The Slovak Republic parliament has approved an amendment to the Act on Auditors, which should take effect starting 1 October 1996. This amendment makes conditions for auditors' activities more strict, specifically:

  • it establishes a university education requirement for an auditor involving an economic background,
  • it only allows an auditor to audit an accounting entity for a maximum of 3 consecutive years,
  • it establishes a requirement to verify the abilities of auditors at 3-year intervals.

Also approved was an addition to the Accounting Act which states that foreign currency assets and liabilities should be converted for accounting purposes based on the daily rates issued by the Slovak National Bank.

The content of this article is intended to provide a general guide to the subject matter. It is therefore not a substitute for specialist advice.

For further information contact Ruth Clamp, Arthur Andersen Bratislava on tel:+42 7 5340 545, fax: +427 5340 542 or e-mail directly to ruth.a.clamp@ArthurAndersen.com, or enter a text search 'Arthur Andersen' and 'Mondaq Ltd'.