The WPK was established by the Wirtschaftsprüferordnung (Public Accountant Act (WPO)) 1961 and its amendments. Membership of the chamber is mandatory for all Wirtschaftsprüfer. The WPK operates under the Federal Ministry for Economic Affairs and Climate Action in addition to the oversight of the Auditor Oversight Body (AOB). The chamber is responsible, in particular, for the following: (i) licensing of Wirtschaftsprüfer and audit firms; (ii) revocation of licenses; (iii) registration of public accountants and audit firms; (iv) conducting examinations for the Wirtschaftsprüfer designation; (v) setting ethical requirements; (vi) establishing CPD requirements; and (vii) carrying out quality assurance (QA) reviews and (viii) disciplinary procedures for auditors of non-public interest entities (PIEs). WPK is a founding member of IFAC and a member of Accountancy Europe.