The Supervisory Authorities’ View on Audit Quality in the Czech Republic

Michal Šindelář () and Libuše Müllerová ()
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Michal Šindelář: Prague University of Economics and Business
Libuše Müllerová: Prague University of Economics and Business

Chapter Chapter 29 in Regulation of Finance and Accounting, 2022, pp 377-384 from Springer

Abstract: Abstract The aim of the chapter is to analyze the audit quality from the point of view of supervisory authorities in the Czech Republic based on publicly available sources. Users of financial statements must be assured that the auditor has performed his work in accordance with the standards and that the result is a high-quality audit. The analysis is processed on the basis of reports of Supervisory Board of the Chamber of Auditors of Czech Republic and reports of Public Audit Oversight Board. Based on the analysis, we found that audit quality control has come to the forefront of supervisory priorities in recent years, both in terms of the number of inspections performed and the number of findings themselves. We can conclude that the audit firm will be subject to PAOB supervision approximately once every 3 years. Moreover, in 2019, the percentage of findings led to proposals to initiate disciplinary proceedings increased significantly.

Keywords: Audit quality; Supervisory Board of the Chamber of Auditors of the Czech Republic; Public Audit Oversight Board; Auditors of Public Interest Entities (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-3-030-99873-8_29

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DOI: 10.1007/978-3-030-99873-8_29

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