Obligatory audits in accordance with the Act on Auditors

Obligatory audits in accordance with the Act on Auditors represent performance of audit to the extent required by standards on auditing for ordinary financial statements in case, when the company fulfills the criteria of obligatory audit stated in § 20 of Accounting Act No. 563/1991 Coll..

During the performance of audits we consider with full responsibility the specifics of the business activities of our clients. We ensure that our specialists are familiarized with the business activities of our clients and fully understand the flow of individual business and the accounting processes of the company. We always aim to meet with the previous auditor when taking over the engagement from another auditor. We emphasize the performance of regular interim audits, which not only allows understanding the business of the client, but also provides sufficient time to solve potential problems of the client before the end of the accounting period.

All of our audit recommendations are issued continuously in individual phases of the audit as a draft version. Those recommendations are discussed with clients´ management personally and afterwards they are issued in a final version.

Audit services are provided for a fixed, previously negotiated, price. Any possible increase of price would be due to unforeseen increased work difficulty which is a very rare event. On the contrary, we prefer to fix the price for a longer period to enable our clients to responsibly budget their expenses for the service.

Our performance results in audit recommendations and auditor´s reports which are in accordance with the standards of auditing. At the request of the client, we are able to issue the recommendations and reports not only in Czech, but also in German or English, when the financial statements, in accordance with the Czech accounting standards, are prepared in German or in English. We are able to effectively assist during the preparation of statutory financial statements in German or English.