Regulatory roles and relationships with oversight authorities in Slovakia

Slovak Chamber of Auditors (SKAU) (auditors- membership obligatory)

Slovak Chamber of Certificated Accountans (SKCU )

(certified accountans – membership voluntary

Slovak Chamber of Tax advisory (SKDP) (tax advisors – membership obligatory)

Professional bodies

Auditors and audit firms - membership mandatory

auditors audit firms 2000 - 770 184 2008 - 843 228 2012 - 825 237

reduction of new admissions to the audit register

Age structure of auditors- ranging from 50 to 65 years is 520 auditors

Slovak Chamber of Auditors (SKAU)

represent, protect and assert legitimate interest of its members

carry out an audit quality assurance review

ensure and control the continuing education of auditors and assistant auditors

make comments on draft legislation relating to auditors activities

cooperate with the Authority regarding oversight

Scope of the activities of the Chamber of Auditors

Auditors and audit firms shall be subject to an audit quality assurance review carried out by the Chamber of Auditors through reviewers appointed by the Chamber of Auditors.

An audit quality assurance review must be carried out at least:

o every three years with respect to an audit of a public-interest entity;

o every six years with respect to an audit of other accounting entities.

The system of audit quality assurance reviews shall be subject to oversight performed by the Authority.

Quality assurance review

Has taken in place in 2008 based on the Act no. 540/2007 on Auditors, Audit and Oversight of the Audit Performance

Authority shall perform oversight through non-practitioners and auditors

the number of non-practitioners performing oversight must exceed the number of auditors

Constitution of Oversight

The Authority shall:◦ organize auditor's examinations◦ issue licenses◦ register auditors and audit firms in the relevant registers and

maintain the relevant registers; The Authority shall perform oversight of the following:

◦ compliance with International Auditing Standards; Code of Ethics; and with the provisions of Act on Auditors;

◦ the system of audit quality assurance reviews conducted by the Chamber of Auditors;

◦ continuing education; ◦ disciplinary procedures conducted by the Chamber of

Auditors.  and other

Scope of the activities of the Oversight Authority

Expand the scope of the professional bodies and their members activities towards market stakeholders, public sector, goverment

The development of new services (advisor role, assurance) Enhance communication with membership

base (roundtable, FAQ-website) Investment in the provisions of the technical

and other services to members (use new technology,e-learning)

Enhance cross-border cooperation

Strategic planning

The sources of income of the Chamber of Auditors consist of :

o membership feeso registration fees, fees for entry testso remuneration for services provided by the

Chamber of Auditorso giftso revenue from fines, and other income.

Ways to fund professional body

The sources of income of the Authority consist of:◦ a contribution from the state budget in

accordance with the Act on the State Budget; ◦ annual contributions; (PIE 0,01% from the BC)◦ revenue from fines◦ compensation of costs of a procedure◦ default interest◦ fees for examinations and tests - auditors◦ fees for acts performed by the Authority

Ways to fund oversight authority