THE AUDITOR, PROVISION OF AUDIT SERVICES, CHAMBER OF AUDITORS OF THE CZECH REPUBLIC

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1 ACT NO. 254/2000 on Auditors The Parliament enacted this Act of the Czech Republic: PART ONE THE AUDITOR, PROVISION OF AUDIT SERVICES, CHAMBER OF AUDITORS OF THE CZECH REPUBLIC TITLE I INTRODUCTORY PROVISIONS Section 1 (1) This Act regulates in accordance with the law of the European Communities 1 ) the status and activities of auditors, audit firms and assistant auditors, the terms on which audit services may be provided, and the establishment, status and authority of the Chamber of Auditors (hereinafter referred to as the Chamber ). (1) Audit services shall mean: Section 2 a) audit of financial statements or consolidated financial statements and annual reports or consolidated annual reports 1a) (hereinafter referred to as Audit ); b) verification of other disclosures pursuant to special legal regulations; c) verification of other economic information to an agreed extent. (2) An auditor and an audit firm are entitled to provide audit services pursuant to this Act. (3) Auditor shall be understood to mean any individual entered on the List of Auditors in accordance with Section 3(1) and 3(2) or registered in the List of Auditors in accordance with Section 3(7). (4) An audit firm shall be any partnership or company entered on the List of Audit Companies maintained by the Chamber. Only auditors shall provide audit services on behalf of an audit firm. 1 ) Council Directive 89/48/EEC of 21 December 1988 on a general system for the recognition of highereducation diplomas on completion of professional education and training of at least three years duration. Council Directive 92/51/EEC of 18 June 1992, on a second general system for the recognition of professional education and training to supplement Directive 89/48/EEC. Treaty establishing the European Community of 25 March 1957, as amended in the Single European Act, the Maastricht Treaty, Amsterdam Treaty, and Nice Treaty. Council Directive 78/660/EEC, as amended in Directive 2003/51/EC of the European Parliament and of the Council of 18 June Council Directive 84/253/EEC of 10 April 1984 on the approval of persons responsible for carrying out the statutory audits of accounting documents. 1a) Act No. 563/1991, on Accounting, as amended.

2 (5) The auditor shall be independent while providing the audit services, being only obliged to comply with applicable legal regulations. In addition, the auditor shall observe the standards of audit and the professional regulations issued by the Chamber. (6) In the case an auditor provides audit services on behalf of an audit firm, no equity partners, shareholders or managers of such a company who are not auditors may intervene in the provision of audit services in any manner as could affect the independence of the auditor while providing such services. TITLE II PRECONDITIONS FOR THE PROVISION OF AUDIT SERVICES Section 3 Conditions for the Entry of an Auditor on the List of Auditors (1) Upon request, the Chamber shall enter on the List of Auditors any individual who: a) is university graduate in the accredited Bachelor s or Master s degree study programme, 2) b) possesses full legal capacity; c) possesses integrity; d) has worked as an assistant auditor for at least 3 years; e) has no employment or similar relationship, except employment relationship as a university teacher or employment relationship with an auditor or audit firm; f) does not perform any activities incompatible with the provision of audit services (Section 18 below); g) has passed an audit examination; h) has not been deleted from the List of Auditors in consequence of a disciplinary measure, or the period referred to in Section 22(2) has expired; and i) has paid the fee prescribed by the Chamber not exceeding the amount of CZK 5,000. (2) The Chamber shall also enter on the List of Auditors: a) any citizen of a state other than a Member State of the European Union, provided that he/she is able to prove that he/she is entitled to provide audit services in any country that has concluded an international treaty with the Czech Republic binding the Czech Republic to ensure access for auditors from such a country to the provision of audit services; and b) any incumbent auditor under conditions specified in Sections 13c and 13d. (3) For any individual who complies with the conditions specified in Subsections 1 or 2, the Chamber shall make it possible, within 30 days after the date when the last condition was met, to take a pledge before the President or Vice-president of the Chamber in the following wording: I hereby swear on my honour and conscience that I will comply with the legal system, professional regulations and audit guidelines issued by the Chamber, respect the ethics of the audit profession and observe the duty of confidentiality while providing audit services. The Chamber has to make the entry on the List of Auditors and to issue the certificate to that effect within the same period of time. (4) Not considered as possessing integrity shall be any individual who has been effectively convicted of: 2) 46 of Act No. 111/1998, on Universities and on Amendment to Other Acts (the Universities Act).

3 a) a wilful criminal act; or b) a criminal act committed by negligence the nature of which was related to the provision of audit services, unless such an individual is regarded as not having been so convicted. 3) (5) Integrity is evidenced by a no-criminal record certificate, which shall not be older than 3 months. These documents shall not be older than 3 months. (6) Documents related to compliance with the conditions referred to in Subsections 1 and 2 shall be submitted in the original or in a verified transcript or in a verified copy. 4) In the case of documents in a foreign language a translation into the Czech language shall also be submitted, and in the case of any doubt the Chamber is entitled to request an authorised translation. (7) The Chamber shall enter a visiting auditor on the List of Auditors under conditions specified in Sections 13e and 13f. Section 4 Conditions for the Entry of an Audit Firm on the List of Audit Firms (1) Upon request, the Chamber shall enter on the List of Audit Firms any company or partnership: a) in which more than 50% of the voting rights belong to auditors entitled to provide audit services; if it is a joint-stock company its registered capital shall comprise only registered shares. More than 50% of such shares shall be owned by auditors entitled to provide audit services; b) which has statutory and supervisory bodies where more than 50% of members are auditors entitled to provide audit services; if such a statutory or supervisory body consists of a single person then such a person shall be an auditor entitled to provide audit services; if such a statutory or supervisory body consists of two individuals then one of such individuals shall be an auditor entitled to provide audit services, and c) which has paid the fee prescribed by the Chamber not exceeding the amount of CZK 20,000. (2) Together with the application for entry on the List of Audit Firms the firm shall submit its Articles of Partnership, Memorandum of Foundation or Deed of Foundation, Company Statutes, if any, and incorporation documents proving the firm s registration in the Commercial Register, provided that it is already so registered as of the date when the application is submitted; in the case of a joint-stock company, a list of shareholders shall be submitted as well. The documents shall be submitted in original or in authenticated copies. (3) The Chamber has to enter on the List of Audit firms any company that complies with the conditions specified in Subsections (1) and (2) above within 30 days after the date when the last condition was met, and shall issue the certificate to that effect. 3) For example, Sections 60, 60a and 70 of the Penal Code. 4) For example, Act No. 358/1992, on Notaries and the Activities Thereof (Notarial Code), as amended, Act No. 41/1993, on Certification of Conformity with Original Documents of Transcript Copies or Copies Made by Copying Machines and on Verification of Authenticity of Signature by Municipal Authorities, and on the Issuance of Certificates by Municipal Bodies and by District Authorities, as amended under Act No. 15/1997.

4 Section 5 Legal Consequences of Entry on the List of Auditors, Registration in the List of Auditors or Entry on the List of Audit Firms (1) Entry on the List of Auditors or on the List of Audit Firms entitles the auditor or audit firm to provide audit services, starting from the date indicated in the Certificate of Entry. (2) Registration in the List of Auditors entitles the auditor to provide audit services, starting from the date indicated in the Certificate of Registration. (3) The case regarding any decision of the Chamber rejecting an application for entry on the List of Auditors or on the List of Audit Firms, or rejecting registration in the List of Auditors, may be brought before a court. 5a) Section 6 The List of Auditors (1) The List of Auditors maintained with the Chamber shall contain the following information: a) first name and surname of the auditor, birth code number, the date of birth in the absence of a birth code number, ordinary residence address, business address, trade name if different from the first name and surname of the auditor, and the identification number, if any; b) the date when the audit examination or differential audit examination was passed; c) the date of entry on the List of Auditors and the number of the certificate of entry; d) the method of provision of audit services (Section 13); e) information about suspension of the authorisation to provide audit services, on deletion from the List of Auditors and on imposition of disciplinary measure; f) date of registration of a visiting auditor and the number of certificate of registration. (2) Any change or invalidity of recorded entries, which shall be announced and evidenced by any auditor to the Chamber without undue delay, shall also be entered on the List of Auditors without undue delay. (3) The information given in the List of Auditors shall be publicly accessible and shall be available in the Chamber s registered office. Section 7 The List of Audit Firms (1) The List of Audit Firms maintained by the Chamber shall contain the following information: a) the trade name, registered office and the identification number; b) date of entry on the List of Audit Firms and the number of the Certificate of Entry; c) first name and surname, birth code number, the date of birth in the absence of a birth code number, and ordinary residence address of each of the auditors providing audit services on behalf of the audit firm; in the case of auditors who are owners of the audit firm also 5a) Act No. 150/2002, Code of Administrative Procedure, as amended.

5 the extent of their voting rights; in the case of a joint-stock company also the list of shareholders; d) first name and surname, birth code number, the date of birth in the absence of a birth code number, and ordinary residence address of each of the persons who are statutory or supervisory bodies of the audit firm; e) information about suspension of the authorisation of the audit firm to provide audit services, about deletion from the List of Audit Firms and imposition of any measure as referred to in Section 21. (2) Any change or invalidity of recorded entries, which shall be announced and evidenced by any audit firm to the Chamber without undue delay, shall be entered on the List of Audit Companies without undue delay. (3) The information given in the List of Audit Firms shall be publicly accessible and shall be available in the Chamber s registered office. Section 8 The Audit Examination and Differential Audit Examination (1) The audit examination shall verify the professional level of the applicant's theoretical knowledge and his/her ability to use the above knowledge in practice. (2) The audit examination shall be focused on the following areas: a) economics and financial management; b) accountancy; c) relevant areas of civil law, commercial law, financial law, labour law and social security law relating to the activities conducted while providing audit services, and the legal regulations dealing with bankruptcy and composition proceedings; d) information systems for management and internal auditing, data processing systems, and mathematical and statistical methods applicable to auditing; e) audit procedures, methods and techniques, including audit guidelines. (3) The audit examination shall be split into a written part and an oral part. The written examination shall comprise no more than ten partial written exams. The oral part of the examination may only be passed after all the partial written exams have been passed. (4) In every calendar half-year period the Chamber shall determine at least one date for each partial written exam and at least one date for the oral part of audit examination; the Chamber shall provide information about the dates of examination. (5) The audit examination shall be completed within 3 years after the date of the first partial written exam; in the case the audit examination is not passed within the above period, no partial exams already passed by the applicant may be recognised for the purposes of the new application for audit examination. (6) The differential audit examination shall be split into a written part and an oral part and shall cover areas referred to in Subsections 2(b) and 2(c) above, for the knowledge of which the candidate did not submit documents showing the satisfaction of qualification requirements (Section 23b); the written examination shall comprise no more than four partial written exams. The oral part of the differential audit examination may only be passed after all the partial written exams have been passed. If documents showing the satisfaction of

6 qualification requirements prove knowledge of all the areas specified in Subsections 2(b) and 2(c) above, the differential audit examination shall be treated as having been passed. (7) The provisions of Subsections 4 and 5 shall adequately apply to the differential audit examination. The differential audit examination shall be passed within two years after the date of the first partial written exam. (8) Anyone who failed any partial written exam or the oral part of the audit examination or of the differential audit examination may apply in writing for being allowed to take it again. The Chamber shall allow to take it again but not before the end of a period of 1 month in the case of a partial written exam and a period of 3 months in the case of the oral part of the examination; it is permitted to repeat each examination again only twice. (9) Anyone who failed the audit examination and has not applied for being allowed to take the examination again, or anyone who failed the second repetition, may only submit a new application for audit examination after expiry of two years following the date of his/her last failed exam. When submitting the new application for the audit examination, the applicant shall prove that he/she worked as an assistant auditor in the last year prior to the submission of the application. (10) The application fee related to any partial written exam of the audit examination shall not be higher than CZK 1,000; the application fee related to the oral audit examination shall not be higher than CZK 5,000. The fees are considered as income of the Chamber. (11) The audit examination and differential audit examination shall be carried out in the Czech language. Section 9 The Board of Examiners (1) The members and chairpersons of the boards of examiners for the purposes of the partial written exams shall be appointed and recalled by the Chamber from among auditors and other experts in economics and legal theory and practice. A board of examiners shall have at least 3 members, including the chairperson. The partial written exam shall be graded as either passed or failed ; the board of examiners shall make its decision regarding their judgement by majority of votes; in the case of equality of votes the chairperson's vote shall prevail. The board of examiners shall draw up a grading protocol. (2) If an applicant was graded as failed and has any doubts about how the board of examiners assessed his/her partial written exam, then such an applicant may ask in writing the Chamber for review of the grade within 30 days after the date when the verdict is announced. The Chamber shall immediately provide for a review of the grade by a board of examiners consisting of other persons. The verdict issued by such a board shall be final. (3) The members and chairpersons of the boards of examiners for the oral part of audit examination shall be appointed and recalled by the Minister of Finance from among auditors, employees of the Ministry of Finance (hereinafter referred to as the Ministry ) and other experts in economics and legal theory and practice. Based on negotiation with the Ministry, the Chamber shall compose the individual boards of examiners so that on such board half of the members are employees of the Ministry and the other half of the members are appointed by the Minister of Finance upon the Chamber's proposal. Such a board of examiners shall

7 have at least 4 members, including the chairperson. The chairperson of the board of examiners shall always be an employee of the Ministry. (4) The oral part of the examination shall be graded as either passed or failed. The board of examiners shall decide on the grade by majority of votes; in the case of equality of votes the chairperson s vote shall prevail. The board of examiners shall draw up a grading protocol. The verdict issued by the board of examiners shall be final. (5) The case in respect of any decision of the Chamber as per Subsections 2 and 4 may be brought before a court. 5a) Section 10 The Examination Rules The examination rules laying down the details of the submission of the application for the audit examination and for the differential audit examination, the procedure of assessment of compliance with the qualification requirements according to Sections 8(6), 13d and 13f, determination of the number and contents of partial written exams, the amount of the application fee relating to the individual partial written audit exams and the oral audit exams, the course and graduation method of the audit examination and of the differential audit examination, and the procedure concerning failure to appear at the examination, shall be issued by the Ministry as an implementing measure based on negotiations with the Chamber. Section 11 Deletion from the List of Auditors or the List of Audit Firms (1) The authorisation to provide audit services shall lapse upon deletion from the List of Auditors or the List of Audit Firms if: a) any of the circumstances referred to in Subsection (2) below occurs; b) the Chamber so decides in the cases referred to in Subsection (4) below. (2) Any person or entity: a) who has died shall be deleted from the List of Auditors as at the date of death; b) who has been declared dead shall be deleted from the List of Auditors as at the date on which the court ruling relating to such a declaration became effective; c) whose legal capacity was removed or restricted shall be deleted from the List of Auditors as at the effective date of the court decision by which his/her legal capacity was removed or by which his/her legal capacity was restricted; d) on whom/which the disciplinary measure of deletion from the List of Auditors or List of Audit Firms has been imposed shall be deleted as at the effective date of the decision of such a disciplinary measure; e) on whom/which bankruptcy was adjudicated, for whom/which composition with creditors was permitted or whose bankruptcy petition was rejected because of lack of assets to cover the bankruptcy costs shall be deleted from the List of Auditors or List of Audit Firms as at the effective date of the court ruling in respect of the adjudication of bankruptcy, permission of composition or rejection of the bankruptcy petition; f) who/which submitted to the Chamber a written application with authenticated signature for deletion from the List of Auditors or the List of Audit Firms, shall be deleted from the List as at the end of the calendar month following immediately after the month when such an application for deletion was delivered to the Chamber.

8 (3) Deletion from the List of Auditors or the List of Audit Firms pursuant to Subsection 2 shall be recorded by the Chamber in the respective List without undue delay, but no later than one month after the Chamber has learned of the reasons for such a deletion. The Chamber shall notify in writing the auditor or audit firm whom/which the record concerns if the reasons for deletion referred to in Subsection 2(d) to 2(f) are the case; in other cases the Chamber shall notify of the record in writing to the auditor s related persons, if any such persons are known to the Chamber. (4) The Chamber shall also delete from the List: a) any audit firm that has been merged or has been split in accordance with a special legal regulation; 6) this shall not apply to changes in the legal form of the audit firms; b) any audit firm that ceased to comply with the conditions set out in Section 4(1); c) any auditor who ceased to comply with the conditions set out in Sections 3(1)(e) and 3(1)(e); d) any auditor who was convicted of a wilful criminal act committed in relation with the provision of audit services and effectively condemned to unsuspended imprisonment; e) any auditor who was convicted of any wilful criminal act other than referred to in Letter d) above or who was convicted of a wilful criminal act as referred to under Letter d) but was effectively condemned to a punishment other than unsuspended imprisonment, provided that such a criminal act impairs the trust in provision of audit services. (5) The Chamber shall record in the respective List the deletion from the List of Auditors or from the List of Audit Firms pursuant to Subsection (4), and shall do so without undue delay, but no later than one month after the date when the decision related to deletion became executable. (6) The case regarding any decision of the Chamber to delete an auditor or audit firm from the List of Auditors or List of Audit Firms according to Subsection 4 may be brought before a court. 5a) (7) Deletion from the List as per Subsection 2(c), 2(d) or 2(e) or as per Subsection 4(a) 4(b), 4(c) or 4(e) shall be notified by the Chamber to the appropriate authority of another Member State where the auditor or audit firm provides audit services. Section 12 Suspension of the Authorisation to Provide Audit Services (1) The authorisation to provide audit services may be suspended: a) if any of the events referred to in Subsection (2) and Subsection (3) below occurs; b) if the Chamber so decides in the cases referred to in Subsection 4 and 5 below. (2) For any auditor: a) upon whom the disciplinary measure of suspension of authorisation to provide audit services has been imposed, such a suspension shall commence on the date as at which the decision on imposition of the disciplinary measure became effective; b) who was detained on remand, the authorisation to provide audit services shall be suspended as at the date of commencement of such detention; 6) Section 69 et seq. of the Commercial Code.

9 c) who began to serve his/her sentence of imprisonment, the authorisation to provide audit service shall be suspended as at the date of commencement of such imprisonment; d) upon whom the penalty of ban on activities was imposed, which penalty consisted in the ban on the provision of audit services, the authorisation to provide audit services shall be suspended as at the effective date of the decision on the imposition of such a penalty. (3) For any audit firm upon which a measure was imposed which measure consisted in suspension of authorisation to provide audit services, such a suspension shall commence on the date as at which the decision on imposition of such a measure became effective. (4) For any auditor or audit firm, the Chamber shall suspend the authorisation to provide audit services: a) if such an auditor or audit firm is in arrears with the payment of contributions to the activities of the Chamber for a period longer than 1 year and such a contribution remains unpaid for 1 month after reception, by the auditor or audit firm, of the Chamber's reminder containing advice as to the consequences of failure to pay the contributions; authorisation to provide audit services shall in such an event be suspended until the contribution is paid; b) if the auditor or audit firm submits a written application to that effect, the period of such a suspension not being longer than a year. (5) For any auditor, the Chamber may suspend the authorisation to provide audit services: a) if penal proceedings were commenced against such an auditor for a wilful criminal act, such a suspension remaining in effect until the effective date of the decision to terminate such proceedings; b) if proceedings in respect of such an auditor's legal capacity were commended, such a suspension remaining in effect until the effective date of the decision to terminate such proceedings. (6) Suspension of the authorisation to provide audit services shall be recorded by the Chamber in the respective List without delay no later than 1 month after learning about such a suspension or after the effective date of the decision on such a suspension. The Chamber shall notify the auditor or audit firm in writing about such a record in the List. (7) The case regarding any decision of the Chamber suspending an auditor s or audit firm s authorisation to provide audit services may be brought before a court. 5a) (8) For the period of suspension of authorisation to provide audit services: a) the auditor or audit firm concerned shall not be entitled to provide audit services; b) the discharge by the auditor of office as member of the Chamber s bodies referred to in Section 30(1)(b) to Section 30(1)(d) shall be suspended; c) the auditor may not be elected member of the Chamber s bodies referred to in Section 30(1)(b) to Section 30(1)(d); d) the duty of the auditor or audit firm referred to in Section 16 shall remain unaffected; e) the disciplinary responsibility of the auditor shall remain unaffected. (9) The suspension of authorisation to provide audit services shall lapse: a) as at the date of termination of the circumstance which constituted the reason for suspension of the authorisation to provide audit services and, in any of the cases referred to in Subsection 4 above, as at the end of the period for which the authorisation to provide audit services was suspended;

10 b) as at the effective date of the decision by which the decision to suspend the authorisation to provide audit services was cancelled. (10) If the authorisation to provide audit services is suspended in any country outside the Czech Republic in respect of any auditor entered on the List of Auditors in accordance with Section 3(2), the Chamber shall suspend such an authorisation in a justified case in accordance herewith, doing so no later than 1 month after the date on which the Chamber first learned about it. (11) Suspension of the authorisation to provide audit services according to Subsection 2 and the end of such suspension shall be notified by the Chamber to the appropriate authority of another Member State where the auditor or audit firm provides audit services. TITLE III METHOD OF PROVISION OF AUDIT SERVICES Section 13 (1) An auditor may provide audit services in his/her own name and on his/her own account, or as a partner or employee of an audit firm in its name and on its account, or as an employee of an auditor in his/her name and on his/her account; when providing audit services, the auditor shall always use the designation auditor. No auditor providing audit services in the name of an audit firm may provide audit services in his/her own name or in the name of any other audit firm or any other auditor. Section 13a Provision of Audit Services by Citizens of Member States of the European Union (1) Audit services may also be provided in the Czech Republic under the conditions defined in the Act by a citizen of any other Member State of the European Union (hereinafter referred to as Member State ): a) on a systematic basis as an incumbent auditor whom the Chamber entered on the List of Auditors and who took a pledge before the President or Vice-president of the Chamber; or b) on a temporary or occasional basis as a visiting auditor whom the Chamber registered in the List of Auditors. (2) The activity of an incumbent auditor or visiting auditor in the territory of the Czech Republic shall respect the laws of the Czech Republic. (3) Professional regulations and audit guidelines shall apply mutatis mutandis to visiting auditors. (4) An incumbent auditor shall put on the documents relating to the provision of audit services his/her own signature and the number of certificate of entry on the List of Auditors and a visiting auditor shall put on the documents relating to the provision of audit services his/her own signature and the number of certificate of registration in the List of and Auditors.

11 Section 13b Assessment of Compliance with Qualification Requirements (1) To provide access to audit service provision, diplomas and other documents proving professional qualification as well as professional experience are recognised in the Czech Republic in compliance with the laws of the European Communities 1). (2) The Chamber is the recognising body that evaluates compliance with qualification requirements, defines the contents of the differential examination, and performs other acts as are necessary for appropriate identification of the circumstances decisive for acknowledgement of compliance with qualification requirements, for entry on the List of Auditors or for registration in the List of Auditors. (3) The Chamber is the body that issues documents to auditors, which they need in order to prove their compliance with qualification requirements in other Member States. Section 13c Incumbent Auditor (1) Any citizen of a Member State may apply for recognition of his/her compliance with qualification requirements and entry on the List of Auditors, provided that: a) he/she achieved professional qualification for the provision of audit services in another Member State, if the State concerned requires professional qualification for the provision of those services; b) during the immediately preceding 10-year period he/she provided audit services in another Member State for 2 years, if the State concerned does not require professional qualification for the provision of those services. (2) The application must be submitted in the Czech language and must contain the auditor s first name and surname, birth code number, or the date of birth in the absence of a birth code number, his/her ordinary residence address and also the place of business, including all states where he/she provides audit services and the time of the provision thereof, the trade name, if it is different from the applicant s name and surname, the business identification number, if any, the state citizenship, method of provision of audit services, and the address for serving official documents in the territory of the Czech Republic. (3) The applicant shall submit together with the application: a) the applicant s identity card; b) document proving professional qualification as per Subsection 1(a) or a document proving professional experience as per Subsection 1(b); c) voucher proving that a fee of CZK 3,000 was paid; and d) document proving the applicant s liability insurance in respect of damage as may be caused in connection with the provision of audit services, the insured amount being sufficient to provide coverage of the possible damage as may reasonably be assumed. (4) The documents referred to in Subsection 3 above shall be submitted as originals or authenticated transcript copies or authenticated copies made by copying machines. 4) In the case of documents in a foreign language a translation into the Czech language shall also be submitted, and in the case of any doubt the Chamber is entitled to request an authorised translation.

12 (5) The fees as per Subsection 3(c) are considered as income of the Chamber Section 13d Decision about the Application (1) The Chamber shall without delay enter on the List of Auditors any applicant who submitted an application according to Section 13c(2), proved compliance with qualification requirements by submission of documents according to Section 13c(3) and passed the differential audit examination, and the Chamber shall issue to such an applicant a certificate of entry on the List. (2) In the event that the Chamber has any justified doubts in respect of the authenticity of the documents as per Section 13c(3), the Chamber shall request the appropriate body of the Member State where the documents were issued to confirm the authenticity thereof. (3) In the event that the applicant fails to appropriately prove his/her compliance with the qualification requirements even in a grace period, which was granted to him/her and which must not be shorter than sixty days, or the applicant fails to pass the differential audit examination, the Chamber shall decide to refuse entering such an applicant on the List of Auditors and shall notify the applicant about the reasons for the refusal and advice him/her about remedies. Section 13e Visiting Auditor (1) A citizen of a Member State who meets either of the qualification requirements as per Section 13c(1)(a) or 13c(1)(b) and intends to provide audit services in the Czech Republic on a temporary or occasional basis, shall notify the Chamber to that effect. (2) The notification shall be submitted in the Czech language and shall contain the following information: a) the auditor s first name and surname, birth code number, or the date of birth in the absence of a birth code number, his/her ordinary residence address and also the place of business, the trade name, if it is different from the notifying person s name and surname, the business identification number, if any, and state citizenship; b) method of provision of audit services; c) the expected time of provision of audit services in the Czech Republic; and d) address for serving official documents in the territory of the Czech Republic. (3) The notifying person shall at the same time submit: a) the identity card of the notifying person or of a person authorised to act on behalf of the notifying person; b) document proving professional qualification as per Section 13c(1)(a) or a document proving professional experience as per Section 13c(1)(b); c) document proving that the notifying person performs the given activity in another Member State in compliance of that Member State s legal regulations; d) voucher proving that a fee of CZK 3,000 was paid; and e) document proving the notifying person s liability insurance in respect of damage as may be caused in connection with the provision of audit services, the insured amount being

13 adequate to the expected time of provision of audit services in the Czech Republic and to the possible damage as may reasonably be assumed. (4) The documents referred to in Subsection 3 above shall be submitted as originals or authenticated transcript copies or authenticated copies made by copying machines. 4) In the case of documents in a foreign language a translation into the Czech language shall also be submitted, and in the case of any doubt the Chamber is entitled to request an authorised translation. (5) The fees as per Subsection 3(c) are considered as income of the Chamber. Section 13f Certificate of Registration (1) The Chamber shall without delay register in the List of Auditors any notifying person who submitted a notification according to Section 13e(2) and proved compliance with qualification requirements by submission of documents as per Section 13e(3), and the Chamber shall issue to such a notifying person a certificate of registration in which it shall indicate the time of its duration. (2) In the event that the Chamber has any justified doubts in respect of the authenticity of the documents as per Section 13e(3), the Chamber shall request the appropriate body of the Member State where the documents were issued to confirm the authenticity thereof. (3) In the event that the notifying person fails to appropriately prove his/her compliance with the qualification requirements even in a grace period, which was granted to him/her and which must not be shorter than sixty days, the Chamber shall decide to refuse registering such a notifying person in the List of Auditors and shall notify him/her about the reasons for the refusal and advice him/her about legal remedies. TITLE IV RIGHTS AND DUTIES OF AUDITORS AND AUDIT FIRMS Section 14 (1) In providing audit services, the auditor shall act in a fair manner, exercise due diligence, and respect audit guidelines and professional regulations, particularly the Code of Ethics. (2) The auditor is not entitled to order that any changes and corrections be made in the data disclosed by the accounting entity. (3) While performing an audit the auditor shall examine whether: a) the financial statements or consolidated financial statements present fairly, in all material respects, the accounts and financial position of the accounting entity and is in compliance with legal regulations or International Accounting Standards; 1a) and b) the annual report complies with the financial statements or the consolidated annual report complies with the consolidated financial statements. (4) The auditor s report shall contain the following: a) introduction, in which the auditor shall indicate:

14 1. for accounting entities that are natural persons: first name and surname, ordinary residence address, and business address if it differs from the place of ordinary residence; or for accounting entities that are legal persons: the identification number, if any, the legal form of the accounting entity, and its business activities or other activities, or the purpose for which it was established; and 2. identification of the financial statements or consolidated financial statements of the accounting entities referred to under point 1 above, including indication of the balance sheet date or any other date as at which the financial statements or consolidated financial statements were drawn up, and identification of the fiscal period for which they were drawn up; b) description of the extent of the audit, in which the auditor shall indicate: 1. the audit guidelines of the Chamber or the International Auditing Standards in compliance with which the audit is performed; 2. the manner in which the information indicated in the financial statements or consolidated financial statements were checked for completeness and conclusiveness, and assessment of the accounting methods used by the accounting entity; and 3. assessment of the financial statements and the annual report and consolidated financial statements and consolidated annual report as to how meaningful they are and how closely they reflect reality. c) the auditor s statement in which the auditor presents his/her opinion as to whether the financial statements or consolidated financial statements present fairly the subject of accounting and the financial position of the accounting entity in compliance with applicable legal regulations or International Accounting Standards 1a) ; the Auditor shall give: 1. an unqualified opinion, if in the auditor s view the financial statements or consolidated financial statements present fairly in all material respects the subject of accounting and the financial position of the accounting entity in compliance with applicable legal regulations or International Accounting Standards 1a) and if all the material circumstances, including changes, if any, to the accounting methods were adequately described in the notes to the financial statements or consolidated financial statements; 2. a qualified opinion, if in the auditor s view the extent of the audit was limited or there are doubts as to the correctness or appropriateness of the accounting methods used or adequacy of the information disclosed in the financial statements or consolidated financial statements, or as to the adequacy of the information provided in the annual report or consolidated annual report, thus significantly affecting the circumstances assessed as per Point 1 above without, however, giving reasons for a disclaimer or an adverse opinion; 3. a disclaimer, if in the auditor s view the extent of the audit was limited so substantially that the auditor cannot give a statement in respect of the financial statements because of being unable to gain the information necessary for assessment of the circumstances as per Point 1 above; or 4. an adverse opinion, if in the auditor s view there are doubts as to the correctness or appropriateness of the accounting methods used or adequacy of the information disclosed in the financial statements or consolidated financial statements, or as to the adequacy of the information provided in the annual report or consolidated annual report, such doubts being so substantial that a qualified opinion would be, with respect to the seriousness of the findings, too misleading in relation to the circumstances assessed as per Point 1 above;

15 d) description of all material circumstances in the case of opinion as referred to in Points 2 to 4, including quantification of their possible impact on the business results and equity of the accounting entity, if such quantification is possible; e) description of all circumstances that are not contained in the opinion as per Clause c) but the auditor considers it useful to indicate them, including, but not limited to, any material uncertainties and circumstances having a significant impact on the accounting unit s continuation as a going concern with respect to the accounting unit s financial position; f) opinion as to the consistency of the annual report with the annual financial statements or of the consolidated annual report with the consolidated financial statements. (5) The auditor shall prepare the auditor s report in writing and the report shall contain the auditor s name, surname and number of the certificate of entry on the List of Auditors or certificate of registration in the List of Auditors, the report date, and signature. The auditor s report prepared by an audit firm shall contain the firm s trade name, registered office, the number of the certificate of entry on the List of Audit firms, the names and surnames of the auditors who prepared the report on behalf of the audit firm and the numbers of those auditors certificates of entry on the List of Auditors or registration in the List of Auditors, the signatures of those auditors and the date of the report. (6) The auditor of audit firm shall discuss the auditor s report with the statutory body and supervisory body of the accounting entity; if the accounting entity is a municipality or a quarter of the Capital City of Prague, the report shall be so discussed with the Mayor; if the accounting entity is a special-status city or the Capital City of Prague, the report shall be discussed with the Lord Mayor; and ft the accounting entity is the region, the report shall be discussed with the Regional Governor; and it shall also be discussed with the Financial Committee of the respective Municipal or Regional Assembly. (7) The auditor or audit firm shall maintain an audit file, which shall contain: a) copies of the documents describing any significant matters revealed during the course of auditing, including any significant circumstances that occurred between the balance sheet date and the date of the auditor s report; b) the audit assignment, audit plan and programme, the auditor s report, the financial statements or consolidated financial statements, annual report or consolidated annual report and other documents concerning the course of the audit exercise. Entitlement to inspect the audit file only pertains to persons authorised to carry out, on the basis of the Act or upon the Chamber s authorisation, supervision of the appropriate provision of audit services, and also the courts and law enforcement bodies, provided that an auditor is involved in criminal proceedings. (8) The file shall be archived for 10 years following the completion of the audit assignment. (9) Provisions of Subsection 6 above shall mutatis mutandis apply to other audit services. Section 15 (1) Unless otherwise provided herein, the auditor shall respect the confidentiality of any matters relating to the accounting entity which he/she learned while providing audit services; this shall also apply to any persons charged by the Chamber with supervision and any employees, partners, shareholders, and members of the bodies of any audit firm or any auditor. The persons concerned may only be released from the duty to respect confidentiality

16 by the accounting entity. This shall be without prejudice to the confidentiality obligation imposed by special legal regulations. 7) The duty to respect confidentiality shall continue after deletion from the List of Auditors or List of Audit Firms. Performance of duties vis-à-vis the respective authority under special provisions on fight against legalization of proceeds of crime or special provisions on implementation of international sanction for the purpose of international peacekeeping and security, protection of fundamental human rights and fight against terrorism. (2) The auditor shall be entitled to be provided by the accounting entity with all the documents and other written materials he/she may require and any information and explanation he/she may need for adequate provision of audit services. The auditor shall be entitled to take part in the stock-taking and book reconciliation of the assets and liabilities of the accounting entity and/or request that such stock-taking/book reconciliation be performed where he/she has found any weaknesses. The auditor shall be entitled to request being issued written authorisation of access to the information maintained by banks in respect of the accounting entity. The accounting entity shall meet such requirements of the auditor. (3) If while providing audit services in accordance with Section 2(1)(a) and 2(1)(b) in an accounting entity whose activities are subject to government supervision or bank supervision based on special legal regulations the auditor or audit firm finds any circumstances that: a) suggest that the special legal regulations governing the conditions of the accounting entity s activities were breached; b) have a substantial adverse effect on the accounting entity s results; c) may affect the accounting entity s existence as a going concern; d) may lead to disclaimer, adverse opinion or opinion with qualifications, then the auditor or audit firm shall immediately inform to that effect in writing the authority which, based on special regulations, is the government supervision body or bank supervision body. (4) The auditor or audit firm shall have a similar duty if such circumstances as referred to in Subsection 3 above are identified in respect of any accounting entity in which the accounting entity referred to in Subsection 3 above holds 20% or more voting rights, or holds more than 20% of the registered capital, or forms a business grouping together with it. 8) (5) If while providing audit services in an accounting entity the auditor or audit firm finds any circumstances referred to in Subsection 3, or any circumstances in respect of which it can be believed that an economic criminal act, criminal act of bribery or criminal act affecting property may have been committed, then the auditor or audit firm shall immediately inform to that effect in writing the statutory and supervisory bodies of the accounting entity or if the entity audited is a municipality or a region the council of the municipality or regional administration authority. 7) Section 24 of Act No. 337/1992, on Administration of Taxes and Charges, as amended. Act No. 91/ ) Commercial Code.

17 Section 16 The auditor or audit firm shall contribute to the funds needed by the Chamber for its activities. The amount of the contributions and the terms and conditions of the payment thereof shall be defined in the Chamber professional rules. Section 17 (1) The auditor and audit firm shall be responsible for any damage as may be caused in relation to the provision of audit services. (2) If any damage is caused during the course of the provision of audit services by an audit firm, then the audit firm and the auditor who provided the audit services in the name of the firm shall both bear the liability in relation to the injured party on solidarity basis. The same shall apply where an auditor provides audit services in the name and on the account of another auditor. (3) The auditor or audit firm shall be released from their liability referred to in Subsection 1 above if they are able to prove that the damage could not be prevented even despite any reasonable efforts as the auditor or audit firm might be expected to exercise. (4) Auditors and audit firms shall be insured for their liability for any damage as may be caused during provision of audit services, the level of the insured amounts being adequate to the possible and reasonably expected damage. Section 18 (1) No auditor or audit firm may perform any business activities, unless otherwise provided herein. (2) The following activities shall not be considered incompatible with the provision of audit services: a) management of own property; b) membership of the supervisory body of an accounting entity; c) activities in the areas of science, teaching, journalism, literature or art; d) maintaining the accounts or performance of economic, consulting and organisational activities according to a special legal regulation; e) tax advising based on a special legal regulation; f) acting as administrator of bankruptcy assets, liquidator or receiver, based on special legal regulations; g) acting as expert in economic matters, based on a special legal regulation. (3) The auditor may not provide audit services to an accounting entity if: a) he/she is a partner, member, statutory, member of statutory body or supervisory body of such an entity or is related to any person who is partner, member, statutory, member of statutory body or supervisory body of such an entity, or has any position within such an entity by which his/her independence as an auditor might be endangered; b) he/she is an administrator of bankruptcy assets, composition administrator, liquidator, receiver or factor in respect of the accounting entity; c) he/she or any party related to him/her maintains the accounts of the accounting entity, prepare its financial statements or prepare its tax returns;

18 d) his/her income for the provision of audit services to such an accounting entity over the past 5 years has been greater than half of his/her total income over that past 5 years. (4) The audit firm may not provide audit services to an accounting entity if: a) it is a partner in such an accounting entity; b) it maintains the accounts of the accounting entity, prepares its financial statements or prepares its tax returns; c) its income for the provision of audit services to such an accounting entity over the past 5 years has been greater than half of its total income over that past 5 years; d) is a controlling party in respect of such an accounting entity, based on a special legal regulation; e) is such an accounting entity s administrator of bankruptcy assets or liquidator. Section 19 The audit firm shall make any information referred to in Section 7(1)(a) to 7(1)(d) accessible to the public. Section 20 Any auditor or audit firm who/which employs an assistant auditor shall create working conditions allowing the assistant auditor to prepare adequately to his/her profession as an auditor; in particular, the assistant auditor shall be allowed to attend professional training courses, to prepare adequately for the examination in auditing and to attend the examination in auditing. TITLE V DISCIPLINARY RESPONSIBILITY Section 21 Disciplinary and Other Measures (1) For serious or repeatedly caused breach of the obligations referred to herein, in the professional regulations or in audit guidelines, any of the following disciplinary measures may be imposed on any auditor: a) warning; b) public reprimand; c) fine up to CZK 500,000; d) suspension of the authorisation to provide audit services for up to a year; e) deletion from the List of Auditors. (2) For reasons referred to in Subsection 1 above, any of the following disciplinary measures may be imposed on any assistant auditor: a) warning; b) public reprimand; c) fine up to CZK 50,000; d) deletion from the List of Assistant Auditors. (3) For serious or repeated breach of the obligations referred to herein, in the professional regulations or in audit guidelines, any of the following disciplinary measures may be imposed on any audit firm:

19 a) fine up to CZK 1,000,000; b) suspension of the authorisation to provide audit services for up to a year; c) deletion from the List of Audit Firms. (4) The collected fines shall be considered as income of the Chamber. Section 22 Deletion from the Lists and the Re-entry on the Lists (1) The Disciplinary Board shall decide on deletion of any auditor from the List of Auditors or deletion of any audit firm from the List of Audit firms if: a) they failed within the prescribed period to remove the faults for which their authorisation to provide audit services was suspended according to Section 21(1)(d) or Section 21(3)(b); b) they provided audit services during the period of suspension of their authorisation to provide audit services in accordance herewith; c) the auditor fails to comply with the conditions referred to in Section 3 or failed to comply with his/her notification duty referred to in Section 6(2); d) the audit firm fails to comply with the conditions referred to in Section 4 or fails to comply with its notification duty referred to in Section 7(2). (2) Any auditor or audit firm may be re-entered on the List of Auditors or List of Audit firms on the basis of a written application and upon satisfaction of the conditions defined herein, but this may not happen sooner than 3 years after the date of deletion of the auditor or audit firm from the respective List. Section 23 Disciplinary Proceedings (1) The decision on imposition of a disciplinary or any other measure based on Section 21 above shall be made, either upon proposal of the Minister of Finance or with no such proposal, by the Disciplinary Board of the Chamber: (2) The proceedings may be commenced within 5 years at the maximum after the date on which the reasons for commencement of the proceedings arose. (3) Those against whom disciplinary proceedings were taken shall be entitled to express their view in respect of any matters they are blamed for; they shall have the right to defend themselves and propose proofs to be furnished within the disciplinary proceedings. (4) The details regarding the procedure of imposition of disciplinary or other measures as referred to in Section 21 shall be defined by the Disciplinary Rules issued by the Chamber. (5) The decision made by the Disciplinary Board shall be in writing and shall contain the Disciplinary Commission s award, the justification thereof, and advice about remedies; provisions of special legal regulations on the serving of documents issued in administrative procedure shall apply mutatis mutandis to the serving of the written copy of the decision.

20 Section 24 Appeal (1) The auditor, audit firm, assistant auditor or Minister of Finance may file appeal against the decision of the Disciplinary Board within 15 days after delivery thereof; the appeal shall have a suspensive effect. (2) The decision in respect of the appeal shall be made by an appellate board consisting of three members of the Chamber Council appointed by the Council to be members of such a board. The appellate board may cancel the decision of the Disciplinary Board or may reject the appeal and confirm the decision of the Disciplinary Board. Section 25 Obliteration of the Disciplinary and Other Measures The auditor, assistant auditor or audit firm shall be regarded as if no disciplinary or any other measures were imposed on them: a) as at the date on which the warning or public reprimand were effected; b) with the expiry of one year after the date on which the decision on the imposition of the disciplinary or another measure was effected, if the measure consisted in a fine or suspension of authorisation to provide audit services; c) with the expiry of three years after the date of deletion from the List of Auditors or List of Audit firms if the imposed measure consisted in deletion from the List of Auditors or List of Audit firms; d) with the expiry of three years after the date of deletion from the List of Assistant Auditors if the measure imposed on the assistant auditor consisted in deletion from the List of Assistant Auditors. TITLE VI ASSISTANT AUDITOR Section 26 List of Assistant Auditors (1) Upon written request, the Chamber shall enter on the List of Assistant Auditors any individual who is able to prove that he/she: a) possesses full legal capacity; b) possesses integrity; c) acquired university education as referred to in Section 3(1)(a); d) is employed by an auditor or audit firm, his/her employment being at least 35 hours weekly, and performs work relating to the provision of audit services under the guidance and supervision of the auditor. (2) For the purposes specified in Section 3(1)(d), the time of performance of work as referred to in Subsection 1(d) shall commence on the date of entry on the List of Assistant Auditors; the time of performance of work shall not comprise the period of basic military training service, non-military service, or substitute military service, the period of maternity

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