Audit companies, i.e., authorized auditors who audit legal entities are obliged to submit an annual transparency report to the Audit Council by March 31 of the current year for the previous year. Transparency reports are published on the Audit Council websit.
The transparency report contains:
- Legal form and ownership structure of an audit company, and/or authorized auditor;
- Description of the network and its legal and organizational structure, if the auditing company is affiliated to a professional network;
- Description of management structure of the auditing company;
- Description of the company’s internal quality control system and statement of the management body on its effectiveness;
- Date of the last control of the Company operations;
- List of entities for which the audit company or authorized auditor conducted an audit during the previous financial year;
- Statement on independence of the audit company or/and authorized auditor, containing in particular an overview of internal controls that ensure independence;
- Statement on the audit company’s policy on continuing professional education;
- Financial information and data on the total income from audit and income from other services, which are not related to audit;
- Parameters for determining earnings of the main audit partners.
The person authorized to represent the audit company, i.e. the authorized auditor, signs the transparency report.