The main elements of Slovakia’s transposition law are the following:
- Mandatory audit firm rotation must take place every 10 years.The audit mandate can be extended for another 10 years after an open and competitive tender has been carried out.
- In the case of joint audit, the rotation period can be extended to 24 years.
- Key audit partners must rotate every 5 years.
- No additional items have been added to the EU-list of prohibited non-audit services.
- Slovakia has made use of its option to allow tax and valuation services at the same time that audit services are being provided, with certain restrictions (see information sheet).
- The fee cap for non-audit services is maintained at 70 %, as established in the EU legislation.
For a more detailed overview of Slovakia’s implementation measures, please consult our information sheet.