Slovenska Komora Auditorov (Slovak Chamber of Auditors)

Act No. 423/2015 Coll. on Statutory Audit stipulates that statutory auditors and audit firms are subject to quality assurance (QA) reviews carried out by the Úrad pre dohlad nad výkonom auditu (Audit Oversight Authority) for public interest entities (PIEs) and large companies, and by the Slovenská komora audítorov (Slovak Chamber of Auditors) for non-PIEs under the oversight of the Audit Oversight Authority. The Slovak Chamber of Auditors reports that the QA review arrangements in Slovakia are aligned with the requirements of Statement of Membership Obligations 1 and the European Union audit framework.

The QA review system has been operational since 2002 and is subject to ongoing monitoring and enhancement to reflect developments in international best practices. The Slovak Chamber of Auditors supports auditors in strengthening internal control systems and audit quality through the provision of guidance materials, updated review methodologies, and targeted training programs. These include workshops and resources designed to address findings from QA reviews, with particular emphasis on improving audit documentation and supporting small- and medium-sized practices.

To maintain the competence of QA reviewers, the chamber has participated in international training initiatives and knowledge-sharing activities with other European professional bodies, including collaboration with the Institute of Chartered Accountants in England and Wales. Audit quality and QA inspection practices are also discussed through regional cooperation platforms, including regular meetings of audit chambers within Central Europe.

Following the introduction of the International Standards on Quality Management, the Slovak Chamber of Auditors and the Audit Oversight Authority have updated their QA methodologies and inspection checklists to reflect the requirements of International Standards on Quality Management 1. The chamber has supported implementation through training, webinars, and detailed guidance materials, including illustrative examples of risks and responses. The Audit Oversight Authority has incorporated the new standards into its inspection processes and has begun reporting on quality management findings.

The Slovak Chamber of Auditors prepares and submits annual reports on QA activities to the Audit Oversight Authority and publishes relevant information to promote transparency. Ongoing collaboration between the chamber and the authority continues to strengthen the QA framework.

Current Status: Sustain

The initial and continuing professional development requirements for statutory auditors are established under Act No. 423/2015 Coll. on Statutory Audit and are implemented by universities, the Úrad pre dohlad nad výkonom auditu (Audit Oversight Authority), and the Slovenská komora audítorov (Slovak Chamber of Auditors).

In accordance with the legislation, candidates must first be registered as assistant auditors with the Slovak Chamber of Auditors by meeting the entry requirements, including possession of a second-level university degree, successful completion of the chamber’s entry examination, and satisfaction of fit-and-proper requirements. Candidates are then required to complete at least five years of professional experience in accounting, including a minimum of three years (3,000 hours) in statutory audit as assistant auditors. Following completion of the practical experience requirement, candidates must pass the final professional examinations organized by the Audit Oversight Authority and subsequently register with both the authority and the chamber as statutory auditors. The examinations include both theoretical and case study-based assessments designed to evaluate technical knowledge and practical competence.

To remain in good standing, members are required to complete mandatory continuing professional development requirements established in law. This includes a minimum of 20 verifiable hours annually and 120 hours over a rolling three-year period, which aligns with the input-based approach under International Education Standard 7.

The Slovak Chamber of Auditors reports that, as of the date of the assessment, the initial and continuing professional development requirements are aligned with the latest International Education Standards at the jurisdiction level.

Within its shared mandate, the chamber focuses on the provision and monitoring of continuing professional development. Its Commission of Education reviews members’ compliance with continuing professional development requirements on an annual basis, and cases of non-compliance are referred to the Disciplinary Commission where appropriate.

The chamber provides a wide range of educational opportunities, including seminars, conferences, webinars, and e-learning courses covering technical accounting and auditing topics, updates to audit regulation and International Standards on Auditing, developments in information technology and auditing, and other emerging professional matters. To facilitate access and support wider participation, the chamber continues to expand its digital learning offerings.

Through these ongoing and well-established processes, the Slovak Chamber of Auditors maintains effective mechanisms to fulfill its obligations under Statement of Membership Obligations 2.

Current Status: Sustain

Act No. 423/2015 Coll. on Statutory Audit specifies the auditing standards to be applied in the conduct of statutory audits. Article 19 stipulates that all statutory audits must be conducted in accordance with International Standards on Auditing (ISA) as issued by the International Auditing and Assurance Standards Board. Compliance with these standards is monitored by the Úrad pre dohlad nad výkonom auditu (Audit Oversight Authority).

The Slovenská komora audítorov (Slovak Chamber of Auditors) supports the implementation of ISA through a range of ongoing activities. It monitors new and revised standards issued by the International Auditing and Assurance Standards Board and coordinates stakeholder feedback on exposure drafts in collaboration with the Audit Oversight Authority. The chamber keeps members informed of developments in auditing standards and regulatory requirements and updates its training programs accordingly.

To support implementation, the chamber provides technical guidance, organizes conferences and seminars on audit-related topics, and offers continuing professional development courses covering updates to auditing standards and emerging issues. It also operates an online support service to respond to members’ queries related to ISA and incorporates responses to complex issues into published implementation guidance.

The chamber has expanded its digital learning offerings, including e-learning courses covering International Standards on Auditing and other International Auditing and Assurance Standards Board pronouncements. Training initiatives are informed by findings from quality assurance reviews, with targeted programs developed to address areas requiring improvement, including recent training focused on International Standard on Auditing 315 (Revised) and information technology-related controls.

Through these well-established and ongoing processes, the Slovak Chamber of Auditors supports the effective implementation of auditing standards and maintains alignment with the requirements of Statement of Membership Obligations 3.

Current Status: Sustain

The Slovenská komora audítorov (Slovak Chamber of Auditors) is responsible for issuing the Auditor’s Code of Ethics for statutory auditors under the oversight of the Úrad pre dohlad nad výkonom auditu (Audit Oversight Authority). Article 2(18) of Act No. 423/2015 Coll. on Statutory Audit stipulates that the Auditor’s Code of Ethics must be compliant with the International Code of Ethics for Professional Accountants (including International Independence Standards) as issued by the International Ethics Standards Board for Accountants.

The Slovak Chamber of Auditors reports that it maintains ongoing processes to monitor changes and revisions issued by the International Ethics Standards Board for Accountants in order to ensure continued alignment of the national ethical framework.

To support effective implementation, the chamber raises awareness of ethical requirements among members and key stakeholders, including regulators, universities, judicial bodies, legislative authorities, and government institutions. It also disseminates information on new, proposed, and revised provisions of the Code and incorporates ethics-related topics into its training programs in collaboration with the Audit Oversight Authority.

The chamber also participates in the international standard-setting process through the review of and contribution to exposure drafts issued by the International Ethics Standards Board for Accountants.

Through these established and ongoing processes, the Slovak Chamber of Auditors maintains effective mechanisms to fulfill its obligations under Statement of Membership Obligations 4.

Current Status: Sustain

The Ministry of Finance is responsible for the adoption of public sector accounting standards in Slovakia under Act No. 431/2002 Coll. on Accounting. Public sector financial reporting is based on national standards issued by the Ministry of Finance, which are developed on an accrual basis and draw on the principles of International Public Sector Accounting Standards.

Within the scope of its mandate and as part of its best-endeavor responsibilities, the Slovenská komora audítorov (Slovak Chamber of Auditors) supports the advancement of public sector financial reporting practices. The chamber organizes seminars and training activities, often in collaboration with the Ministry of Finance, covering International Public Sector Accounting Standards and the preparation of public sector financial statements.

The chamber also contributes to the development and dissemination of guidance materials, including publications on public sector auditing, and provides technical support to practitioners through expert resources and advisory services.

Through these ongoing activities, the Slovak Chamber of Auditors promotes awareness and understanding of international public sector accounting standards and supports the strengthening of public sector financial reporting in line with the requirements of Statement of Membership Obligations 5.

Current Status: Sustain

Act No. 423/2015 Coll. on Statutory Audit requires the establishment of an investigation and disciplinary system for statutory auditors. The Slovenská komora audítorov (Slovak Chamber of Auditors) operates an investigation and disciplinary system for its members under the supervision of the Úrad pre dohlad nad výkonom auditu (Audit Oversight Authority). In accordance with Article 40 of the Act, the chamber is required to report all complaints received to the authority on an annual basis. The chamber reports that the investigation and disciplinary arrangements in the jurisdiction are aligned with the requirements of Statement of Membership Obligations 6.

The chamber’s Supervisory Board, comprising five members appointed by the General Assembly for four-year terms, is responsible for investigating complaints and referring cases for disciplinary action to the Disciplinary Commission. The Disciplinary Commission may impose sanctions as set out in Article 49 of the Act, provided that proceedings are initiated within three years from the date of the breach. Decisions may be appealed within 15 days of notification. Members of both the Supervisory Board and the Disciplinary Commission may be re-elected for a maximum of two consecutive terms.

The Slovak Chamber of Auditors has assessed its investigation and disciplinary policies and procedures against the requirements of Statement of Membership Obligations 6 and reports that they are aligned with international best practices. The chamber also reviews its procedures on an ongoing basis to maintain alignment.

To promote transparency and public confidence, the chamber raises awareness of its investigation and disciplinary processes among both members and the public. It provides a mechanism for the submission of complaints through its website and includes information on disciplinary actions in its annual reports. In addition, information on disciplinary outcomes is made publicly available through the Audit Oversight Authority.

Through these established and continuously improving processes, the Slovak Chamber of Auditors maintains effective mechanisms to fulfill its obligations under Statement of Membership Obligations 6.

Current Status: Sustain

The Ministry of Finance is responsible for the adoption of accounting standards in Slovakia in accordance with Act No. 431/2002 Coll. on Accounting.

In accordance with Regulation (EC) No. 1606/2002, European Union-endorsed International Financial Reporting Standards (IFRS) Accounting Standards are required for the consolidated financial statements of domestic companies whose securities trade in a regulated market. As documented by the IFRS Foundation, Slovakia has also exercised the options available under the European Union framework to require or permit European Union-endorsed IFRS for additional categories of entities, including public interest entities (PIEs) and certain non-listed companies.

The Slovenská komora audítorov (Slovak Chamber of Auditors) supports the implementation of European Union-endorsed IFRS through a range of ongoing activities. The chamber organizes and delivers training programs, annual conferences, and seminars on IFRS, often in collaboration with other professional and technical stakeholders.

To facilitate implementation, the chamber provides members with online learning resources, access to technical experts, and support through its Accounting Standards Committee. It also keeps members informed of developments issued by the International Accounting Standards Board by regularly disseminating relevant updates and pronouncements.

In addition, the chamber participates in broader national discussions on financial reporting developments through its representation on the Audit Oversight Authority’s Accounting Standards Committee, where IFRS and related technical matters are considered.

Through these established and ongoing processes, the Slovak Chamber of Auditors supports the effective implementation of financial reporting standards and maintains alignment with the requirements of Statement of Membership Obligations 7.

Current Status: Sustain