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Establishing a Professional Institute in a Transition Economy

This article explores the accounting and auditing reform agenda in Slovakia, including the development of legislation, compliance with international standards, relationships with the profession, and staffing and funding challenges. It also discusses the roles and responsibilities of the Financial Reporting Council and the Slovak Chamber of Auditors in the reform process.

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Establishing a Professional Institute in a Transition Economy

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  1. SLOVAKIA - Establishing a Professional Institutein a Transition Economy Ivan Bošela Chairman, Slovak Chamber of Auditors 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 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 AuditingSlovak 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 AuditingSlovak 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 • 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. More information... • www.finance.gov.sk • www.skau.sk SLOVAKIA-Accounting & Auditing Reform

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