Audit
Our team provides audit services in accordance with International Standards on Auditing, the relevant Slovak legislation, as well as the guidelines issued by the Chamber of Auditors of Slovakia.
Crowe Slovakia
Audit Services - Slovakia
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.
What is the audit process like with Crowe Slovakia?
We ensure that audits are efficient, structured, and as minimally disruptive as possible for your team:
- Initial meeting and non-binding proposal – we’ll get to know your business, agree on the scope, deadlines, and a single point of contact.
- Risk analysis and audit planning – we focus on areas where the risk of error is highest.
- Evaluation of processes and internal controls – an interim audit before the end of the year so that any findings can be resolved in a timely manner.
- Verification of financial statements – testing of account balances, confirmations, inventory counts, and verification of both financial and non-financial information.
- Discussion of findings with management – no surprises at the end; we’ll explain everything in advance.
- Issuance of the auditor’s report – by the agreed-upon deadline, in both Slovak and English, including supporting documentation for the parent company.
- Recommendations for improvement – a letter to management with specific suggestions for accounting, internal control, and reporting.
Would you like a clear audit schedule tailored to your activities in Slovakia?
We’d be happy to prepare one for you.
What is a financial statement audit, and why is it important?
A financial statement audit is an independent verification of whether the financial statements provide a true and fair view of the company’s financial position and results of operations, and whether they have been prepared in accordance with applicable regulations. An audit report enhances the company’s credibility with banks, investors, business partners, and the parent company, while also alerting management to risks and weaknesses in its processes.
When is an audit mandatory in Slovakia?
A business entity or cooperative must have its financial statements audited if it meets at least two of the following three conditions for two consecutive fiscal periods:
- the total value of assets exceeded €4,000,000
- net revenue exceeded €8,000,000
- or the average adjusted number of employees exceeded 50.
Regardless of size, companies with securities listed on a regulated market, entities required to do so by specific regulations (banks, insurance companies, and others), entities preparing consolidated financial statements, and foundations or nonprofit organizations that exceed statutory revenue limits are also subject to mandatory audits.
What is the difference between a statutory audit and a voluntary audit?
The content and procedure are the same—in both cases, the audit is conducted in accordance with International Standards on Auditing (ISA). The difference lies in whether the audit is required by law or commissioned voluntarily by the company—for example, at the request of a bank, investor, parent company, or prior to the sale of the company. A statutory audit may only be performed by an auditor registered with the Slovak Auditing Oversight Authority (UDVA).
What is the outcome of an audit, and what types of audit opinions exist?
The outcome is an auditor’s report containing an opinion on whether the financial statements present a true and fair view. We distinguish between an unmodified (“clean”) opinion, a qualified opinion, an adverse opinion, and a disclaimer of opinion. The report also includes a management letter with recommendations for improving accounting processes and internal controls.
How long does an audit take, and by when must it be completed?
The audit work itself usually takes several weeks, depending on the size and complexity of the company and the quality of the accounting records; it is typically divided into an interim and a final visit. The financial statements must be audited within one year of the end of the fiscal year; failure to have the financial statements audited may result in a fine of up to 2% of total assets, with a maximum of €1,000,000.
How should you prepare for an audit?
Ensure your accounting books are up to date, that you have complete accounting and contractual documentation—including inventory records—clearly defined accounting procedures and responsibilities, and prepared supporting documentation for significant and unusual transactions (acquisitions, loans, grants, transactions with related parties). Good preparation will speed up the audit and reduce the burden on your team.
How much does an audit cost in Slovakia?
The cost of an audit depends on the scope of services, the size and complexity of the company, the number of transactions and locations, and whether reporting under IFRS or for the parent company is also required. Each engagement is priced individually based on a brief initial analysis—we’ll prepare a quote free of charge and with no obligation.
How to choose the right audit firm in Slovakia?
Verify the auditor’s registration with the Slovak Auditing Oversight Authority (UDVA) and consider, in particular, their experience in your industry, knowledge of Slovak regulations, experience with IFRS and group reporting, team stability, adherence to deadlines, and clear communication. A good auditor understands not only the rules but also the practical operations of your business.