Act No. 334 / 2014 Coll.
Act amending Act No. 93 / 2009 Coll., on Auditors and amending certain laws (Act on Auditors), as amended
Valid
Law
Effective from 13.01.2015
Text versions:
13.01.2015
29.12.2014
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334
THE LAW
of 9 December 2014
amending Act No. 93 / 2009 Coll., on Auditors and amending certain laws (Act on Auditors), as amended
Parliament has decided on this law of the Czech Republic:
Amendment of the Auditor Act
Act No. 93 / 2009 Coll., on Auditors and amending certain laws (Act on Auditors), as amended by Act No. 227 / 2009 Coll., Act No. 139 / 2011 Coll., Act No. 188 / 2011 Coll., Act No. 420 / 2011 Coll., Act No. 428 / 2011 Coll., Act No. 52 / 2012 Coll. and Act No. 167 / 2012 Coll., is amended as follows:
1. In Article 1, the words "European Community1) 'are replaced by the words" European Union1)', the words "status and activity 'are replaced by the words" rights and obligations' and the words "position 'are deleted.
Footnote 1:
"(1) Directive 2006 / 43 / EC of the European Parliament and of the Council of 17 May 2006 on statutory audits of annual and consolidated accounts, amending Council Directives 78 / 660 / EEC and 83 / 349 / EEC and repealing Council Directive 84 / 253 / EEC, as amended by Directive 2008 / 30 / EC of the European Parliament and of the Council. Directive 2013 / 34 / EU of the European Parliament and of the Council of 26 June 2013 on the annual accounts, consolidated accounts and related reports of certain types of undertakings, amending Directive 2006 / 43 / EC of the European Parliament and of the Council and repealing Council Directives 78 / 660 / EEC and 83 / 349 / EEC. ';
2. footnote 4 is deleted, including the footnote reference.
3. In Article 2 (b), the words ", verification of other economic information by an auditor or carrying out other activities by an auditor 'and the words" and verification of other economic information carried out under audit standards' are replaced by "or other verification of accounts, other accounting records or parts thereof by an auditor ';
4. in Article 2 (f) and (g):
"(f) a third-country auditor other than a natural person who is authorised to carry out statutory audits in a third country and who is not authorised to carry out statutory audits in a Member State;
(g) by an auditor from a third country, a natural person who is authorised to carry out statutory audits in a third country and who is not authorised to carry out statutory audits in a Member State; ';
5. in Article 2, the following points (h) and (i) are inserted after point (g):
"(h) an auditor from another Member State other than a natural person authorised to carry out statutory audits in another Member State;
(i) by an auditor from another Member State, a natural person authorised to carry out statutory audits in another Member State; ';
Points (h) to (p) shall be renumbered as points (j) to (r).
6. In Article 2 (j), the word "statutory 'and the words" or one or more audit firms' are deleted.
7. in Article 2 (k), the word "control 'is replaced by" management';
8. in Article 2, point (m) is deleted;
Points (n) to (r) shall be renumbered as points (m) to (q).
9. in Article 2, point (n) is deleted;
Points (o) to (q) shall be renumbered as points (n) to (p).
footnote 8 is deleted.
10. in Article 2 (n), the words "statutory or" shall be deleted and the word "basic" shall be inserted after the word "agreed."
11. in Article 2, at the end of point (p), the dot is replaced by a comma and the following point (q) is added:
"(q) a Member State of the European Union or a Member State which is a Contracting State to the Agreement on the European Economic Area."
12. The following Section 2a and 2b are inserted after Section 2, including the headings:
Public interest entities
The entity of public interest is:
(a) a legal entity established under Czech law which has issued investment securities which are admitted to trading on a European regulated market or on a foreign market similar to a regulated market in the Contracting State of the Agreement on the European Economic Area;
(b) a bank under the Bank Act;
(c) a domestic insurance undertaking under the Insurance Act;
(d) domestic reinsurance undertaking under the Insurance Act;
(e) a health insurance undertaking under the law governing the activities of health insurance undertakings;
(f) savings and credit cooperatives under the Act governing the activities of savings and credit cooperatives;
(g) securities dealer under the Capital Market Business Act;
(h) a CSD under the law governing the capital market business;
(i) an investment company under the law governing investment companies and investment funds;
(j) a pension company under the Act governing supplementary pension savings and pension savings,
k) General health insurance company of the Czech Republic,
(l) a participating and transformed fund under the Act governing supplementary pension savings,
(m) investment fund under the law governing investment companies and investment funds;
(n) a pension fund under the law governing pension savings; and
(o) a commercial corporation or a consolidated entity where the average recalculated status of the employees of the commercial corporation or consolidation unit in the immediately preceding financial year exceeds 4 000 employees.
General provisions
(1) The supervisory authority is the supervisory board, the management board in the exercise of its powers of control, the control committee or any other body having similar powers of control, depending on the legal form of the legal person in question.
(2) In this Act, the governing body is the statutory body of a commercial corporation, in the case of a public limited-liability company with a monastic internal structure of a company, the governing board in the exercise of its supervisory powers, or another body exercising management functions, depending on the legal form of the legal entity in question.
(3) If that law lays down the rights and obligations of an entity that does not have a legal personality, those rights and obligations shall be exercised by the person acting on its behalf. ';
13.
Performance of audit activities
(1) Only auditors are entitled to carry out audit activities under this Act.
(2) The audit firm only carries out audit activities in its own name and on its own account.
(3) The statutory auditor shall carry out his or her audit activities in his or her own name and on his or her own account or for another auditor in the context of a basic employment relationship or as a member of an audit firm.
(4) A statutory auditor who carries out an audit activity in his or her own name and on his or her own account may not carry out an audit activity for another auditor in the context of a fundamental employment relationship or as a member of an audit firm. A statutory auditor who carries out an audit activity for another auditor in the context of a basic employment relationship or as a member of an audit firm shall not conduct an audit activity for more than one auditor in the context of a basic employment relationship or as a member of a single audit firm. ';
14. in Paragraph 4 (1) (b):
"(b) she is fully competent, '.
15. in Article 4 (1) (d), the words "as an assistant auditor" shall be deleted;
16. in Article 4 (1), points (g) and (h) are deleted;
Points (i) to (k) shall be renumbered as points (g) to (i).
17. in Article 4 (1) (g):
"(g) on the date on which the application is submitted, no arrears are registered in taxes, levies, fees and other similar cash transactions, including related fines and periodic penalty payments and costs, or outstanding premiums for public health insurance or social security contributions and contributions to national employment policy, including periodic penalty payments, except where repayment has been authorised in instalments and is not late in repayment of payments,";
footnote 10 is deleted.
18. in Paragraph 4 (1), point (h) shall be deleted;
Point (i) shall be renumbered as point (h).
19. in Article 4 (3), point (b) is deleted;
Points (c) and (d) shall be renumbered (b) and (c).
20. in Paragraph 4 (3) (b), the words "from the audit assistant list" shall be replaced by the words "from the auditor register (hereinafter referred to as the register)."
21. in Article 4 (3), the dot is replaced by a comma at the end of point (c) and the following point (d) is added:
"(d) as referred to in paragraph 1 (g), the applicant shall provide evidence of relevant certificates which are not more than 30 days old at the date of application.";
22. in Paragraph 4 (4):
"(4) In order to demonstrate the integrity of the applicant in accordance with paragraph 1 (a), the applicant shall: (c) the Chamber shall request an extract from the Register of Penalties. ';
footnote 12 is deleted.
23. in Paragraph 4, the following paragraph 5 is inserted after paragraph 4:
"(5) For the purpose of supporting the integrity referred to in paragraph 1, points (a) and (b) shall apply. (c) the applicant who is a national of a State other than the Czech Republic shall provide a record of the criminal record or an equivalent document issued by the competent judicial or administrative authority of that State or State of last residence; where the State of the applicant's last residence is the Czech Republic, the procedure laid down in paragraph 4 shall be followed. If that State does not issue an extract of the criminal record or an equivalent document, the applicant shall submit a declaration of integrity. Where the applicant is a national of another Member State of the European Union or has his address in another Member State of the European Union and has not submitted an extract of the criminal record or an equivalent document issued by the competent judicial or administrative authority of that State or, where applicable, the State of his last residence, if another Member State or the Swiss Confederation so requests, he shall provide proof of the integrity of the extract of the criminal record with an annex containing information entered in the criminal record of another Member State of the European Union. Such documents shall not be more than 3 months old on the date on which the application is lodged. ';
Paragraph 5 shall become paragraph 6.
24. in the first sentence of Article 4 (6), "h" is replaced by "g";
25. In the third sentence of Paragraph 4 (6), the words "the Czech Republic" shall be inserted after the word "order."
26. in the last sentence of Article 4 (6), "the list of auditors" shall be replaced by "the register referred to in Article 12."
27. in Article 5 (1) of the introductory part of the provision, the words "also" shall be deleted and the words "or an audit officer from another Member State" shall be inserted after the words "company."
28. in Article 5 (1) (a), the words "for such a person" shall be inserted after the words "will" and the words "on its behalf" shall be deleted;
29. in Article 5 (1) (b) and (c):
"(b) the majority of the voting rights are statutory auditors, auditors from another Member State, audit firm or audit person from another Member State;
(c) the majority of the members of the managing authority are statutory auditors, auditors from another Member State, audit firm or audit person from another Member State; where the managing authority of the person concerned has two members, at least one of them shall fulfil the conditions laid down; ';
30. in Article 5 (1) (d), the word "statutory" shall be replaced by the word "management," after the word "integrity," the words "a member of the managing authority which is not an auditor," and the words "§ 4 (2) and § 5 (2)" shall be replaced by "§ 4 (2) (a) and (b) and § 5 (4) (a) and (b)";
31. in Article 5 (1), the following point (f) is inserted after point (e):
"(f) does not carry out an activity subject to the restriction set out in Paragraph 23;"
Points (f) to (h) shall be renumbered as points (g) to (i).
32. in Article 5 (1) (g):
"(g) on the date on which the application is submitted, no arrears are registered in taxes, levies, fees and other similar cash transactions, including related fines and periodic penalty payments and costs, or outstanding premiums for public health insurance or social security contributions and contributions to state employment policy, including periodic penalty payments, except where payment has been authorised in instalments and is not late in repayment of payments, unless the person who did not carry out his activity on the territory of the Czech Republic before the application for an audit authorisation is submitted."
33.In Article 5 (1), point (h) is deleted.
Point (i) shall be renumbered as point (h).
34. In Article 5, the following paragraphs 2 and 3 are inserted after paragraph 1:
"(2) At the request of the Chamber, it shall grant an audit authorisation to a legal person prior to its establishment, if it is established as a public limited company, public commercial company, limited liability company, European company or European economic interest association, and if it demonstrates compliance with the conditions set out in points (a) to (d) of paragraph 1. This person shall be granted an audit authorisation on the date of his registration. If that person does not submit a registration application within 90 days of the date of receipt of the audit authorisation or if the application is not complied with within that period, the Chamber shall decide that the conditions for the creation of the audit authorisation are not met.
(3) The Chamber shall register the audit firm and assign it a registration number
(a) on the date of acquisition of the legal power of the audit authority, if it is a legal person referred to in paragraph 1;
(b) within 5 days of the date on which the Register Court notifies the Chamber of Commerce of the publication of the information on its registration, if it is a legal person referred to in paragraph 2. ';
Paragraphs 2 to 4 shall be renumbered paragraphs 4 to 6.
35. in Article 5 (5):
"(5) In order to prove the integrity of the legal person referred to in paragraph 1 (h), the Chamber shall obtain an extract from the Register of Penalties. ';
36. In Article 5, the following paragraphs 6 to 10 are inserted after paragraph 5:
"(6) In order to demonstrate the integrity of the applicant referred to in paragraph 1 (h), applicants from a State other than the Czech Republic shall submit an extract of the criminal record or an equivalent document issued by the competent judicial or administrative authority of that State. If that State does not issue an extract of the criminal record or an equivalent document, the applicant shall submit a declaration of integrity. Such documents shall not be more than 3 months old on the date of the application.
(7) Article 4 (4) and (5) and Article 5 (5) and (6) shall apply mutatis mutandis to demonstrate the integrity of a member of the managing authority.
(8) Compliance with the condition referred to in paragraph 1 (g) shall be demonstrated by the applicant by appropriate certificates which are not more than 30 days old at the date of application.
(9) At the request of the Chamber, the audit authority shall also issue an audit authority from a third country, if it fulfils the conditions laid down in an international agreement which is part of the legal order of the Czech Republic, and that person shall prove that he is entitled to carry out a statutory audit in a State which is a party to this international agreement which obliges the Czech Republic to provide audit persons from a third country of that State with access to the statutory audit.
(10) An auditor from another Member State and an auditor from a third country who has been granted an audit authorisation shall be considered an audit firm under this law. "
Paragraph 6 shall become paragraph 11.
37. in Article 5, paragraph 11 is deleted;
38. Sections 6 and 7, including the headings, read:
Suspension of audit activities
(1) The Chamber shall suspend the statutory auditor from carrying out his audit activities if he has been prosecuted for a criminal offence committed intentionally, until the date on which he becomes legally entitled to a decision terminating the criminal prosecution.
(2) The Chamber may suspend the statutory auditor from carrying out an audit activity where criminal prosecution has been brought against him for a criminal offence committed negligent in connection with the conduct of an audit activity or where proceedings have been initiated to restrict his or her competence. For these reasons, the performance of the audit activity may be suspended until the date on which the decision terminating the criminal prosecution or proceedings on the restriction of incapacity becomes final.
(3) The Chamber shall suspend the audit firm from carrying out its audit activities if criminal proceedings have been brought against it for a criminal offence committed intentionally, until the date on which the decision terminating the criminal proceedings is taken in law.
(4) The Chamber may suspend the performance of an audit activity by an audit firm if it has been prosecuted for a criminal offence committed negligent in connection with the conduct of an audit activity. For this reason, the performance of the audit activity may be suspended no longer than the date on which the decision terminating the prosecution becomes final.
(5) During the suspension of audit activities
(a) the auditor is not entitled to conduct audit activities;
(b) the statutory auditor shall be suspended from office in the Comoros bodies referred to in Article 32 (1) (b) to (d) and in the Council Presidium;
(c) the statutory auditor may not be elected to the bodies of the Chamber referred to in § 32 (1) (b) to (d);
(d) shall be without prejudice to the obligations of the auditor under this law.
(6) The auditor shall notify the Chamber in writing without delay of the facts referred to in paragraphs 1 to 4. The notification shall be accompanied by a copy of the relevant decisions.
Prohibition of audit activities
(1) A statutory auditor may not carry out audit activities where:
(a) he has been imposed on a disciplinary measure to prohibit the performance of an audit activity;
(b) he has been penalised by another law prohibiting the performance of an audit activity;
(c) be late in paying contributions to the Chamber for more than 1 year, and shall not pay the allowance on a written invitation from the Chamber within a one-month period, from the first day following the failure to expire; or
(d) has been limited in its own right.
(2) An audit firm may not carry out audit activities where:
(a) it has been imposed a measure prohibiting the performance of an audit activity;
(b) no longer fulfils any of the conditions laid down in Article 5 (1) (a), (b) or (c) and does not remedy this situation within 6 months of the date of infringement of that condition, from the date of expiry of that period;
(c) it has been penalised by another law prohibiting an audit activity; or
(d) is late in paying contributions to the Chamber for more than 1 year and will not pay the contribution at the Chamber's written invitation within a one-month period, starting on the first day following the expiry of the replacement period.
(3) The Chamber shall prohibit the performance of audit activities where:
(a) the statutory auditor no longer fulfils the requirement of integrity;
(b) the statutory auditor has ceased to comply with the requirement under Article 4 (1) (e);
(c) the audit firm has ceased to comply with the requirement of integrity;
(d) the audit firm has ceased to comply with the requirement laid down in Article 5 (1) (d) and does not rectify that condition within 6 months of the date on which it ceased to comply with that requirement, or
(e) the audit firm has ceased to comply with the requirement under Article 5 (1) (f). ';
39. The following Sections 7a to 7c are inserted after Section 7, including the headings:
Permanent prohibition on audit activities
(1) The auditor may not carry out an audit activity where he has been assigned a measure of a permanent prohibition on the performance of an audit activity pursuant to Article 25 (1) (e).
(2) The Chamber shall permanently prohibit the auditor from carrying out an audit activity if he has carried out an audit activity at the time when he was prohibited from carrying out an audit activity pursuant to Article 7.
Other reasons for the termination of the audit authorisation
(1) The Chamber shall decide on the termination of the authorisation to carry out an audit activity if the auditor so requests in writing, not later than 30 days after the date on which the application was received by the Chamber, unless the application indicates a later date. If the Chamber does not decide within that time limit, the authorisation to carry out the audit activities shall cease in vain by the expiry of the time limit.
(2) The statutory auditor shall cease to be authorised to carry out an audit activity if he or she has died or has been declared dead on the day of death or on the day of his or her death.
(3) An audit firm shall cease to be authorised to carry out an audit activity if it ceases to exist on the date of its demise.
(4) The discharge procedure referred to in paragraph 1 of this Article shall be suspended by the Chamber if disciplinary proceedings, quality control or other proceedings conducted by the Chamber or by the Council are not completed, or if the auditor does not fulfil all obligations with regard to the Chamber and the Council until such procedures or controls have been completed or those obligations have been completed.
Common provisions for the suspension, prohibition or permanent prohibition of the performance of audit activities
(1) An auditor who is prohibited or permanently prohibited from carrying out an audit activity shall cease to be authorised to carry out an audit activity.
(2) The withdrawal of an authorisation to conduct an audit activity shall be without prejudice to the obligation to maintain confidentiality pursuant to Article 15, the obligation to keep the documentation and the file of the auditor referred to in Article 20a (2) and the obligation to comply with the prohibition provided for in Article 45 (4).
(3) Where a person who has ceased to have an audit activity pursuant to paragraph 1 requests the issue of an audit authorisation within a period of less than 5 years from the date of the termination of the audit activity, Article 4 (1) (d), (f) and (h) shall not apply.
(4
(5) Information on the suspension or termination of an authorisation to carry out audit activities and their reasons will be recorded in the Register by the Chamber without delay. The Chamber shall inform the Council and the competent authority of the Member State in which the auditor is authorised to carry out the statutory audit. ';
40. in Paragraph 8 (1) (h), the words "statutory audit" are replaced by "audit activities."
41. in Article 8 (1) (i), the words "or others, as the case may be," shall be replaced by the words "issued by the Board for International Audit and Verification Standards and."
42. In the first sentence of Article 8 (3), the words "state examination 'shall be inserted after the words" university examination' and "7 'shall be replaced by" 5'.
43. In the second sentence of Article 8 (5), the word "executed" shall be replaced by the word "filed," the number "3" shall be replaced by the word "not recognised" shall be replaced by the words "recognised within a period of five years from the date of their composition."
44. in Article 8 (6), the words "economic and legal" shall be deleted and the words "in the areas referred to in paragraphs 1 and 2" shall be inserted after the words "practice."
45. in Paragraph 8 (6), the last sentence is deleted;
46. In Article 8, the following paragraph 7 is inserted after paragraph 6:
"(7) The applicant may request the Comoros to review the evaluation in writing within 15 days of the date on which the applicant was notified of the outcome of the partial test. The examination shall be carried out by an appeal panel composed of members of the Examination Panel who did not decide on the outcome of the partial examination. The appeal panel shall be appointed by the Council. '.
Paragraphs 7 and 8 shall be renumbered paragraphs 8 and 9.
47. in Paragraph 8 (9) (d), the words "partial tests" are replaced by the words "partial tests" and the words "or differential tests" are replaced by "parts of the differential tests."
48. in Paragraph 8 (9) (f), "a" is replaced by a comma;
49. In Paragraph 8, at the end of paragraph 9, the dot is replaced by "a 'and the following point (h) is added:
"(h) details of the review of the examination committee.";
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Regulation Information
| Citation | Act No. 334 / 2014 Coll., amending Act No. 93 / 2009 Coll., on Auditors and amending certain laws (Act on Auditors), as amended |
|---|---|
| Regulation Type | Law |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 29.12.2014 |
|---|---|
| Effective from | 13.01.2015 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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