54 

Measure
of the Ministry of Finance of the Slovak Republic
of 9 July 2008 No. MF/13522/2008-74,
laying down the rules for auditor examination, examination of professional competence and testing

	Pursuant to §16(2) of Act No. 540/2007 Coll. on Auditors, Audit and Oversight of Audit and on amendments to Act No. 431/2002 Coll. on Accounting, as amended (hereinafter the “Act”), the Ministry of Finance of the Slovak Republic lays down:

§ 1

	This measure lays down the rules for auditor examination, examination of professional competence and testing.

§ 2

(1)	An application to take an auditor examination, examination of professional competence or testing shall be submitted to the Oversight of Audit Authority (hereinafter the “Authority”). A sample application for an auditor examination, examination of professional competence and testing is attached as an annex hereto.

(2)	The application for an auditor examination shall be annexed with documents demonstrating the facts referred to in §3(1)(c) through (f), §3(7)(b) through (e) and §3(9) of the Act. The application for an auditor examination shall further be annexed with the documents issued by an instructor evidencing the completion of a practical training pursuant to §3(2) of the Act.

(3)	The application for an examination of professional competence shall be annexed with documents demonstrating the facts referred to in §3(1)(e) and (f), §3(5)(a) and (b), §3(7)(b) through (e), and §3(9) of the Act.

(4)	The application for a retake of the auditor examination or examination of professional competence shall be annexed with the documents specified in above paragraphs 2 and 3 respectively if any change in the facts contained in those documents has occurred.

(5)	The application for an auditor examination, examination of professional competence or testing shall be annexed with a document demonstrating that an examination fee was paid.

§ 3

(1)	If the application for an auditor examination or examination of professional competence of an applicant complies with the requirements under §2, an invitation to the auditor examination or examination of professional competence shall be sent to the applicant not later than 14 days prior to the examination date.

(2)	An invitation to a test is sent to the applicants based on their application pursuant to §8(8) of the Act. The invitation also contains a list of topics that may be asked during the test, including a list of recommended literature.

(3)	The auditor examination and examination of professional competence shall be held in October. The application for an auditor examination and examination of professional competence may be filed by the end of July of the respective calendar year in which the applicant wishes to take such an examination.

(4)	Testing is conducted as necessary, however not more than twice a year.

(5)	Topics, knowledge of which may be required at the auditor examination or examination of professional competence, including a list of recommended literature, shall be published on the Authority’s website not later than four months prior to the examination date.

§ 4

(1)	The auditor examination is written and consists of three parts focused on:
a)	knowledge of accounting in the following scope:
1.	general accounting principles;
2.	international accounting standards (IAS/IFRS);
3.	financial accounting;
4.	financial reporting and financial statements of entrepreneurs;
5.	consolidated financial statements;
6.	accounting procedures for entrepreneurs;
7.	accounting procedures for health insurance companies;
8.	requirements for disclosure of financial statements;
9.	accounting procedures for non-profit organisations;
10.	accounting in budget-funded and subsidised organisations;
11.	municipality and higher territorial unit accounting;

12.	accounting procedures for other non-business entities subject to audit;

b)	knowledge of:

1.	audit procedures, methods and techniques including international auditing standards;
2.	the Code of Ethics for Professional Accountants issued by the International Federation of Accountants (IFAC);
3.	Act No. 540/2007 Coll. on Auditors, Audit and Oversight of Audit and on amendments to Act No. 431/2002 Coll. on Accounting, as amended.

c)	knowledge of:

1.	economics, financial management and financial analysis;
2.	corporate internal and management accounting;
3.	the following subjects insofar as they are relevant to auditing:

3a.	the Civil Code as amended, in the following scope: Part 1, Title 8; Part 2, Title 1; Part 6; Part 8, Title 1 through 18;

3b.	the Commercial Code as amended, in the following scope: Part 1 through 3;

3c.	Act No. 595/2003 Coll. on Income Tax as amended;

3d.	Act No. 222/2004 Coll. on Value Added Tax as amended;

3e.	Act of the Slovak National Council No. 511/1992 Coll. on administration of taxes and fees and on changes in the system of territorial financial authorities as amended;

3f.	Act No. 523/2004 Coll. on Budgetary Rules for Public Administration and on amendments to certain acts, as amended;

3g.	Act No. 583/2004 Coll. on Budgetary Rules for Local Authorities and on amendments to certain acts, as amended;

3h.	Act No. 566/2001 Coll. on Securities and Investment Services and on amendments to certain acts (Act on Securities), as amended;

3i.	Act No. 429/2002 Coll. on the Stock Exchange as amended;

3j.	Act No. 7/2005 Coll. on Bankruptcy and Restructuring and on amendments to certain acts, as amended;

3k.	the Labour Code as amended, in the following scope: Part 1 through 4; Part 6; Part 7, §152 through 156; and Part 8 through 9;

3l.	Act No. 2/1991 Coll. on Collective Bargaining as amended;

3m.	Act No. 663/2007 Coll. on Minimum Wage;

3n.	Act No. 462/2003 Coll. on compensation of earnings during an employee's temporary incapacity for work and on amendments to certain acts, as amended;

3o.	Act No. 5/2004 Coll. on Employment Services and on amendments to certain acts, as amended;

3p.	Act No. 461/2003 Coll. on Social Insurance as amended, in the following scope: Part 1, Title 2, Section 1; and Part 4, Title 1, §231;

3q.	Act No. 580/2004 Coll. on Health Insurance and amendments to Act No. 95/2002 Coll. in Insurance and on amendments to certain acts, as amended, in the following scope: Part 2;

3r.	Act No. 43/2004 Coll. on Pension Saving Scheme and on amendments to certain acts, as amended, in the following scope: §56;

3s.	Act No. 650/2004 Coll. on Supplementary Pension Saving Scheme and on amendments to certain acts, as amended, in the following scope: §30;

3t.	Act No. 195/1998 Coll. on Social Assistance as amended, in the following scope: Part 3, Title 2; and Part 5;

3u.	Act No. 530/2003 Coll. on Commercial Register and on amendment to certain acts, as amended;

3v.	the Criminal Code as amended, in the following scope: Part 2, Title 4, 5 and 8;

3w.	Act No. 367/2000 Coll. on Protection against Legalisation of Proceeds from Crime and on amendments to certain acts, as amended;

3x.	Act of the National Council of the Slovak Republic No. 152/1994 Coll. on the Social Fund and on amendments to Act No. 286/1992 Coll. on Income Tax as amended, as amended;

3y.	information management systems, risk management and internal control, data processing systems, mathematic and statistic methods used in auditing.

(2)	The auditor examination shall not take longer than 14 hours in total, and not be longer than 6 hours per day.

§ 5

(1)	The examination of professional competence is written and consists of two parts focused on accounting pursuant to §4(l)(a) except for item 2, and fields of knowledge referred to in §4(l)(c) except for item 1 and 2.

(2)	The examination of professional competence shall not take longer than 7 hours and shall be conducted in a single day.

§ 6

(1)	A test is written and consists of three parts focused on the areas specified in §4(1).

(2)	A test shall not take longer than 7 hours and shall be conducted in a single day.

(3)	The minutes are drafted during the test, which also contain the results of the test which are notified to the auditor within 15 days of the testing date.

§ 7

(1)	All parts of the auditor examination, examination of professional competence and testing are anonymous; the applicants are identified by assigned codes only.

(2)	All parts of the auditor examination, examination of professional competence and testing are performed separately; for each part of the examination or testing, the applicant may only use aids and reference materials permitted by the Authority’s examination board.

(3)	For each part of the auditor examination, examination of professional competence and testing a “passed” or “failed” mark is awarded. The applicants pass a part of the examination or testing if they score at least 70% of the total points available.

§ 8

	A certificate of competence to perform audit is granted to an applicant subject to a decision of the Authority’s examination board on the result of the auditor examination or examination of professional competence, as notified to the applicants within 30 days of them having passed the examination. The same deadline applies for the delivery of a notification to an applicant that they have failed the auditor examination or examination of professional competence.

§ 9
	The fee for:

(a)	The auditor examination or examination of professional competence is SKK 15,000 in total; the fee for each part being SKK 5,000. The retaking of any part of the examination will then also incur the fee of SKK 5,000 for each part retaken;

(b)	 A test is SKK 21,000 in total; the fee for each part being SKK 7,000. The retaking of any part of the test will then also incur the fee of SKK 7,000 for each part retaken.

§ 10

	The Authority’s examination board consists of nine members.

§ 11

(1)	If an applicant fails to appear for the auditor examination, examination of professional competence or testing for a substantial reason and has duly apologised for the absence in writing not later than three days prior to the examination or testing date, the fee for the auditor examination, examination of professional competence or testing already paid will be refunded to them.

(2)	An applicant’s absence at the auditor examination, examination of professional competence or testing may only be excused on the examination or testing date in the case of applicant’s injury or illness demonstrated by a medical report or in other substantially justified events.

(3)	No account is taken of any ex post apology for an applicant’s absence at the auditor examination, examination of professional competence or testing.

(4)	In the case of an unexcused absence, or if the Authority’s examination board does not accept the reasons for the apology,  the applicant is deemed to have failed the auditor examination, examination of professional competence or testing and the fee for the auditor examination, examination of professional competence or testing already paid is not refunded.

§ 12

	The auditor examinations and examinations of professional competence for 2008 shall be held in November 2008. Written applications pursuant to §2 may be filed not later than by the end of August 2008.

§ 13

	This measure shall come in to force on 1 August 2008.

Ján Počiatek
Minister of Finance

Annex to Measure No. MF/13522/2008-74

Sample form
Application for an auditor examination*, examination of professional competence*, testing*

	I hereby apply for an auditor examination*, examination of professional competence*, testing* pursuant to Act No. 540/2007 Coll. on Auditors, Audit and Oversight of Audit and on amendments to Act No. 431/2002 Coll. on Accounting, as amended, and pursuant to Measure of the Ministry of Finance of the Slovak Republic No. MF/13522/2008-74 laying down the rules for auditor examination, examination of professional competence and testing, scheduled on the following date

.................................................................................

Surname
		First Name                                                                        		Title		
Date and place of birth	
	
Permanent residence
(exact address)	
	
Mailing address	
	
E-mail address

Telephone number	
	
Education

	
Length of professional practice in accounting
	
	Length of practical professional training
	
	Instructor’s first name and surname

	
Fee payment date
	
	Code of the bank and bank account number from which the fee was paid

I agree to the processing of personal data by the Audit Oversight Authority in compliance with Act No. 428/2002 Coll. on Personal Data Protection as amended.

Place.............................................................. Date.....................................

........................................................
	Applicant’s signature
*Cross out as appropriate.