KSW was established by Public Accountants’ Statute of Professional Practice (Wirtschaftstreuhandberufsgesetz - WTBG) as a mandatory membership organization for Certified Public Accountants (CPAs). Pending endorsement of ISA by the EU Commission, KSW acts as the de facto audit standard-setter in the jurisdiction under the supervision of the Audit Oversight Body of Austria (Abschlussprüferaufsichtsbehörde – APAB). WTBG authorized the KSW to develop and issue the Directive on the Practice of the Public Accounting Professions (Wirtschaftstreuhandberufs-Ausübungsrichtlinie - WTARL). In accordance with WTBG and WTARL, KSW is responsible for (i) administering relevant professional examinations; (ii) evaluating candidates’ fulfillment of all initial professional development requirements established by law; (iii) licensing CPAs; (iv) monitoring implementation of continuing professional development requirements by members; (v) conducting an investigation and disciplinary system for members; and (vi) monitoring ethical requirements of members. KSW is a member of IFAC and Accountancy Europe.