Audit firm

The efficiency and quality of our audit services is assured by our knowledge and experience, as well as by our proven global methodology and the latest, high quality auditing tools and Crowe group approaches. Our auditors focus on the key areas of risk that must be addressed in order to produce accurate and faithful financial statements. This improves efficiency whilst decreasing the time stress for audited companies.

Audits provided by our experts are far more than the fulfilment of your statutory duties. We also bring added value through the timely identification of business risks that should be properly managed and propose internal service streamlining. Our experienced professionals are always on hand to provide accurate advice and strong support.

The result is an auditor’s report that company owners can rely on, and that your business partners will respect. 

Our auditors and experts

Our team of statutory auditors inspect accounting and business records and other financial documents and offer auditing services compliant with International Standards on Auditing, the relevant Slovak legislation, as well as the guidelines issued by the Chamber of Auditors of Slovakia.

We provide our clients with audits conducted throughout the year as well as the ones covering the interim period. Moreover, our services are directed to companies just starting their business activity and to those operating for long, both on the domestic, and the international market.

Audit of financial statements in accordance with IFRS

Our experience and commitment to professional growth allow us to provide audit and other assurance services relating to financial information, which are prepared fully in accordance with International Financial Reporting Standards (IFRS) as well as other standards (for example US GAAP).

Our experts in Slovakia and across the Crowe network constantly keep abreast of developments regarding IFRS and have access to expert opinions on the most complex IFRS areas. This powerful pool of knowledge allows us to reliably navigate the IFRS maze to provide a high quality service.

We will be glad to share our knowledge of IFRS in solving other time- and energy-sapping problems, such as the preparation of IFRS financial statements, group reporting packages, etc.

Our auditing services in Slovakia include:

Mandatory audits of individual and consolidated financial statements

A financial audit identifies the financial matters of the company such as profitability and the use of funds created from profits, taking into account the books of accounts and available documentation. Thus, it evaluates the financial situation of the company by looking into the past. It is a legal obligation of the organization, performed either annually or at a fixed periodic period.

In accordance with § 19 par. 1 of the Accounting Act, these entities must have regular individual financial statements and extraordinary individual financial statements verified by an auditor:

• commercial company and cooperative, if at least 2 of the conditions are met as of the date on which the financial statements are drawn up and for the immediately preceding accounting period: the total amount of assets exceeded 4,000,000 euros, while the amount of assets means the amount of assets determined from the balance sheet in a valuation not adjusted for correction items, reserves and depreciation for long-term assets, net turnover exceeded 8,000,000 euros, the average recalculated number of employees in one accounting period exceeded 50.

For more information, please see: Audit criteria from 1 January 2022

• commercial company and cooperative whose securities are accepted on the regulated market,
• company, which has this obligation established by a special regulation, for example the Banking Act,
• company which prepares financial statements according to international standards for financial reporting (IFRS).

Together with other companies in the Crowe network, we also perform audits of consolidated financial statements, both at the component auditor level and at the group auditor level.

The consolidated financial statements are drawn up by the parent accounting unit. The parent accounting unit, which is required to draw up consolidated financial statements, prepares a consolidated annual report. The consolidated financial statements must be verified by an auditor.

Audits and reviews of reporting packages prepared according to Slovak GAAP and IFRS

Preparation of financial statements and financial statements in accordance with IFRS and assistance in the implementation of amended accounting standards.

The accounting units that prepare their  financial statements according to international standards for financial reporting (IFRS) are obliged to compile a report of selected data from the financial statements. According to the amendment to the Accounting Act valid from 1 January 2020, the auditor must verify whether the accounting unit has data in the statement of selected data from the financial statements in accordance with the financial statements compiled according to IFRS.

Verification of preliminary financial information

The objective of a confirmation engagement is for the auditor to perform the procedures agreed upon by the auditor, the entity and any third parties and issue the required confirmation.

By issuing the confirmation, the auditor affirms the value of the financial information on the specified day or for the specified period, or other facts.

The confirmation applies only to those parties who have agreed to perform the confirmation, as other parties who do not know the reasons for performing this confirmation may misunderstand the results.

Other assurance services (e.g. monitoring the fulfillment of bank contracts)

Assurance and related audit services are, according to §2, paragraph 17 of the law, "the provision of services according to the Guidelines for International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements issued by the International Federation of Accountants (IFAC)", further referred to in the law as " International Standards on Auditing ". Assurance and related audit services can be provided by a statutory auditor and an audit firm. The provision of assurance and related audit services is subject to this Act accordingly.

Extraordinary audits (e.g. reorganizations, liquidations)

A company that is dissolved with liquidation prepares extraordinary financial statements upon entry into liquidation and also at the end of liquidation. In connection with the entry into liquidation and also with the end of the liquidation, the company has several obligations, for example at the entry into liquidation it must assess the amount of created reserves and corrective items. It has the obligation to assess reserves and corrective items even at the end of the liquidation.

Due diligence

Due diligence is a review of corporate information, which includes an in-depth assessment, especially in terms of legal, financial and tax aspects. The aim of this review is to provide reliable, relevant and unbiased information for the client's needs. The due diligence is often performed in the process of  mergers & acquisitions (M&A). In M&A, the individual transactions show a high degree of specificity, therefore, due diligence (unlike a statutory audit) is focused on the areas that are requested by a specific client. Although due diligence is usually carried out at the buyer's request, it is not unusual to perform it at the request of the seller or the bank.

With our tax advisors and cooperating attorneys, we are able to offer the client a complete review of all the above-mentioned areas as needed.

Mergers and acquisitions, transformations of companies

Our audit team is fully prepared to provide audit services for the needs of business combinations and transformations:

• Audit of merging companies: All companies that are part of the merger are required to be audited, provided that at least one of the companies had a mandatory audit by law;
• Processing of the opening balance sheet: Processing of the opening balance sheet after a merger or division is a necessary part of mergers and division of companies. If you are not sure how to prepare the opening balance sheet, we will assist you;
• Audit of the opening balance sheet: If the final financial statements of the companies entering into the business combination were compulsorily audited, it is necessary that the opening balance sheet processed on the decisive day was also audited.

Internal audit

Internal audit and participation in internal audits in international companies is another service Crowe Slovakia provides. This service focuses on identifying deficiencies in the internal control system, or on verifying the fulfillment of established internal controls. Our auditors provide advice on setting up an internal control environment with the aim of eliminating the risks of fraud and errors that may be committed by clients' employees.

The internal audit can evaluate and implement the internal control systems, but also provide a review of IT systems, assessment of risk management systems, etc.

Financial and accounting analysis

Control of accounting and financial statements

As part of the statutory audit, we perform an analysis and evaluation of risks, and based on these analyses, we prepare a financial audit strategy and plan and evaluate accounting and non-accounting information relevant for financial reporting purposes. Together with other companies in the Crowe network, we also perform audits of consolidated financial statements, both at the component auditor level and at the group auditor level.

Preparation of financial statements, group statements and annual reports

• We will prepare financial statements according to Slovak accounting standards, including the preparation of an annual report and a report on relationships
• We will prepare financial statements according to international financial reporting standards
• We will prepare consolidated financial statements
• We will prepare a consolidation package

We will prepare opinions on the proper recording of complex accounting transactions (according to Slovak or IFRS standards)

Additional audit services

Managerial controls, budget controls

Our auditors conduct a control on a given area and find out whether activities are carried out as planned and without significant deviations. The aim of the control is to evaluate or measure the quantity or quality of the interim or final results of activities and, in case of undesirable deviations of reality from the planned state, to take appropriate measures to eliminate these deviations. Simply put, control compares objectives (plans, standards, norms, budgets, limits) with the achieved result.

Audit of funds

Our experts will provide you with audit services in connection with the verification of the setting up systems, the functionality of the management and control systems on individual programs, as well as audit services for the verification of expenses within the framework of drawing funds from EU funds as well as other foreign aid.