Country
THE SLOVAK REPUBLIC
1. Organization
Insert the name of the Organization, both in the local language and in English:
„Úrad pre dohľad nad výkonom auditu“ („UDVA“)
„Auditing Oversight Authority“
Include the basis for establishment and the mission/responsibilities and authority
re auditing:
2. Board
Composition
and Members
Established based on the Act No. 540/2007 Coll. on Auditors, Audit and Oversight of Audit
(“Act”).
UDVA performs oversight over auditors, audit firms and the Slovak Chamber of Auditors.
Describe the current composition of the Board, the requirements for the Board
Members and also include whether there is a cooling-off period for former
auditors/practitioners:
The Board consists of the following seven members:
Doc. Ing. Peter Hrnciar, CSc. – Chairman of the Board
Ing. Katarina Kaszasova – Vice Chairman of the Board
Ing. Juraj Kvetko, PhD. – Executive Director and Board Member
JUDr. Tatiana Dubinova – Board Member
Ing. Jana Magatova – Board Member
Ing. Ruzena Strakova – Board Member
Ing. Bc. Ludmila Svatojanska Kinova, MBA – Board Member
Nominations of the Board members:
Ministry of Finance (2 members); National Bank of Slovakia; Stock Exchange; Association
of Employer’s Federations and Associations; Slovak Chamber of Auditors (1 member each).
The Board Members are not employees of UDVA except Executive Director.
The absolute majority of Board members shall be non-practitioners.
Non-practitioner means any natural person who, for at least three years before his
appointment to the Authority bodies, has not performed audits, has not held voting rights in
an audit firm, has not been a member of the statutory body, management body or
supervisory body of an audit firm and has not been employed by, or otherwise closely
associated with, an audit firm. A non-practitioner may be an employee of the Authority, a
member of an Authority body, or a person who performs oversight on the basis of a contract
with the Authority, has been authorized to perform oversight, and acts on behalf of the
Authority. A non-practitioner must have a second-level university degree and at least three
years of practical experience in the area of carrying out audits.
Are the majority of the governing body non-practitioners:
Yes
No
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3. Funding
Arrangements
Describe the main funding arrangements, including the setting and approval of the
budget and the fees, if any:
UDVA financing stated in the Act 540/2007:
 contributions from public interests entities (PIEs)
(% stated in the Act No. 540/2007 Coll.);
 contribution from the state budget;
 revenue from fines;
 compensation of costs of a procedure;
 fees for auditor’s examinations;
 fees for acts performed by the Office.
Contribution from the state budget represents approximately 34% and contributions from
PIEs represent 60% of the UDVA´s budget.
Is the funding free from undue influence by the profession:
 Yes
4. Inspection
System
No
Describe whether inspections are performed by the Member body, or, whether or
not in part, by any other organization. If so, also describe the arrangements for
overseeing these inspections:
Inspections are performed by employees of UDVA.
UDVA performs inspections on auditors and audit firms (audits of PIEs and also non-PIEs).
UDVA takes into account a combination of criteria (number of engagements, revenues) and
potential risks.
UDVA performs oversight over:
= Auditors,
= Audit firms, and
= the Slovak Chamber of Auditors.
Describe the requirements and practices regarding the frequency of inspections:
Basically UDVA / AOA doesn´t use cycle system. UDVA/AOA uses the selection system
based on risk analysis. At least two of the BIG4 firm shall be selected every year.
PIE-audit firms are subject to AQA Reviews performed by Chamber in 3-year cycle period.
Non-PIE-audit firms are subject to AQA Reviews performed by Chamber in 6-year cycle
period.
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Do you have the responsibility for recurring inspections of audit firms undertaking
audits of public interest entities:
 Yes
No
Is this responsibility directly or through oversight of inspection undertaken by
professional bodies:
 Directly
5. Audit and
Financial
Market
 Through oversight
Describe the number of audit firms subject to inspections. Include an indication of
the number of public interest audits and other audits in the jurisdiction. Please give
some indication of the size and market share of each of the largest audit firms:
240 active audit firms in Slovakia (as of 7th January 2014)
806 active auditors in Slovakia (as of 7th January 2014)
Over 600 public interest entities (2013), of which approximately 70 are financial institution.
6. Main Other
Tasks
Performed by
Member
Describe whether the Member also performs other tasks, such as registration,
education, standard setting and enforcement in the area of auditing, or other
supervisory tasks, such as supervision of financial reporting or securities
regulation:
UDVA shall perform the Oversight by overseeing the following:
 compliance with International Standards on Auditing (ISA);
 compliance with the Code of Ethics;
 compliance with the Act on Auditors, Audit and Oversight of Audit, and on
Amendments and Supplements to Act 431/2002 Coll. on Accounting as amended;
 system of audit quality assurance reviews;
 systematic education;
 disciplinary procedures conducted by the Slovak Chamber of Auditors.
Other Tasks include:
 to organise auditor's examinations,
 to organise examinations of professional competence,
 to organise verification,
 to issue licences
 to suspend and revoke licenses to auditors and auditing firms,
 to register auditors and audit firms in the relevant lists and maintain the relevant
lists,
 to register third-country auditors and third-country audit firms in the relevant lists,
and
 to provide audit working papers and information to other member states or third
countries.
UDVA:
 Co-operate with respective oversight authorities of the EU Member States and of
the third countries.
 Co-operate with EU authorities in setting the international accounting standards and
the international auditing standards, and to ensure their availability to the users in
the Slovak Republic in the Slovak language.
Co-operate with the Ministry of Finance of the Slovak Republic in preparation of the legal
regulations in the field of accounting and audit.
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7. Other
Information
Include relevant contact information, including postal address, telephone numbers,
a link to the website and other relevant information:
Úrad pre dohľad nad výkonom auditu
Slovanská 1, P.O. BOX 63
810 05 Bratislava 15
Executive Director: Ing. Juraj Kvetko, PhD.
Mobile: + 421 902 444 408
Tel.:
+ 421 2 57 26 75 77
Fax:
+ 421 2 57 26 75 00
e-mail:
udva@udva.sk; kvetko@udva.sk
website: www.udva.sk
8. Major Events
and Activities
Include the major events and activities that have taken place during the past years:
UDVA perform tasks regulated by the Act.
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