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

In: Regulation of Finance and Accounting

Author

Listed:
  • Michal Šindelář

    (Prague University of Economics and Business)

  • Libuše Müllerová

    (Prague University of Economics and Business)

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.

Suggested Citation

  • Michal Šindelář & Libuše Müllerová, 2022. "The Supervisory Authorities’ View on Audit Quality in the Czech Republic," Springer Proceedings in Business and Economics, in: David Procházka (ed.), Regulation of Finance and Accounting, chapter 0, pages 377-384, Springer.
    • Handle: RePEc:spr:prbchp:978-3-030-99873-8_29
    DOI: 10.1007/978-3-030-99873-8_29
    as

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