Our services include verification of financial statements by a chartered auditor, and in accordance with IFRS standards.
Under Section 20 of the Accounting Act, an audit is mandatory for:
private limited companies meeting at least one of the three criteria below:
public limited companies (joint-stock companies) meeting at least one of the three criteria below:
net asset value of CZK 40 million or more as at 31.12
a total net annual turnover of CZK 80 million or more
the yearly average number of employees is 50 or more
The company owner can request an audit even in cases when it isn’t obligatory. This mostly applies when an owner wishes to ensure that the information from the company management or accountant is truthful and accurate, and that there is no suspicious activity.
An audit is an analysis carried out by an expert (a qualified auditor registered with the Czech Chamber of Auditors) to verify the accuracy and veracity of financial statements and other information about the company. Such information is contained in the notes to the financial statements and the annual report.
At EIBD, we try to ensure that an audit isn’t just about receiving the obligatory stamp. The client should also obtain recommendations on how to improve business processes and controls and thus eliminate the risks arising from errors, omissions or fraud.