement process.
All the inspectors and specialists selected will make a positive contribution to oversight by the BAOB in the public interest. In this way, the socially very important profession of auditor can be continually strengthened.
[1] Law of 7 December 2016 on the organization of the profession and the public supervision of auditors