Abstract
Statutory audit in Slovakia is performed by statutory auditors or audit firms. Many of the audit firms are members of the globally operating audit networks. Membership in a network imposes certain rights and duties for audit firms. The existence and operation of the audit networks can be understood as one of the results of globalization that allows an increasing possibility of cooperation at the international level. Our goal is to clarify the state of audit firms operating in the audit networks. To achieve the goal, it was necessary to choose a purposeful work methodology and research methods, based primarily on the analysis of data from the list of the audit firms.
Highlights
As a result of historical development, accounting and auditing have been formed as complex and controversial professions [1]
Audit profession in Slovakia, focused on the performance of statutory audit, is directly connected with the process of verifying the truthfulness of information which are presented to the third parties through financial statements
Auditing Oversight Authority was established on 1 January 2008 and, as of 31 March 2008, it took over the management of the list of audit firms and the statutory auditors from the Slovak Chamber of Auditors
Summary
As a result of historical development, accounting and auditing have been formed as complex and controversial professions [1]. Audit profession in Slovakia, focused on the performance of statutory audit (audit of financial statements), is directly connected with the process of verifying the truthfulness of information which are presented to the third parties through financial statements. Third parties rely on the auditors opinion to make further decisions. In this context, the audit of financial statements is a tool of ensuring that objective information is reported in the financial statements [6]. As well as a comparability of financial statements and a constant need of ensuring transparency are caused by vast of changes constantly influencing economic practices in the relevant economic environment [7]. The need to perform the statutory audit arises form the uncertainty of the third parties that information presented in the financial statements is incorrect [8]. It is necessary to present all business transactions in the form of financial statements [10]
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