Regulation of Auditing in the Czech Republic

Regulace auditingu v České republice

Vladimír Králíček

Český finanční a účetní časopis, 2006, vol. 2006, issue 3, 43-61

Abstract: 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; Nová směrnice Evropské unie o statutárním auditu; Regulace auditu; Veřejný dohled; Řízení kvality; Výbor pro audit; Mezinárodní auditorské standardy; ověřovací zakázky (search for similar items in EconPapers)
JEL-codes: M42 (search for similar items in EconPapers)
Date: 2006
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DOI: 10.18267/j.cfuc.177

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