Licence to provide auditing services

A certified auditor is a natural person who provides auditing services for a auditing company. Certified auditors verify financial statements of business entities in order to ensure accuracy and completeness of information that are the subject of the audit.

To carry out the tasks of a certified auditor, an individual must meet the prescribed conditions and acquire a licence to carry out the tasks of a certified auditor issued by the Slovenian Institute of Auditors.

Certified auditors must extend their licence every two years by attending additional training.

Details

A company must attach the Articles of Association or statute if a public limited liability company is involved to a request for the issue of a licence.

In addition to provisions the statute of each public limited liability company must include, the statute of an auditing company must also include information on the obligations of shareholders.

Evidence

Articles of Association or statute of an auditing company

If an auditing company is organised as a public limited liability company, the company must submit a list of shareholders which must include information on shareholders, the amount of shares and per cent of participation in the share capital.

For shareholders that are legal entities, an extract from the court register must be submitted, and if the shareholder is a public limited liability company also an extract of shareholders from the shareholders' register.

For shareholders that are auditing companies in Member States or auditing subjects in third countries, an opinion of the competent supervisory authority of the Member State or third country must be submitted, which must comprise: the content of regulations of the country, a statement from the supervisory authority that the auditing company is entitled to provide services, and a statement from the competent supervisory authority that it will inform the Institute of all supervision measures imposed on the auditing company.

Evidence

List of shareholders

An auditing company must have management composed of one or more members. The appointed person must not be convicted res judicata, and at least one member of the management must have a high level of active knowledge of Slovenia and permanently reside in the Republic of Slovenia.

Most members of the management and presidents of management boards of auditing companies must be certified auditors. If the management is composed of only two members, at least one of them must be a certified auditor.

Evidence

Evidence of employment of the management of an auditing company

An auditing company must conclude liability insurance which protects it from financial consequences of damage incurred to a legal entity where auditing has been carried out.

The costs of insurance depends on the characteristics of the company in accordance with insurance conditions of the selected insurance company.

Evidence

Evidence of liability insurance and the payment of insurance premium

An auditing company must prepare and adopt suitable internal acts:

• rules on the protection of audit documentation,
• rules on maintaining professional secrecy,
• a statement on investments on the basis of which the company has directly or indirectly acquired a qualifying holding in another legal entity.

Acts must be prepared in the form of internal documents of the auditing company. The Slovenian Institute of Auditors provides assistance with the preparation of internal documents.

Evidence

• Rules on the protection of audit documentation,
• rules on maintaining professional secrecy,
• statement on investments on the basis of which the company has directly or indirectly acquired a qualifying holding in another legal entity.

An auditing company must have business premises for uninterrupted pursuit of business activities. The premises and equipment must be adequately protected against fire, burglary and theft. The price of insurance depends on the type of the equipment and premises.

It is determined in accordance with the conditions of the insurance company and preferences of the company. If only one certified auditor is employed in the auditing company, a contract of cooperation with another auditing company must be concluded stating that the latter will fulfil the obligations a one-person auditing company could not.

The Institute may determine that the auditing company must submit other suitable documents from which it may be established whether the auditing company has the staffing, technical and organisational capacity to provide auditing services.

Evidence

• Evidence of ownership of business premises of a valid certified lease contract;
• evidence of protection of business premises and equipment, and the payment of the insurance premium;
• contract of cooperation with another auditing company