1. Ivan Bošela Chairman, Slovak Chamber of Auditors
SLOVAKIA Establishing a Professional Institute in a Transition Economy
Ivan Bošela
Chairman, Slovak Chamber of Auditors
9/16/2018
SLOVAKIA-Accounting & Auditing Reform

2. Agenda - Development of A&A legislation
- Complying with international standards
- Relationships with the profession
- Staffing the Chamber
- Funding and ongoing strengthening
9/16/2018
SLOVAKIA-Accounting & Auditing Reform

3. Development of A&A legislation
Regulations in A&A - Ministry of Finance: - Act on Accounting - Act on Auditing - Accounting Standards
SLOVAKIA-Accounting & Auditing Reform

4. Development of A&A legislation
Regulations in A&A - Slovak Chamber of Auditors: - Auditing Standards - Ethical Standards
SLOVAKIA-Accounting & Auditing Reform

5. Complying with international standards: ACCOUNTING
1989: Accounting standards - not in compliance with IAS
2003: Accounting standards for SME`s - in compliance with IAS
2005: Accounting standards for PIE`s = IAS/IFRS standards
SLOVAKIA-Accounting & Auditing Reform

6. Complying with international standards: AUDITING
1989: No Auditing standards
1992: Act on Auditing Slovak Auditing Standards - no in compliance with ISA
2004: Slovak Auditing Standards = ISA
SLOVAKIA-Accounting & Auditing Reform

7. Complying with international standards: ETHICS
1989: No Ethical standards
1992: Act on Auditing Slovak Ethical Standards - no in compliance with IFAC Code of Ethics
2004: Slovak Ethical Standards = IFAC Code of Ethics
SLOVAKIA-Accounting & Auditing Reform

8. Relationships with the profession
Relationships with the profession
1989: No relationship with international audit profession
2001: IFAC - full membership (support of EU profession)
2002: FEE - full membership (support of EU profession)
SLOVAKIA-Accounting & Auditing Reform

9. National Action Plan in Slovakia: Accounting & Auditing Reform
National Steering Committee approved by the government: - Ministry of Finance - Slovak Chamber of Auditors - National Bank of Slovakia/Financial Market Authority - Bratislava Stock Exchange - Asociation of banking, insurance, capital market institutions - Economical universities representatives
SLOVAKIA-Accounting & Auditing Reform

10. Accounting & Auditing Reform: Institutional capacity building
Financial Reporting Council - key role in future A&A regulation and Public Oversight
Slovak Chamber of Auditors - reconstruction (Modernised 8th EU Directive)
SLOVAKIA-Accounting & Auditing Reform

11. Financial Reporting Council
SLOVAKIA-Accounting & Auditing Reform

12. Financial Reporting Council - responsibilities
SLOVAKIA-Accounting & Auditing Reform

13. Slovak Chamber of Auditors - responsibilities
SLOVAKIA-Accounting & Auditing Reform

14. Staffing and Funding: Financial Reporting Council:
STAFFING: - FRC board and committee members - CEO, executive managers, small secretariat
FUNDING: - State budget - Business Comunity (PIE)
SLOVAKIA-Accounting & Auditing Reform

15. Staffing and Funding: Slovak Chamber of Auditors:
STAFFING: - SKAu board and committee members - CEO, administrative staff
FUNDING: - Annual dues charged to statutory auditors
SLOVAKIA-Accounting & Auditing Reform

16. SLOVAKIA-Accounting & Auditing Reform
More information...
SLOVAKIA-Accounting & Auditing Reform