SLOVAKIA - Establishing a Professional Institute in a Transition Economy

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SLOVAKIA -
Establishing a Professional Institute
in a Transition Economy

• Ivan Bošela
• Chairman, Slovak Chamber of Auditors

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Agenda

• - Development of AA legislation
• - Complying with international standards
• - Relationships with the profession
• - Staffing the Chamber
• - Funding and ongoing strengthening

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Development of AA legislation

• Regulations in AA - Ministry of Finance- Act
  on Accounting- Act on Auditing - Accounting
  Standards

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Development of AA legislation

• Regulations in AA - Slovak Chamber of
  Auditors- Auditing Standards- Ethical
  Standards

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Complying with international standards
ACCOUNTING

• 1989 Accounting standards - not in compliance
  with IAS
• 2003 Accounting standards for SMEs - in
  compliance with IAS
• 2005Accounting standards for PIEs IAS/IFRS
  standards

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Complying with international standards AUDITING

• 1989 No Auditing standards
• 1992 Act on AuditingSlovak Auditing Standards
  - no in compliance with ISA
• 2004Slovak Auditing Standards ISA

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Complying with international standards ETHICS

• 1989 No Ethical standards
• 1992 Act on AuditingSlovak Ethical Standards -
  no in compliance with IFAC
  Code of Ethics
• 2004Slovak Ethical Standards IFAC Code of
  Ethics

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Relationships with the profession

• 1989 No relationship with international audit
  profession
• 2001 IFAC - full membership (support of EU
  profession)
• 2002FEE - full membership (support of EU
  profession)

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National Action Plan in SlovakiaAccounting
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

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Accounting Auditing ReformInstitutional
capacity building

• Financial Reporting Council - key role in future
  AA regulation and Public Oversight
• Slovak Chamber of Auditors - reconstruction
  (Modernised 8th EU Directive)

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Financial Reporting Council
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Financial Reporting Council - responsibilities
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Slovak Chamber of Auditors - responsibilities
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Staffing and Funding Financial Reporting
Council

• STAFFING- FRC board and committee members-
  CEO, executive managers, small secretariat
• FUNDING- State budget- Business Comunity (PIE)

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Staffing and Funding Slovak Chamber of
Auditors

• STAFFING- SKAu board and committee members-
  CEO, administrative staff
• FUNDING- Annual dues charged to statutory
  auditors

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More information...

• www.finance.gov.sk
• www.skau.sk