Slovakia

As a Member State of the European Union (EU), Slovakia is subject to accounting, auditing, and corporate reporting requirements established in EU Regulations and Directives, as transposed into national law. The principal legal framework is set out in Act No. 431/2002 Coll. on Accounting and Act No. 423/2015 Coll. on Statutory Audit.

The accounting framework is established by Act No. 431/2002 Coll. on Accounting, which sets requirements for bookkeeping, preparation of financial statements, and filing obligations. The IFRS Foundation reports that the authority to set accounting standards and regulations rests with the Slovak Parliament and the Ministry of Finance, while decrees of the Ministry of Finance provide application guidance, including a prescribed uniform chart of accounts.

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. The IFRS Foundation also reports that Slovakia has exercised the options available under the European Union framework to require European Union-endorsed IFRS in both consolidated and separate financial statements of all public interest entities (PIEs), permit their use in separate financial statements of listed entities that are not PIEs, and require their use in consolidated financial statements of certain companies whose securities do not trade in a public market. IFRS for Small and Medium-sized Entities has not been adopted.

The IFRS Foundation jurisdiction profile identifies PIEs in Slovakia as including banks and branches of foreign banks, the Export-Import Bank of the Slovak Republic, insurance and reinsurance companies, asset management companies, the stock exchange, and certain large companies that meet at least two of the following criteria in two consecutive years: total assets of more than EUR 165,969,594, net turnover of more than EUR 165,969,594, and an average number of employees exceeding 2,000.

The auditing framework is established by Act No. 423/2015 Coll. on Statutory Audit, which implemented the 2014 European Union audit reform package in Slovakia and replaced the prior audit law.

Act No. 423/2015 Coll. requires statutory audits to be conducted in accordance with International Standards on Auditing (ISA). Statutory audits are required for PIEs and for other entities that meet size thresholds established in law. Recent authoritative summaries indicate that, from 1 January 2022, an audit is required where an entity exceeds at least two of the following three criteria in both the current and preceding accounting periods: total assets of EUR 4,000,000, net turnover of EUR 8,000,000, and an average number of employees exceeding 50.

Slovakia has also amended its accounting framework to incorporate European Union sustainability reporting requirements. Sustainability information prepared in accordance with the European Sustainability Reporting Standards is published in annual or consolidated annual reports and is subject to limited assurance by auditors under the Slovak Accounting Act. As of 10 July 2025, Act No. 187/2025 Coll. introduced a two-year postponement of certain sustainability reporting requirements.

In Slovakia, only statutory auditors are regulated at the state level under Act No. 423/2015 Coll. on Statutory Audit. The law governs the audit profession, including the conduct of audits, and defines the rights, duties, and responsibilities of statutory auditors, audit firms, and assistant auditors. It also establishes requirements for entry into the profession, initial and continuing professional development, the application of professional standards, the operation of a quality assurance review system, and an investigation and disciplinary framework.

Act No. 423/2015 Coll. established the Úrad pre dohlad nad výkonom auditu (Audit Oversight Authority) as the independent public oversight body. The authority is responsible for the oversight of statutory auditors and audit firms, third-country auditors and audit firms registered in Slovakia, and the activities of the Slovenská komora audítorov (Slovak Chamber of Auditors). Its oversight responsibilities also extend to audits of public interest entities (PIEs) and other entities defined in the law. Public information published by the authority confirms its role as the competent body for licensing, registration, inspection, and enforcement in the audit profession in Slovakia.

The Act sets out the requirements for qualification as a statutory auditor. Candidates are required to obtain a second-level university degree, meet integrity requirements, and enter the profession as assistant auditors. They must complete a minimum of five years of practical experience, including at least three years in statutory audit, and successfully pass professional examinations. Final examinations are organized under the oversight of the Audit Oversight Authority. Upon successful completion, candidates are registered as statutory auditors and must maintain membership in the Slovenská komora audítorov. Continuing professional development is mandatory and monitored in accordance with the law.

The Audit Oversight Authority is responsible for organizing final examinations, issuing licenses and certificates, maintaining registers of statutory auditors and audit firms, and overseeing compliance with applicable auditing and ethical standards. It conducts quality assurance reviews of audits of PIEs and other specified entities, supervises the enforcement activities of the Slovenská komora audítorov, and has the authority to impose sanctions, including suspension or withdrawal of licenses. The authority also cooperates with European Union institutions and contributes to the development of accounting and auditing legislation in coordination with the Ministry of Finance.

The Slovenská komora audítorov is the professional accountancy organization for statutory auditors and operates under the oversight of the Audit Oversight Authority. In accordance with the law, it is responsible for issuing the Auditor’s Code of Ethics in line with the International Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants, conducting quality assurance reviews of auditors providing services to non-public interest entities, and implementing and enforcing continuing professional development requirements. The chamber also maintains a register of its members, operates an investigation and disciplinary system subject to oversight, and supports the profession through guidance and the translation of international standards.

Act No. 423/2015 Coll. on Statutory Audit establishes the Úrad pre dohlad nad výkonom auditu (Audit Oversight Authority) as the independent public audit oversight authority in Slovakia.

In accordance with the law, entities subject to the oversight of the Audit Oversight Authority include statutory auditors and audit firms, third-country auditors and third-country audit firms registered in Slovakia, the activities of the Slovenská komora audítorov (Slovak Chamber of Auditors), public interest entities (PIEs), and other large entities as defined in the legislation.

The Audit Oversight Authority is responsible for organizing final examinations for statutory auditors, issuing audit licenses and certificates, suspending and withdrawing licenses, and supervising the enforcement activities of the Slovak Chamber of Auditors. It also maintains the public register of statutory auditors and audit firms, oversees compliance with International Standards on Auditing (ISA), the Auditor’s Code of Ethics, and the provisions of Act No. 423/2015 Coll., and conducts quality assurance reviews of PIEs and other entities within its direct remit.

In addition, the authority monitors auditors’ fulfillment of continuing professional development requirements, cooperates with European Union institutions and oversight bodies on regulatory matters, and collaborates with the Ministry of Finance in the preparation and implementation of accounting and auditing legislation in Slovakia.

The Audit Oversight Authority is recognized internationally as Slovakia’s independent audit regulator and is listed among the European auditing oversight bodies.

Slovenská Komora Audítorov (SKAU)

The Slovenská komora audítorov is the professional accountancy organization representing statutory auditors and audit firms in Slovakia. It was established in 1992 and operates under the provisions of Act No. 423/2015 Coll. on Statutory Audit, which defines its legal status, governance structure, and responsibilities. Public information published by the chamber confirms its role as the sole professional body for statutory auditors in the jurisdiction.

Membership in the Slovenská komora audítorov is mandatory for individuals and firms authorized to perform statutory audits. The chamber’s responsibilities are established in law and include issuing the Auditor’s Code of Ethics in accordance with the International Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants, conducting quality assurance reviews of auditors providing services to non-public interest entities under the oversight of the Úrad pre dohlad nad výkonom auditu (Audit Oversight Authority), and establishing and enforcing continuing professional development requirements for its members.

The Slovenská komora audítorov is also responsible for maintaining a register of statutory auditors and audit firms, operating an investigation and disciplinary system for its members under the supervision of the Audit Oversight Authority, and supporting the implementation of international standards through guidance, training, and the translation of standards into Slovak.

The chamber is a member of the International Federation of Accountants and Accountancy Europe, through which it participates in regional and international developments in the accountancy profession.

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 other entities within its direct remit, and by the Slovenská komora audítorov (Slovak Chamber of Auditors) for non-PIEs under the oversight of the Audit Oversight Authority.

The selection of entities for QA reviews is risk-based and is carried out (i) at least once every three years in the case of audits of PIEs and other large entities as defined in the legislation, and (ii) at least once every six years for other statutory auditors and audit firms.

Inspectors are required to communicate the outcomes of QA reviews to the relevant oversight bodies, including the Audit Oversight Authority’s quality assurance committee and the Slovak Chamber of Auditors’ supervisory structures.

The International Standards on Quality Management (ISQM 1 and ISQM 2) and International Standard on Auditing (ISA) 220 (Revised) became effective for audits and reviews of financial statements for periods beginning on or after 15 December 2022 and are adopted and effective in Slovakia. The Slovak Chamber of Auditors has confirmed that its quality assurance review checklists have been updated to reflect the quality management standards, and the Audit Oversight Authority has also incorporated these standards into its inspection framework.

The QA review arrangements in Slovakia are operational for all mandatory audits and are aligned with the requirements of Statement of Membership Obligations (SMO) 1 and the applicable European Union audit framework.

Current Status: Adopted

The initial and continuing professional development requirements for statutory auditors are established under Act No. 423/2015 Coll. on Statutory Audit and are implemented through 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. Entry requirements include possession of a second-level university degree, fulfillment of integrity and fit-and-proper criteria, and registration in the list of assistant auditors maintained by the chamber.

Candidates are required to complete at least five years of professional experience in accounting, including a minimum of three years of practical training focused on statutory audit totaling no less than 3,000 hours, under the supervision of a qualified statutory auditor or audit firm. Following completion of the practical experience requirement, candidates must successfully pass the final professional examinations organized by the Audit Oversight Authority and subsequently register with both the authority and the chamber as statutory auditors.

To remain in good standing, statutory auditors are subject to mandatory continuing professional development requirements established in law. Members are required to complete at least 20 verifiable hours of continuing professional development annually and 120 hours over a rolling three-year period, which aligns with the input-based approach under International Education Standard 7. Compliance is monitored annually by the Slovak Chamber of Auditors, and cases of non-compliance may be referred to the disciplinary process.

The Slovak Chamber of Auditors reports that the national educational framework is aligned with the latest International Education Standards requirements at the jurisdiction level. Recent updates have incorporated competency-based approaches, information and communications technology skills, and enhanced emphasis on professional skepticism and professional behavior, with revisions implemented in 2021 and 2022 to reflect these developments.

Current Status: Adopted

Act No. 423/2015 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. The Slovenská komora audítorov (Slovak Chamber of Auditors) reports that, accordingly, ISA are adopted by direct legal reference and become effective in Slovakia upon issuance.

Current Status: Adopted

According to Act No. 423/2015 on Statutory Audit, the Slovenská Komora Audítorov (SKAU) 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 the Act 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.

Current Status: Adopted

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. The Slovenská komora audítorov (Slovak Chamber of Auditors) reports that these standards, commonly referred to as National Public Sector Standards, are developed on an accrual basis and draw on the principles of International Public Sector Accounting Standards issued by the International Public Sector Accounting Standards Board.

While IPSAS have served as a reference framework in the development of the national system, they have not been adopted in their entirety as issued. Accordingly, public sector accounting in Slovakia is based on accrual-oriented national standards that are aligned with IPSAS principles but do not constitute full adoption.

Current Status: Partially Adopted

Act No. 423/2015 Coll. on Statutory Audit requires the establishment of an investigation and disciplinary (I&D) system for statutory auditors.

The Slovenská komora audítorov (Slovak Chamber of Auditors) operates an I&D 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 Audit Oversight Authority conducts investigation and disciplinary procedures in respect of auditors of public interest entities and other entities within its direct supervisory remit.

The chamber’s Supervisory Board comprises five members approved by the General Assembly for four-year terms. It is responsible for investigating complaints and referring cases for disciplinary action to the chamber’s Disciplinary Commission. The Disciplinary Commission may impose sanctions as set out in Article 49 of the Act, provided that proceedings are initiated no later than three years from the date of the breach. Decisions may be appealed by the individual concerned 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 Audit Oversight Authority’s Enforcement Committee is mandated by law to review the chamber’s investigation and disciplinary processes, initiate proceedings under Article 64, impose sanctions in accordance with the Act, and decide on matters relating to confidentiality under Article 32(3). The committee may impose sanctions where deficiencies are identified during quality assurance reviews or following referrals from the Slovak Chamber of Auditors.

The investigation and disciplinary arrangements in the jurisdiction are operational for all statutory auditors and incorporate the requirements of Statement of Membership Obligations 6.

Current Status: Adopted

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 (i) require European Union-endorsed IFRS in both consolidated and separate financial statements of all public interest entities (PIEs); (ii) permit their use in the separate financial statements of listed entities that are not PIEs; and (iii) require their use in the consolidated financial statements of certain companies whose securities do not trade in a public market.

PIEs include banks, financial institutions such as asset management companies and pension funds, insurance undertakings, listed companies, health insurance entities, railways of the Slovak Republic, and companies that meet at least two of the following criteria in two consecutive years: total assets exceeding EUR 170 million, net turnover exceeding EUR 170 million, and an average number of employees exceeding 2,000.

The IFRS Foundation notes that European Union-endorsed IFRS contain limited modifications in certain areas, including historical carve-outs related to financial instruments. However, these modifications affect only a limited number of entities, and the majority of companies are able to state full compliance with IFRS Accounting Standards.

IFRS for Small and Medium-sized Entities has not been adopted in the jurisdiction and is not currently under consideration pending any future amendments to the European Union Accounting Directive.

Current Status: Adopted

Relevant Organizations

• Slovenská komora audítorov (SKAU)
• Ministry of Finance of the Slovak Republic
• Úrad pre dohlad nad výkonom auditu (Audit Oversight Authority)

Relevant Legislation

• Act No. 513/1991 Coll. Commercial Code
• Act No. 431/2002 Coll. on Accounting
• Act No. 423/2015 Coll. on Statutory Audit

• Act No. 747/2004 Coll. on Supervision of the Financial Market

Relevant Publications

• Accountancy Europe, Structure and Organisation of the Accountancy Profession – Key features: Slovak Republic
• Accountancy Europe, Definition of Public Interest Entities in Europe (2019)
• Accountancy Europe, Defining a Public Interest Entity: How to Streamline the Scope of EU Audit Rules Across Countries (2022)
• Accountancy Europe, Overview of ISA Adoption in the EU (2015)
• European Commission, Audit Directive – Transposition Status
• IFRS Foundation, IFRS Application Around the World – Jurisdictional Profile: Slovakia (June 2016)
• SKAU, SMO Action Plan (September 2023)