Audit price according to the Code of Ethics

In line with ethical principles, the audit fee should be at least as large as the audit to be performed in accordance with ISA. The lowest price for audit of financial statements in our company was 980 EUR and highest 58 000 EUR.

To address this issue, SKAU issued the general guidelines --SKAU č.15/ETIKA/2010 on the audit duration (hereinafter „Gidence SKAU"), in which auditors or audit firms must blindingly adhere to the minimum duration of the audit duration in hours as follows:

 
TOTAL *(in mil. €)   Minimum number of hours  
   
do 0,4 20 -35
0,4 – 1 30 - 50
1 – 2 40 -60
2 – 4 50 - 80
4 – 10 70 - 120
10 – 20 100 - 200
20 – 63 180 - 360
63 – 166 300 - 700


Legend:

  • Total* for business units= assets (netto) + sales (group 60) + financial revenues

( group 66),

  • Total * for municipalities, foundations, political parties and movements, higher territorial authorities, nonprofit organizations, civic associations, contributory and budgetary Institutions = assets (net) + income part of the budget implementation,
  • When calculating the number of hours the following sources and data are used:
    • data from the financial statements for the audited period, if the audit will be carried out after the compilation of the financial statements,
    • data from the financial statements for the previous completed financial year or the converted data from the accounting for the accounted audited period, when the audit starts before the compilation of the financial statements.

Number of hours, their calculation and recalculation must be included in the audit documentation, which is subject to control by the UDVA. Any skew downwards must be specifically justified in the audit documentation.

The table applies to the audit:

 

  • individual financial statements,
  • consolidated financial statements, in which case the auditor shall increase the number of hours accordingly.

 

Warning!

The number of hours must be documented in the audit documentation that is subject to the UDVA check. The auditor should specifically justify the deviation of hours downwards.

Frequently asked questions for the cost of audit?

WHAT IS THE PRICE FOR THE AUDIT OF THE ACCOUNTING CONTRACT AND THE PRICE FOR AUDITING SERVICES?

The cost of audit of the financial statements or the cost of audit services should be proportionate. It shall be determined individually by agreement between the Contracting Parties. It ranges from 1500 EUR to 60 000 EUR.

Can you influence the price of audit?

Yes, it is possible. In the case of effective collaboration with the client, the number of hours of audit performance will be reduced, which will reduce the cost of the audit.

How to proceed in your are interested by the financial statements audit?

Please contact us or write the form at the end of this article.

How to calculate the estimated number of audit hours?

Example:

Price for financial statements audit = estimated number of hours X hourly rate

Estimated number of hours for financial statements audit.

Based on our experience, we are able to judge, how much time is needed for the auditor and audit assistant for the specific areas of audit. In addition, if we need any external specialist, such as an attorney, tax advisor and expert in information systems, etc. ..In the case of a tax audit or complete audit, the client must expect that the expected number of hours of audit will be higher than the audit using the sampling method. Minimum duration of the audit referred to in the Guidance SKAU is binding for us and therefore a lower number of hours is not possible.

 

Hourly rate for the auditing services

Auditor

100 EUR/h.

Auditing assistant

40 EUR/h.

Specialist - tax adviser, lawyer, etc.

80 EUR/h.

Price offer

How to proceed in case of interest?

The auditor needs to know the potential client and consider whether he is capable of performing the audit with sufficient professional care, whether it has qualified staff, the time it takes, etc. 

The first way is to contact us and send us a completed form at the end of this article or send us an email.Information from the form will help us to get to know your business better and are the basis for creating an audit bid. In both cases, however, a personal meeting is required.

Contact us

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