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The development of the role of the audit in the Czech Republic

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  • Pat Sucher
  • Ivan Zelenka

Abstract

As the economies in Central Europe have commenced their transformation from centrally planned to market-led economies, each country has implemented a new legal framework for accounting and auditing. This provides a unique opportunity to research the implementation of aspects of accounting and auditing well known to Western market economies into different economic contexts. In particular, it provides an opportunity to revisit the role of the independent audit. This paper contributes to the research on the developing of auditing in Central Europe by analysing the role of the audit in the Czech Republic. It covers aspects of both regulation and practice and, in order to gain more understanding of how the audit role is developing in the Czech Republic, focuses on three areas: influences on the Czech audit legislation; the position of the audit report and perceptions of the objectives of the audit in the Czech Republic. After a brief review of the published literature on accounting and audit in the Czech Republic, the paper studies some of the country's recent economic and legislative developments in relation to auditing. These developments are put into the context of auditing before and after the 'Velvet revolution' of 1989. The paper then concentrates on the influences on the development of Czech audit legislation by comparing aspects of the Czech audit legislation with the German and UK equivalents. This comparison highlights some anomalies in the Czech legislation. The Czech audit legislation is then put into the local context based on a review of the contents of the audit report and its publication with interviews among a selection of users and preparers about how the audit is perceived.

Suggested Citation

  • Pat Sucher & Ivan Zelenka, 1998. "The development of the role of the audit in the Czech Republic," European Accounting Review, Taylor & Francis Journals, vol. 7(4), pages 723-751.
    • Handle: RePEc:taf:euract:v:7:y:1998:i:4:p:723-751
    DOI: 10.1080/096381898336286
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    References listed on IDEAS

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    1. Corbett, Jenny & Mayer, Colin, 1991. "Financial Reform in Eastern Europe: Progress with the Wrong Model," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 7(4), pages 57-75, Winter.
    2. Pat Sucher & Willie Seal & Ivan Zelenka, 1996. "True and fair in the Czech Republic: a note on local perceptions," European Accounting Review, Taylor & Francis Journals, vol. 5(3), pages 545-557.
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    Cited by:

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    2. Albu, Cătălin Nicolae & Albu, Nadia & Alexander, David, 2014. "When global accounting standards meet the local context—Insights from an emerging economy," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 25(6), pages 489-510.
    3. Tyrrall, David & Woodward, David & Rakhimbekova, Almagoul, 2007. "The relevance of International Financial Reporting Standards to a developing country: Evidence from Kazakhstan," The International Journal of Accounting, Elsevier, vol. 42(1), pages 82-110.
    4. Pat Sucher & Svetlana Bychkova, 2001. "Auditor independence in economies in transition: a study of Russia," European Accounting Review, Taylor & Francis Journals, vol. 10(4), pages 817-841.
    5. Judy Day & Peter Taylor, 2010. "Trajectories of accounting and auditing development in EU enlargement: comparative analysis of ten new member states," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 14(4), pages 313-350, November.
    6. Malcolm Anderson, 1999. "Accounting History Publications 1998," Accounting History Review, Taylor & Francis Journals, vol. 9(3), pages 375-384.
    7. N. King & A. Beattie & A. -M. Cristescu & P. Weetman, 2001. "Developing accounting and audit in a transition economy: the Romanian experience," European Accounting Review, Taylor & Francis Journals, vol. 10(1), pages 149-171.
    8. Pat Sucher & Peter Moizer & Marcela Zarova, 1999. "The images of the Big Six audit firms in the Czech Republic," European Accounting Review, Taylor & Francis Journals, vol. 8(3), pages 499-521.

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