Slovenia

As a member of the European Union (EU), Slovenia is subject to accounting, auditing, and financial reporting requirements established through EU Regulations and Directives as transposed into national legislation. Slovenia’s corporate reporting and statutory audit framework is primarily governed by the Companies Act (ZGD-1), the Auditing Act (ZRev-2), and sector-specific financial services legislation.

The Companies Act (ZGD-1) establishes the financial reporting framework for corporate entities and incorporates the requirements of the EU Accounting Directive (2013/34/EU). Public interest entities, including listed companies, credit institutions, insurance undertakings, pension funds, and certain state-owned entities, are required to apply International Financial Reporting Standards (IFRS) as endorsed by the EU in both consolidated and separate financial statements. Entities electing to apply IFRS are generally required to continue applying the framework for a minimum period of five years.

Other entities may apply either EU-endorsed IFRS or Slovenian Accounting Standards (SAS). The Slovenian Institute of Auditors (SIA) is responsible for developing SAS, while the standards become effective following approval by the Ministry of Finance and the Ministry of the Economy, Tourism and Sport and publication in the Official Gazette. Slovenia has not adopted the IFRS for Small and Medium-sized Entities (IFRS for SMEs).

The legal framework provides differential reporting requirements for micro, small, and medium-sized entities in line with the EU Accounting Directive. Eligible entities may prepare abridged financial statements and benefit from reduced disclosure requirements. Certain entities, including listed companies, banks, insurance undertakings, and entities required to prepare consolidated financial statements under IFRS, are excluded from simplified reporting regimes regardless of size.

Additional reporting and supervisory requirements apply to regulated sectors. Banks are supervised by the Bank of Slovenia, while listed entities are subject to the Financial Instruments Market Act and oversight by the Securities Market Agency. Insurance companies are additionally regulated under the Insurance Act.

Statutory audit requirements are established under the Companies Act (ZGD-1) and the Auditing Act (ZRev-2), which transpose the EU Statutory Audit Directive and related EU audit reform measures into national law. Mandatory audits are required for medium-sized and large entities, groups exceeding prescribed thresholds, and public interest entities.

The Auditing Act (ZRev-2) requires statutory audits to be conducted in accordance with International Standards on Auditing (ISA) and other pronouncements issued by the International Auditing and Assurance Standards Board. The standards are applied as issued without modification. Statutory audits may only be performed by licensed auditors and audit firms authorized in accordance with the Auditing Act.

The audit profession is regulated at the state level in Slovenia. The Auditing Act (ZRev-2) governs statutory auditing, audit oversight, valuation services, and the respective roles of the Slovenian Institute of Auditors (SIA) and the Agency for Public Oversight of Auditing (APOA). The Act transposes the relevant European Union audit requirements into national law.

The certified auditor designation is the protected professional title for statutory auditors. Entry into the profession is regulated under the Auditing Act and related requirements. Candidates are generally required to hold a university degree, complete five years of practical experience, including at least three years in auditing, complete professional education, pass the professional competence examination, meet good repute requirements, and demonstrate proficiency in Slovenian. Certified auditors are licensed and registered by APOA.

APOA is the independent public oversight authority for the audit profession. It is responsible for audit regulation and public oversight, including adoption of auditing rules, approval and oversight of professional education and continuing professional development for certified auditors, licensing and registration of statutory auditors and audit firms, quality assurance inspections, and enforcement procedures.

SIA operates as the principal professional accountancy organization in the jurisdiction. It supports the profession through training, professional guidance, ethical and technical support, and representation of the profession nationally and internationally. SIA is also responsible for developing and supporting professional qualifications for certified appraisers and other professional categories, including certified accountants, certified tax advisers, internal auditors, and information systems auditors.

Certified appraisers are regulated under the Auditing Act and are subject to SIA registration and oversight, with APOA exercising public oversight when valuation services are performed for entities subject to statutory audit. Other accountancy professionals, including accountants, tax advisers, internal auditors, and information systems auditors, may obtain SIA professional titles and become subject to SIA requirements, but these categories are generally not regulated by law in the same manner as certified auditors and certified appraisers.

This framework reflects a shared regulatory model in which APOA exercises public oversight and statutory authority over auditors and audit firms, while SIA supports professional education, qualifications, guidance, and member development across the broader accountancy profession.

Independent public oversight of the audit profession in Slovenia is established under the Auditing Act (ZRev-2), which provides the legal framework for the regulation and supervision of statutory auditors, audit firms, and certain valuation activities.

The Agency for Public Oversight of Auditing (APOA) was established as the independent public oversight authority responsible for supervising the audit profession and implementing the requirements of the European Union audit regulatory framework. APOA operates independently and is responsible for oversight of statutory auditors and audit firms performing statutory audits in Slovenia.

Under the Auditing Act, APOA is responsible for approving and registering statutory auditors and audit firms; supervising continuing professional development and professional examinations for certified auditors; overseeing the adoption and implementation of auditing, ethical, and quality management standards; conducting quality assurance inspections; administering investigation and disciplinary procedures; and monitoring the work of statutory auditors, audit firms, and certified appraisers. APOA also has authority to impose sanctions and withdraw licenses under conditions established by law.

APOA exercises public oversight over the Slovenian Institute of Auditors (SIA) in areas delegated to or performed by the institute under the Auditing Act. This includes oversight of professional education activities, professional examinations, and certain activities relating to certified appraisers and other professional qualifications.

APOA is a member of the International Forum of Independent Audit Regulators, supporting cooperation with international audit oversight authorities and alignment with international regulatory developments.

The Slovenian Institute of Auditors (SIA)

The Slovenian Institute of Auditors (SIA) was established in 1993 and operates as the principal professional accountancy organization in Slovenia. SIA functions as the central professional body for auditors, certified appraisers, accountants, internal auditors, tax advisers, business finance experts, and information systems auditors, providing professional education, training, guidance, and support to its members.

SIA’s mandate is established under the Auditing Act (ZRev-2). Following the 2019 audit reform, direct regulatory authority over statutory auditors and audit firms rests with the Agency for Public Oversight of Auditing (APOA), while SIA continues to support the profession through professional development, technical guidance, and activities related to professional qualifications and member services.

Membership in SIA is mandatory for certified appraisers and certain legally defined internal auditors in the private sector, while membership is voluntary for statutory auditors and audit firms. SIA is subject to public oversight by APOA.

In addition to its national role, SIA is a member of Accountancy Europe and the International Valuation Standards Council.

The quality assurance (QA) review system in Slovenia is established under the Auditing Act (ZRev-2), which assigns responsibility for the supervision and quality control of statutory auditors and audit firms to the Agency for Public Oversight of Auditing (APOA). The system applies to all statutory auditors and audit firms and includes inspections of auditors of public interest entities at least every three years and other statutory auditors and audit firms at least every six years.

The QA review framework is operational and incorporates the relevant requirements of SMO 1. Accordingly, the jurisdiction-level QA review system is assessed as aligned with the SMO 1 requirements and remains Adopted.

International Standard on Quality Management (ISQM) 1 and ISQM 2 have been adopted as part of the applicable International Auditing and Assurance Standards Board pronouncements, with Slovenian translations of ISQM 1 and ISQM 2 completed by the Slovenian Institute of Auditors in June 2024.

Current Status: Adopted

Initial and continuing professional development requirements for certified auditors and certified appraisers in Slovenia are established under the Auditing Act (ZRev-2) and related regulations issued under the oversight of the Agency for Public Oversight of Auditing (APOA). The Slovenian Institute of Auditors (SIA) is responsible for implementing professional education programs, examinations, and continuing professional development requirements for its members.

Candidates for the certified auditor designation are generally required to hold a university degree, complete five years of practical experience including at least three years in auditing, complete professional education, and pass a professional competence examination. Certified auditors and certified appraisers are required to complete continuing professional development requirements equivalent to at least 120 hours over a rolling three-year period. Similar education and continuing professional development requirements apply to other professional designations offered by SIA, including internal auditors, accountants, tax advisers, and information systems auditors.

SIA indicates that the national education framework is based on the International Education Standards (IES). However, it is not fully clear whether all requirements of the revised IES, including the competency-based learning outcomes approach and the revisions to IES 2, 3, 4, and 8 effective from 2021, have been fully incorporated for all categories of professional accountants covered by the framework.

Current Status: Partially Adopted

The Auditing Act (ZRev-2) adopts ISA and other IAASB pronouncements as issued by the IAASB, including the effective dates, for application in all mandatory audits in Slovenia. The Agency for Public Oversight of Auditing will adopt any other auditing rules as necessary.

ISA for Audits of Financial Statements of Less Complex Entities has been adopted or permitted for use in Slovenia.

Current Status: Adopted

The Auditing Act (ZRev-2) requires certified auditors in Slovenia to comply with the International Code of Ethics for Professional Accountants, including International Independence Standards, as issued by the International Ethics Standards Board for Accountants (IESBA). The Slovenian Institute of Auditors (SIA) also requires its members, including certified appraisers and other professional categories, to refer to the Code.

SIA has published the Slovenian translation of the 2024 edition of the Code, which was translated in March 2026 and is available on SIA’s professional rules page.

Accordingly, while the jurisdiction-level framework incorporates a recent version of the Code and is broadly aligned with the relevant SMO 4 requirements, the latest edition has not yet been adopted. The adoption status is therefore assessed as Partially Adopted.

Current Status: Partially Adopted

The Ministry of Finance is responsible for public sector accounting requirements in Slovenia. Public sector accounting is regulated by the Public Finances Act, the Accounting Act, and related secondary legislation, with the Slovene Accounting Standards applied only where matters are not specified in public sector legislation.

International Public Sector Accounting Standards (IPSAS) have not been adopted for public sector financial reporting in Slovenia.

Current Status: Not Adopted

The investigation and discipline (I&D) system in Slovenia is established under the Auditing Act (ZRev-2). The Agency for Public Oversight of Auditing (APOA) is authorized to investigate and impose sanctions on certified auditors and audit firms, with the objective of detecting, deterring, and preventing violations of auditing rules.

APOA is responsible for supervisory and enforcement procedures for audit firms and certified auditors and may impose measures of supervision, including withdrawal of licenses where conditions established by law are met. The Auditing Act also provides for supervision of certified appraisers, including examinations of their work and measures of supervision, with APOA exercising public oversight where valuation work relates to entities subject to statutory audit.

The Slovenian Institute of Auditors (SIA) remains subject to public oversight by APOA and maintains responsibility for complaints and disciplinary processes for other professional categories within its membership. The jurisdiction-level I&D framework is operational and aligned with SMO 6 requirements.

Current Status: Adopted

The Companies Act (ZGD-1) establishes corporate financial reporting requirements in Slovenia and transposes the European Union Accounting Directive. As a member of the European Union, Slovenia requires International Financial Reporting Standards (IFRS) as endorsed by the EU for the consolidated financial statements of companies whose securities trade on a regulated market. EU-endorsed IFRS are also required or permitted for certain separate financial statements and for banks and insurance companies, including where securities are not traded on a regulated market.

Other entities may apply EU-endorsed IFRS or Slovenian Accounting Standards, subject to the requirements of the Companies Act. Entities that elect to apply IFRS must generally continue to do so for at least five years.

Accordingly, IFRS Accounting Standards as endorsed by the EU are adopted for domestic publicly accountable entities.

IFRS for Small and Medium-sized Entities has not been adopted in Slovenia.

Current Status: Adopted

Relevant Organizations

Agency for Public Oversight of Auditing (APOA)

Slovenian Institute of Auditors (SIA)

World Bank Centre for Financial Reporting Reform (CFRR)

Relevant Legislation

Auditing Act (ZRev-2)

Companies Act (ZGD-1)

Financial Instruments Market Act (ZTFI-1)

Insurance Act (ZZavar-1)

Public Finances Act

Public Sector Accounting Act

Relevant Publications

Accountancy Europe, Facts and Figures: Slovenia

CFRR, Audit Oversight in the European Union and Western Balkans

CFRR, Slovenian Oversight System Presentation

Cullen International, CSRD Transposition Developments

IFAC Knowledge Gateway, How Slovenian Institute of Auditors Helped Guide Firms Creating Their Quality Management Systems

IFRS Foundation Jurisdictional Profile: Slovenia

SIA, International Standard on Quality Management 1 Slovenian Translation

SIA, Slovenian Accounting Standards 2024

SPOT Slovenia, Certified Auditor Profession Requirements

SPOT Slovenia, Licence to Carry Out the Tasks of a Certified Auditor