Our law firm provides audit services in two respects: organizing an audit, and providing legal support and protection during its conduct in enterprises of any size, regardless of the type of activity that the company conducts or intends to develop.

The overall goal of an audit is to strengthen confidence in the business by confirming the reliability of the enterprise's reporting by an independent party. The objective is to identify errors and develop recommendations for their correction. Some entities are subject to mandatory statutory audits. These entities include:

  • so-called entities of public interest: banks, insurance companies, payment institutions, organizations issuing electronic money, organizations that place securities publicly (i.e. on the European Regulated Securities Market)
  • trust funds and joint stock companies with an annual turnover of at least CZK 80 million in the last two years, assets of at least CZK 40 million or entities having at least 50 employees (at least one of the above indicators applies)
  • subjects of accounting in accordance with Art. 20 of the Law on Accounting, i.e. all natural or legal persons carrying out economic activities in the territory of the Czech Republic who, in the last accounting year, have achieved at least two indicators listed in art. 1a of the aforementioned law (to date, these criteria are numerically consistent with the criteria for mandatory audit of trust funds and joint stock companies).

Internal and external audit in the Czech Republic

Internal audits are carried out systematically by employees of the organization, who must be fully competent and personally independent, capable of implementing audit activities and preparing reports. This is a useful tool for the company to assess and improve their risk management system, analyse the effectiveness of financial investments and optimise the use of assets.

External audits are considered one of the aspects of state control over the activities of the enterprise and act as a source of information for the general public. For this reason, such an audit must be carried out by an independent state accredited person or a specialized company, whose opinion must be impartial and objective. The purpose of the external audit is to submit an opinion on the reliability of the financial statements of the audited entities and the compliance of accounting procedures with the law.

Regardless of whether the audit is conducted at the initiative of the company's management or other responsible persons (voluntary audit) or on the basis of the law (statutory audit), the choice of a particular auditor belongs to the business owners or other authorized representatives. Some of the entities subject to mandatory auditing are required to notify the supervisory authority (Central Bank of the Czech Republic) of the appointment of an auditor and provide details about him.

The entire process, from the appointment of the auditor to the completion of the audit report and the auditor's report on the financial statements, must be transparent and carried out in a manner consistent with the law. Our specialists will help you to cope with this challenge in the best possible way.

Our audit services:

  • search and selection of an auditor or audit company
  • preparation of documents required for the appointment of an auditor
  • organization of the whole audit process
  • interaction with government agencies and institutions
  • legal assistance and protection of the client's interests during an independent audit
  • communication with the external auditor on behalf of the client
  • monitoring and legal assessment of the auditor's actions for their compliance with the law

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