Český finanční a účetní časopis 2006(3):43-61 | DOI: 10.18267/j.cfuc.177
Regulation of Auditing in the Czech Republic
- Doc. Ing. Vladimír Králíček, CSc. - docent; Katedra finančního účetnictví a auditingu, Fakulta financí a účetnictví, Vysoká škola ekonomická v Praze, nám. W. Churchilla 4, 130 67 Praha 3; <kralicek@vse.cz>.
Assurance services are services provided by auditors to reduce information asymmetry in agent/principal situation or in other situations when one party of transaction is able to gain less information then the other. Those services are regulated by International Standards on Auditing issued by International Auditing and Assurance Standard Board of IFAC and moreover audit of financial statements (as one of those services) is regulated by EU directive 2006/43/EC. There are some new and very serious requirements in this directive, e.g. public oversight, audit committee, rotation of audit partners, public interest entities, etc. In the second part of this article more technical aspects of auditors work are discussed (structure of ISA, recognition of assurance engagement under ISA etc.).
Keywords: New Statutory Audit Directive; Audit Regulation; Public Oversight; Quality Control; Audit Committee; International Standards on Auditing; Assurance Engagements.
JEL classification: M42
Published: October 1, 2006 Show citation
References
- FEE (2004): Mandatory Rotation of Audit Firms. Brussels, FEE, 2004.
- FEE (2001): The Conceptual Approach to Protecting Auditor Independence. Brussels, FEE, 2001.
- Králíček, V. (2005): Auditoři - noční můra nebo užitečný pomocník. Prosperita, 2005, roč. roč. 7, č. 7, s. 21.
- Müllerová, L. (2004): Harmonizační procesy v oblasti auditu účetních závěrek před a po vstupu České republiky do Evropská unie. In Marek, P. (ed.): Rozvoj finanční a účetní teorie a její aplikace v praxi z interdisciplinárního hlediska. Praha, VŠE, 2004, s. 355385.
- EC (2006): Directive 2006/43/EC of the European Parliament and of the Council of 17 May 2006 on statutory audits of annual accounts and consolidated accounts, amending Council Directives 78/660/EEC and 83/349/EEC and repealing Council Directive 84/253/EEC. Official Journal of the European Union, 2006, vol. 49, L157, s. 87-107, [cit. 10. 10. 2006], <http://eur-lex.europa.eu/LexUriServ/site/en/oj/2006/l_157/l_15720060609en00870107.pdf>.
This is an open access article distributed under the terms of the Creative Commons Attribution 4.0 International License (CC BY 4.0), which permits use, distribution, and reproduction in any medium, provided the original publication is properly cited. No use, distribution or reproduction is permitted which does not comply with these terms.