Slovenska Komora Auditorov

 

Introduction

The information below has been submitted as part of the IFAC Member Body Compliance program. The Program has two components:

Part 1:	Assessment of the Regulatory and Standard-Setting Framework (provides information about regulatory requirements and standard-setting processes in member body countries); and
Part 2:	Assessment of Compliance (provides information on compliance by member bodies with the Statements of Membership Obligations). Part 2 of the Compliance Program will begin later this year, and the results will also be posted to the website.

The responses to Part 1 are provided below. IFAC staff has reviewed the responses and, where necessary, validated them with external knowledgeable parties. A list of key terms is available to assist readers in understanding the responses.

The purpose of this Part 1 Assessment is to collect information on the roles of IFAC member bodies and other organizations (including government, regulatory or other appointed authorities) with respect to:

1. Setting auditing, accounting, ethics, public sector and education standards; and
2. Regulating the accountancy profession.

Sections 1 and 2 of Part 1 contain an introduction and instructions for member body respondents. For this reason, they are not included here, and the responses begin with Section 3.

Questions or comments may be sent to complianceassessment@ifac.org.

Section 3 -- Member Body General Information

1. Country:

Slovakia

2. Name of member body:

Slovenska Komora Auditorov

Or please specify name:

3. Individual responsible for preparation:

Mrs. Anna Leckova

4. Date member body became a member of IFAC:

Note: Please enter a numeric date (e.g., 12/2001, Month/Year)

12 / 2002

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Questions 5 - 22 are for internal use only

Section 3G -- Affiliations

23. Please list those regional organizations to which your organization belongs (e.g., FEE, CAPA, ECSAFA, IAA, etc.):

FEE

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Section 4 -- Statutory Framework

Responses to this section will provide a description of the legal framework governing the commercial aspects of auditing and financial reporting in your country.

Section 4A -- The Companies Act or Commercial Code

The following questions concern the Companies Act (the Act) or Commercial Code (the Code) or similar Legal authority in your country. If no Legal authority exists, or the Legal authority does not address particular questions, please indicate "N/A" for Not Applicable.

24. What is the full name of:

a). the Act or the Code:		Commericial Code
b). the Enacting body:		Ministry of Finance
c). date the Act or Code came into force:		12 / 1991

25. How can IFAC obtain a copy of the Act or Code?

by email

26. Is the Act or Code available in English?

Yes

No

27. What are the types of entities covered by the Act or the Code?

Please check all that apply.


	Listed entities					Other (please specify):
	Private companies					Other (please specify):
	Governmental					Other (please specify):
	Not-for-profit					Other (please specify):

28. Is there a requirement for the following entities to prepare annual statutory financial statements? If YES, please describe the financial reporting requirements including the accounting standards to be followed.

Please check all that apply.


	No	Yes	(If YES, please describe)
Listed entities			Prepare individual financial statements with notes following national accounting regulations and for stock exchange purposes according to IFRS as well. As of 1 January 2005 consolidated financial statements are prepared according to IFRS as endorsed by the EU
Private companies			Prepare financial statements with notes following national accounting regulation. There is no size test as to financial reporting requirements - all companies have to prepare their financial statements.
Governmental			Prepare financial statements with notes following national accounting regulation
Not-for-profit			Prepare financial statements with notes following national accounting regulation
Other (please describe) Consolidated companies			As of 1 January 2005 all consolidated companies are required to apply IFRSs as endorsed by the EU (a size test for consolidation: Assets 10 000 thous. EURO, sales 18 000 thous. EURO, 250 eomployees � two of three must be met)
Other (please describe) Public interest entities			As of 1 January 2006 all �public interest companies � - named in the Accounting Law: Banks, Financial Institutions, Insurance companies and large companies are required to apply IFRSs as endorsed by the EU (a size test for large company: Assets 125 000 000 EURO, sales 125 000 000 EURO, 2000 employees � two of three must be met).

29. Is there a statutory requirement for the following entities to be audited? If YES, describe the requirement including the auditing standards to be followed:

Please check all that apply.


	No	Yes	(If YES, please describe)
Listed entities			Audits of statutory financial statements and financial statements prepared under IFRS are required. Audits are being provided in accordance with International standards on auditing beginning 2004.
Private companies			Audits of statutory financial statements.Audits of statutory financial statements and financial statements prepared under IFRS are required(beginning 2005 or 2006). Audits are being provided in accordance with International standards on auditing beginning 2004.
Governmental			Audits of statutory financial statements.Audits of statutory financial statements are required. Audits are being provided in accordance with International standards on auditing beginning 2004.
Not-for-profit			Audits of statutory financial statements.Audits of statutory financial statements are required. Audits are being provided in accordance with International standards on auditing beginning 2004.
Other (please describe)			Note: ISAs are fully effective in Slovakia for audits of financial statements prepared as at 31 December 2004 and later (for other engagements � for engagement letters signed at 1 January 2005 and later). For financial statements prepared earlier than at 31 December 2004 ISAs are effective for their audits beginning 1 July 2005 (�audits of �old� financial statements).
Other (please describe)			Note: There is a size test for obligatory audits: a) all joint stock companies, b)other companies with assets 500.000 EURO, sales 1.000.000 EURO, 20 employees (two of three must be met)

30. Are the auditors ("statutory auditors") that are appointed for audits required by the Act or Code ("statutory audits") appointed for a specific period?

Yes

No

If YES, please indicate the term of appointment:

Year(s)

31. Who appoints the statutory auditors?

Please check all that apply.


	Shareholders					Management
	Board of directors					Other (please specify): Supervisory board
	Audit committee					Other (please specify):
	Government agency					Other (please specify):

32. Does the Act or Code require joint auditors for the statutory audit?

Yes

No

If yes, please describe the requirement:

33. Does the Act or Code require the rotation of the auditors or audit firms performing statutory audits?

Yes

No

If yes, please describe the requirement:

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Section 4B -- Securities Market Regulations

Responses to this section will provide a description of the financial reporting and auditing requirements for listed entities in your country.

34. What are (a) the major items of Legal authority for such requirements, (b) the Enacting body(ies) and (c) the latest amendment date? Please identify the specific articles or sections that pertain to auditing and financial reporting:

1. the major items of Legal authority for such requirements
   
   Auditing Law and Accountancy Law

2. the Enacting body(ies)
   
   Ministry of Finance

3. the latest amendment date?
   
   2002 Auditing Law
   2004 Accounting Law

35. How can IFAC obtain a copy of the Legal authority?

Electronically

36. Is the Legal authority available in English?

Yes

No

37. Are there any additional or alternative financial statement reporting requirements for listed entities that are not described in your answer to Question 28?

Yes

No

If YES, please describe the requirement:

To present interim financial statements and to present financial statements prepared under IFRS

38. Are there any additional auditing requirements that apply to listed entities other than those described in your answer to Question 29 (e.g., additional GAAS requirements, additional independence requirements, requirements to report to those charged with governance, etc.)?

Yes

No

If YES, please describe the requirement:

Reporting to those charged with governance - going concern issues, when ciurcumstances for disclaim of opinion or adverse opinion exist, when the lawúregulations are broken, when facts with negative influence on operations exist.

39. Who appoints the statutory auditors of listed entities?

Please check all that apply.


	Shareholders			Management
	Board of directors			Other (please specify): Supervisory board
	Audit committee			Other (please specify):
	Government agency			Other (please specify):

40. Are auditors who perform audits of listed entities appointed for a specified period?

Yes

No

If YES, please indicate the term of appointment:

Year(s)

41. Are joint auditors required for audits of listed entities?

Yes

No

If YES, please describe the requirement:

42. Is rotation of the auditor or audit firm for audits of listed entities required?

Yes

No

If YES, please describe the requirement:

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Section 5 -- Auditing Standards

Responses to this section will provide a description of the legal and professional framework governing audit and other assurance standards in your country. The section focuses on the establishment of such standards. Please indicate the role your organization plays within this framework.

Section 5A -- Statutory Framework

43. Please provide the name of the Legal authority and/or self-regulatory rules that establish audit and other assurance standards in your country, the date of the last amendment of such authority or rules and the name of body responsible for setting audit and other assurance standards. If the standards are different for different entities (e.g., listed entities, private companies, governmental bodies, not-for-profit organizations, etc.), please specify the details that apply to each:

Type of entity	Name of applicable legal authority	Date of last amendment (e.g. MM/YYYY 06/2001)	Name of body responsible for setting audit and other assurance standards
Listed entity	Auditing Law	06/2002	Chamber of Auditors
Other (please describe)
Other (please describe)
Other (please describe)


a. How can IFAC obtain copies of these documents?

Electronically

b. Are the documents available in English?

Yes

No

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Section 5B -- Standard-Setting (Chamber of Auditors)

44. For Chamber of Auditors, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

a. Nature of body

An independent professional organization established by the law.

There is a special Auditing Standards Committee, but its role has changed now and its main focus is on drafting the comments to ISAs Exposure Drafts and developing national explanatory instructions.

b. Name of standards

International Standards on Auditing
National Instructions and Comments

IFAC International Standards on Auditing (they have been fully accepted in Slovakia from 2004, the function of standard setting body will be changed in 2004 - its main role will be early translation of exposure drafts, make them available for public comments, prepare comments, translate final version and write commentary to implementation if necessary.

45. How many voting members does the standard-setting body have?

11

46. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:		Members of the elected board of chamber vote for standards

47. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

All criteria are taking into consideration when proposing candidates for election

48. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

They are elected by members of the chamber

49. What is the term of appointment for members?

3 Year(s)

50. For how many years has the standard-setting body been in existence?

11 Year(s)

51. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)



Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

33.160

52. To what entity is the standard-setting body accountable?

To the Annual General Meeting of the Chamber

53. Describe the due process followed by the standard-setting body. Please include explanations of the following:

1. public exposure of standards
   
   The due process will follow IFAC process. Usually it exposure period is 1-2 months.
   
   
2. accessibility of meetings (i.e., public or private)
   
   Private and public covered by d)
   
   
3. approval process for final standards (i.e., majority required to approve final standards)
   
   Standards are approved by the Auditing Law. National Instructions and comments on ISAs are approved by Board of the Chamber
   
   
4. other relevant due process activities
   
   Public conferences and professional seminars to exposure drafs (to collect comments) and final standards.
   
   We have developed a special methodology of translation. It is in accordance with the IFAC translation policy. We have �team of experts� (instead review committee), list of key terms. We have translated complete IFAC Handbook 2003, updates 2004 and now we are working on translation of IFAC Handbook 2005 (issued by IFAC in March 2005).

54. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

12 Day(s)

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Section 6 -- Ethics

Responses to questions in this section will provide a description of the legal and professional framework governing ethics standards for accountants in your country. This section focuses on the establishment of such standards. Please indicate the role your organization plays within this framework.

Section 6A -- Statutory Framework

55. For each of the following types of professionals, please indicate the name of the Legal authority and/or self-regulatory rules establishing ethics standards for accountants and auditors in your country, the date of the last amendment of such authority or rules and the name of body responsible for setting the ethics standards.

Type of professional covered	Name of applicable legal authority	Date of last amendment (e.g. MM/YYYY 06/2001)	Name of body responsible for setting ethics standards
Professional Accountants in Public Practice	Auditing Law	10/2003	Chamber of Auditors
Professional Accountants in Business
Professional Accountants in the Public Sector
Other (please describe)


a. How can IFAC obtain copies of these documents?

As of 2004 Slovakia fully accepted IFAC Code of Ethics

b. Are the documents available in English?

Yes

No

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Section 6B -- Standard-Setting (Chamber of Auditors)

56. For Chamber of Auditors, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

a. Nature of body

An independent professional organization established by the law.

There is Ethics Committee of SKAU, but its role has changed now and its main focus is on drafting the comments to IFAC exposure drafts and developing national explanatory instructions.

b. Name of standards

IFAC Code of Ethics (it has been fully accepted in Slovakia from 2004, the function of standard setting body will be changed in 2004 - its main role will be translation of exposure drafts, make them available for public comments, prepare comments, translate final version and write commentary to implementation if necessary

57. How many voting members does the standard-setting body have?

11

58. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:		Members of the elected board of chamber vote for standards, honorary

59. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

All criteria are taking into consideration when proposing candidates for election

60. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

They are elected by members of the chamber

61. What is the term of appointment for members?

3 Year(s)

62. For how many years has the standard-setting body been in existence?

11 Year(s)

63. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)



Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

33.160

64. To what entity is the standard-setting body accountable?

To the Annual General Meeting of the Chamber

65. Describe the due process followed by the standard-setting body. Please include explanations of the following:

1. public exposure of standards
   
   The due process will follow IFAC process
   
   
2. accessibility of meetings (i.e., public or private)
   
   Private and public covered by d)
   
   
3. approval process for final standards (i.e., majority required to approve final standards)
   
   The Code is approved by the SKAU AGM.
   
   
4. other relevant due process activities
   
   Public conferences and professional seminars to exposure drafs (to collect comments) and final standards.
   
   The translations process is in accordace with IFAC Translations Policy (see Q.53)

66. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

12 Day(s)

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Section 7 -- Education

Responses to questions in this section will provide a description of how education requirements for the profession are established. Please indicate the role your organization plays within this process.

Section 7A -- Education Requirements

67. Please describe in general terms the education system in your country including the different stages of education from early childhood education through to tertiary level study. Please indicate which aspects / levels are compulsory as part of the national education system:

Elementary schools - 10 year compulsory
High schools general and specialized -
a) 1 year lower level - compulsory
b) 2+ years higher level, when 3+ usually with "maturity exam"
University level of education
a)full - usually 5 years
b)bachelor level - usually 3 years

68. Is there a legal authority or regulation that specifies the requirements for an individual to operate as an accountant or auditor in your country?

Yes

No


If YES, please provide the name and describe the requirements, including any relating to education, experience or qualifications.

Requirements for operate as an auditor are in Slovakia set by legal authority - see point 69.
Providing accounting services is not regulated.

69. Please select from below all the relevant key levels of requirements to obtain certification from your member body (i.e. to qualify as a certified or chartered accountant) and provide a general description of the requirement.

	Academic requirements University level of Education in Economics
	Professional examinations
	Practical experience 5 years in accounting, from it 3 years in public auditing practice.
	Final qualifying examination There is only one final examination prepared by the Ministry of Finance and the Chamber of Auditors
	Other (please describe)

70. Which of the following arrangements best describes who establishes the education requirements for the accounting profession in your country? Please select one option.

	A government ministry, department or agency establishes education requirements for the accounting profession with no additional requirements set by the member body(ies).
	A government ministry, department or agency establishes minimum education requirements for the accounting profession, and member body(ies) supplement these requirements.
	Member body(ies) establishes the education requirements for the accounting profession.
	Other (please describe)

71. Please provide the name(s) of the relevant body in the government ministry, department, agency and / or member body who establishes the education requirements.

Chamber of Auditors with the Ministry of Finance agreement
1. A general description of the role of the relevant body(ies) including how it operates and its due process in establishing the education requirements.

   The main features are set in legal authority. Those are specified in the detailed documents prepared by the chamber of auditors in cooperation with the Ministry of finance. There is an examination group named by the minister of finance and its members comments all these documets. It is a process of discussions over draft of requirements.

2. How many voting members does the relevant body(ies) have

   11 members of the board of the Chamber approves these documents

3. Are the members of the relevant body(ies) involved on a voluntary basis or employed by the standard-setting body?
   

   	Voluntary
   	Employed
   	Both - Please describe:		Elected members of the Chamber (not employed) and employed people from the Ministry are involved

4. For how many years has the body been in existence?
   
   11 Year(s)

72. How would you describe the authority that the education requirements have?

	Requirements are legally-based
	Requirements are set in the constitution, by-laws or other rules of the relevant body(ies).
	Requirements are set in member body(ies) policy document(s).
	Other (please describe) Principles and basic requirements are legally based. Details are specified in the chamber policy document

72 a. How can IFAC obtain copies of these documents?

72 b. Are these documents available in English?

Yes

No

73. Are the education requirements for accountants and auditors the same throughout your country, or do they differ among regions, provinces or states?

Same

Different

If different, please briefly describe the main differences:

74. Please indicate the scenario that best describes who delivers the education and examination process for members of the profession. Please only select one option.

	The education program and final examination are delivered by the member body.
	The education program and final examination are delivered by the member body and other education institutions (e.g., universities, colleges, and others).
	The education program and final examination are delivered by education institutions (e.g., universities, colleges, and others).
	Other (please explain)

75. Once qualified as a member of your professional body, can members offer their services directly to the public?

Yes

No

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Section 7B -- Licensing

76. Are there licensing requirements for auditors in your country?

Yes (continue with Question 77)

No (proceed to Section 8)

77. Who sets the requirements to obtain a license?

Requirements are set by law

78. What are the requirements to obtain a license (please select all relevant requirements.)?

	Academic study specific for obtaining a license
	Practical experience
	Licensing examination
	Final qualifying examination
	Other (please describe)

79. Are there ongoing requirements to retain a license?

Yes

No


If YES, please select all relevant requirements.


	Continuing professional development
	Re-examination
	Other (please specify):

80. What entity grants the license?

Chamber of Auditors

81. Describe any additional licensing requirements for auditors of listed entities (e.g., additional education requirements, registration, etc.).

None. They do not differ

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Section 8 -- Public Sector Accounting Standards

Responses to this section will provide a description of the legal and professional framework governing public sector accounting standards in your country. The section focuses on the establishment of such standards. Please indicate, where appropriate, the role of your organization within this framework.

Section 8A -- Statutory Framework

82. Please provide the name of the Legal authority and/or self-regulatory rules establishing public sector accounting standards in your country, the date of last amendment and the name of the body responsible for setting public sector accounting standards. If the standards are different for different entities (e.g., whole of government, ministry/department, statutory authority/agency, profit entity owned by government, state governments, local governments, other [please specify]), please specify the details that apply to each.

Type of entity	Name of legal authority	Date of last amendment (e.g. MM/YYYY 06/2001)	Name of body responsible for setting public sector accounting standards
Whole of government
Ministry/department	Accountancy Law and related regulation	06/2004	Ministry of Finance
Statutory authority/agency
Profit entity owned by government
State governments
Local governments
Other (please describe)
Other (please describe)


a. How can IFAC obtain copies of these documents?

Electronically

b. Are the documents available in English?

Yes

No

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Section 8B -- Standard-Setting (Ministry of Finance)

83. For Ministry of Finance, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

a. Nature of body

It is part of the ministry (department)

b. Name of standards

Accounting regulations

84. How many voting members does the standard-setting body have?

N/A

85. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:		N/A

86. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

N/A

87. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

N/A

88. What is the term of appointment for members?

Year(s)

89. For how many years has the standard-setting body been in existence?

Year(s)

90. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)



Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

91. To what entity is the standard-setting body accountable?

N/A

92. Describe the due process followed by the standard-setting body. Please include explanations of the following:

1. public exposure of standards
   
   Three weeks after the draft is being completed
   
   
2. accessibility of meetings (i.e., public or private)
   
   No rules, depends on concrete situation
   
   
3. approval process for final standards (i.e., majority required to approve final standards)
   
   No voting process exists
   
   
4. other relevant due process activities
   
   Rules exist for activities at the governmental level (inside the ministry and other ministries and governmental bodies)
   No regular rules exist for participation of professionals, it depends on conrete situation.

93. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

Day(s)

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Section 9 -- Private Sector Accounting Standards

Responses to the questions in this section will provide a description of the legal, statutory and professional framework governing private-sector accounting standards in your country. The section focuses on the establishment of such standards. Please indicate what role your organization plays within this framework.

Section 9A -- Statutory Framework

94. Please provide the name of the Legal authority and/or self-regulatory rules that establish private-sector accounting standards in your country, the date of last amendment, and the name of the body responsible for setting private sector accounting standards. If the standards are different for different entities (for example, listed entities, private companies, governmental organization, not for profit organizations, etc.), please specify the requirements that apply to each.

Type of entity	Name of legal authority or applicable rules	Date of last amendment (e.g. MM/YYYY 06/2001)	Name of body responsible for setting private sector accounting standards
Listed entity	Accountancy Law and related regulation	06/2004	Ministry of Finance
Other (please describe) Other Entities	Accountancy Law and related regulation	06/2004	Ministry of Finance
Other (please describe)
Other (please describe)
Other (please describe)


a. How can IFAC obtain copies of these documents?

Electronically

Beside the national accounting rules there is requirement to apply IFRS as endorsed by the EU. The translation of IFRS is prepared by the translation team under the supervision of the Ministry of Finance.
As of 1 January 2005 all consolidated companies are required to apply IFRSs as endorsed by the EU (a size test for consolidation: Assets 10 000 000 EURO, sales 18 000 000 EURO, 250 employees � two of three must be met).
As of 1 January 2006 all �public interest companies � - named in the Accounting Law: Banks, Financial Institutions, Insurance companies and large companies are required to apply IFRSs as endorsed by the EU (a size test for large company: Assets 125 000 000 EURO, sales 125 000 000 EURO, 2000 employees � two of three must be met).

b. Are the documents available in English?

Yes

No

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Section 9B -- Standard-Setting (Ministry of Finance)

95. For Ministry of Finance, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

a. Nature of body

Part of the Ministry (department).

b. Name of standards

Accounting regulation for enterpreneurs

96. How many voting members does the standard-setting body have?

N/A

97. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:		N/A

98. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

N/A

99. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

N/A

100. What is the term of appointment for members?

Year(s)

101. For how many years has the standard-setting body been in existence?

Year(s)

102. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)



Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

103. To what entity is the standard-setting body accountable?

N/A

104. Describe the due process followed by the standard-setting body. Please include explanations of the following:

1. public exposure of standards
   
   Three weeks after the draft is being completed
   
   
2. accessibility of meetings (i.e., public or private)
   
   No rules, depends on concrete situation
   
   
3. approval process for final standards (i.e., majority required to approve final standards)
   
   No voting process involved
   
   
4. other relevant due process activities
   
   Rules exist for activities at the governmental level (inside the ministry and other ministries and governmental bodies)
   No regular rules exist for participation of professionals, it depends on situation.

105. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

Day(s)

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Section 10 -- Monitoring (Quality Assurance) and Enforcement

Responses to the questions in this section will provide a description of the legal and professional framework governing regulation of the profession in your country. Please indicate what role your organization plays within this framework.

Section 10A -- Securities Market Regulatory Authority

106. Name the authority that regulates the securities market:

Financial Market Authority

107. What responsibilities does this organization have for monitoring and enforcing compliance with accounting, reporting or auditing requirements? Please identify the Legal authority that establishes that responsibility:

None,see 10G

108. Briefly describe the role of the regulatory authority as it relates to the following:

1. regulation of the audit profession
   
   None,see 10G
   
   
2. accounting and auditing standard-setting
   
   None, see 10G
   
   
3. review of financial statements prepared by listed entities, and monitoring of their compliance with the accounting and disclosure requirements
   
   None, see 10G
   

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Section 10B -- Stock Exchange

109. Name the four largest stock exchangers (by market capitalization) and whether it is organized as a profit or not-for-profit organization:

Profit	Not for profit	Stock Exchange
		Stock Exchange in Bratislava

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Section 10B -- Stock Exchange Stock Exchange in Bratislava Details

110. For Stock Exchange in Bratislava, is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?

Yes

No

If YES, please describe the following:



1. How the monitoring and enforcement of financial reporting, accounting and auditing is conducted.
   
   Responsibility for the enforcement of accounting and auditing standards is not with the Stock Exchange. The Stock Exchange only enforces reporting of other information (with reference on Accountancy Law and Auditing Law) required by Security Law and Stock Exchange Law.
   
   
2. The consequences of non-compliance with the financial reporting, accounting or auditing requirements.
   
   There are specific sanctions for non-compliance with stock exchange regulations.
   
   
3. How enforcement actions are administered.
   
   

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Section 10C -- Regulatory Oversight of the Accounting Profession

111. Has an audit profession oversight body been established (e.g., to oversee the external quality assurance review process, etc.)?

Yes

No

If NO, proceed to the next section.

If YES, please describe :



1. What are the name and duties of the oversight body?
   
   
   
   
2. The number of members on the oversight body
   
   
   
   
3. Its powers
   
   
   
   
4. How the oversight body conducts or oversees a program of inspections to assess the degree of compliance of each audit firm/auditor with applicable auditing standards and regulations
   
   
   
   
5. The sanctions the oversight body may impose in the event of non-compliance
   
   
   
   
6. How the oversight body is accountable to any public institution or body
   
   

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Section 10D -- Banks Regulatory Authority

112. Name the authority that regulates the banks and similar financial institutions. Discuss how this authority differentiates between accounting requirements for regulatory reporting and general purpose external financial reporting:

National Bank of Slovakia - Supervisory department. In accordance with the Act on Banks it requires additional information beyond the general purpose financial reporting (interim FS, other forms, statements and reports)

113. Discuss briefly the legal requirements with respect to monitoring and enforcement by the regulatory authority of accounting and auditing standards that apply to the banks and similar financial institutions:

The National Bank of Slovakia is authorized by the Act on Banks to refuse auditor approved by the supervisory board of a bank. Audited financial statements, interim FS and FS on consolidated basis and other forms, statements and reports required by the Act on Banks have to be submitted to the National Bank of Slovakia and the Ministry of finance. The Act on Banks establishes the sanction regime for the companies and for members of statutory body and supervisory board

114. Briefly describe the role of the regulatory authority as it relates to the following:

1. regulation of the audit profession
   
   National Bank of Slovakia can refuse auditor approved by a bank.
   
   
2. accounting and auditing standard-setting
   
   National Bank of Slovakia regulates the content of the auditor´s report on additional information as a part of the audit of general purpose finanical statements plus see section 10G
   
   
3. review of financial statements prepared by listed entities
   
   see section 10G
   
   
4. enforcement of accounting, reporting and auditing requirements
   
   see 113,114 and section 10G

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Section 10E -- Non-Banking Financial Institutions Regulatory Authority

115. Name the regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements imposed on non-banking institutions.

Financial Market Authority

116. What is the source of Legal authority of the regulatory authority(ies)?

Financial Market Supervision Law

117. Briefly describe the role of the regulatory authority(ies) as it relates to the following:

1. regulation of the audit profession
   
   see section 10G
   
   
2. accounting and auditing standard-setting
   
   see section 10G
   
   
3. review of financial statements prepared by listed entities
   
   see section 10G
   
   
4. enforcement of accounting, reporting and auditing requirements
   
   see section 10G

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Section 10F -- Insurance Companies Regulatory Authority

118. Name the regulatory authority responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements imposed on insurance companies.

Financial Market Authority

119. What is the source of Legal authority of the regulatory authority(ies)?

Financial Market Supervision Law

120. Briefly describe the role of the regulatory authority(ies) as it relates to the following

1. regulation of the audit profession
   
   Approval of auditors by the Board of directors has to be approved by the Authority - this is required by the Insurance Act
   
   
2. accounting and auditing standard-setting
   
   see section 10G
   
   
3. review of financial statements prepared by listed listed entities
   
   see section 10G
   
   
4. enforcement of accounting, reporting and auditing requirements
   
   see section 10G

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Section 10G -- Other Regulatory Authority

121. Name any other regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements.

Ministry of Finance enforces accounting and reporting requirements through its Tax offices.

Note: There are proposals to establish a new regulatory body � �Financial Reporting Council�. This new body will be responsible for enforcing accounting and auditing rules.

122. What is the source of Legal authority of each regulatory authority?

Accountancy Law

123. Briefly describe the role of the regulatory authority(ies) as it relates to the following

1. regulation of the audit profession
   
   Indirectly via the Auditing Law
   
   
2. accounting and auditing standard-setting
   
   Accounting - Ministry of Finance is the issuer
   Auditing - indirectly via Auditing Law which sets framework for standards in Slovakia(e.g. International Standards on Auditing or IFac Code of Ethics)
   
   
3. review of financial statements prepared by listed listed entities
   
   No special procedures - Ministry of Finance can review financial statements in general as part of the enforcement process set by Accountancy Law by its Tax offices, they do not differ for listed companies
   
   
4. enforcement of accounting, reporting and auditing requirements
   
   a) Accounting and reporting - see 121 and legal provision for liability of the board of directors for damages to the entity in accordance with Company Law (if not due care is maintained)
   b) Auditing - through supervisory and disciplinary committees of the Chamber of Auditors and legal provision for liability of auditors for damages to the entities

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Section 10H -- Quality Assurance

124. Does any organization of professional accountants/auditors organize a program of quality assurance review to monitor compliance with accounting, reporting and auditing requirements?

Yes

No

If NO, proceed to next Section.

If YES, briefly describe the monitoring and enforcement mechanism.

The Chamber of Auditors through its Committee for Quality Assurance monitors the quality of audit in Slovakia. The results lead to the improvement requirements or they may lead to the disciplinary actions as set in the Auditing Law.
All practicing auditors and audit firms are subject to the quality control process.
The review cycle is 6 years.

125. Under what authority does the organization conduct the program of quality assurance review?

Under Auditing Law.

126. Who performs the review (e.g., one firm reviewing another firm, staff from the national professional organization, contractors, or a combination of these)?

Members of the quality assurance committee-elected by the members of the Chamber of Auditors

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Section 10 I -- Investigation and Discipline

127. Is there a process for investigating and disciplining the accounting profession in your country?

Yes

No


If NO, proceed to the Certification of Chief Executive

128. Which of the following best describes the responsibility for the investigatory and disciplinary function in your country?

	Government or other agencies are solely responsible for this function.
	Government or other agencies have this responsibility, but the member body or bodies participate in the process.
	Government formally delegates this function to the member body or bodies, to exercise on its behalf.
	Member body or bodies have separate and independent processes that operate alongside processes of legal authorities.
	Other (please explain)

129. Please indicate the name of the body or bodies responsible for investigation and discipline.

Supervisory board and Disciplinary Commission of the Chamber of Auditors

Responses to the remaining questions in this Section are required if your organization has responsibility for investigation and disciplinary actions.

130. How many voting members does the body have?

10

131. Are the members of the body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:

132. What are the criteria considered in selecting members of the body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

Combination of all mentioned criteria required when proposing candidates for election

133. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

Members are elected

134. What is the term of appointment for members?

3 Year(s)

135. For how many years has the body been in existence?

11 Year(s)

136. Please indicate the budget in US$ of the body for the last fiscal year.

Note: Please enter a whole number using commas (e.g., 4,000,000)



Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

33.160 (specify currency)

137. To what entity is the body accountable?

Annual General Meeting of the Chamber of Auditors

138. Approximately how many days per year does the body meet in full session (including teleconferences)?

8 Day(s)

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