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Obligatory Annual Audit of Financial Statements in Slovakia

An audit is conducted in certain companies on the basis of Act no. 431/2002 on Accounting in Slovakia, dated 18 June 2002 as amended. An audit and auditors’ activity in Slovakia is governed by Act No. 540/2007 Coll. on Auditors, Audit and Audit Oversight.

What is an audit? Audit – is an independent examination (inspection) with the purpose of expressing an opinion on accuracy. The word "audit" translated from Latin means "a hearing" and is used in the world practice for examination identifying.

According to the Act, the following legal entities in Slovakia are obliged to inspect their tax return by an auditor:

  1. Legal etities or cooperatives whose securities have been admitted to trading on a regulated market,
  2. Financial institutions such as banks, insurance companies, foreign insurance companies, reinsurance companies, asset management companies, private pension funds, stock exchanges, issuers of electronic money, companies providing payment services, etc.
  3. Slovak branches of foreign banks, insurance and reinsurance companies, asset management companies,
  4. Any company which prepares financial statements in accordance with the international accounting standards,
  5. Any company which prepares the consolidated financial statements,
  6. Charitable foundations with incomings exceeded 200 000 EUR,
  7. Any other legal entity with statutory share capital and cooperatives if in accounting in previous period at least two of the following conditions have been met:
  • Its total assets exceeded 1,000,000 EUR; 
  • Its net turnover exceeded 2,000,000 EUR; for this purpose, a net turnover is defined as revenue from the sale of products, goods and the provision of services, and other revenue related to ordinary activities;
  • Its average calculated number of employees exceeded 30.

It is important for companies to keep an eye for, primarily, the last paragraph – fulfillment of at least two of the three conditions. Number of employees exceeded 30 persons, is not a common thing, however the companies engaged in wholesale trade relatively easy exceed a minimum level of turnover and assets.

Assets include not only amortizable assets, but, in fact, all assets, debit side of the balance, besides an original cost of the assets is important, not the current residual cost (depreciable value).Assets also include semi-finished products, any goods, money on the account, even accounts receivable. Therefore, if you, for example, have bought the goods with purchase value of over 1 million EUR, then you have fulfilled this condition. If you have managed to sell these goods and you have been paid, you have received money on your account, thus you have fulfilled this condition. And if you have bought the goods, sold it, but haven’t been paid, this is where accounts receivable comes in, which is also assets.

Our auditor has a license since 1991, and received it immediately after creation such occupation as an auditor in the former Czechoslovakia. We have experience in conducting audits for clients engaged in, for example, the following activities:

  • banking,
  • leasing companies,
  • construction of buildings, roads, bridges,
  • retail and wholesale trade of food, cosmetics, clothing, construction materials, household appliances, etc.
  • travel agencies and tour operators,
  • rubbish removal,
  • publishing houses,
  • IT activities,
  • medical centers,
  • local governments,
  • housing and communal services,
  • non-governmental organisations,
  • agricultural cooperatives.

 

 

 



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