18th November 2012

Amendments to the Act on Auditors introduced

The Ministry of Finance introduced an amendment to the Act on Auditors (zákon o auditorech). The Act on Auditors has transposed the EU-directive that intended an implementation and further improvement of a compulsory process of public service auditing. The Bill aims at a unified compulsory supervision of auditors in order to ensure the same quality of auditors. According to the Bill, the supervision of auditors should be also ensured by setting up of the Council of Supervision over the Chamber of Auditors. The Council of Supervision should also regulate the minimal demands on the compulsory auditing of public service (see for example the economical management of municipalities and regions according to the Act on Municipalities). The Council of Supervision would also observe the process of registration of auditors. The Bill also regulates the international cooperation during the process of auditing. As a side-effect, the Bill would enhance the quality of auditors and clarify the legislative embedding of the auditing process.
The Ministry welcomes any comments till 5 December.
For further information, click here (explanatory report).

Members of the American Chamber of Commerce in the Czech Republic