Changes and news from early 2019

We would like to draw your attention to a couple of auditors related news and changes of rules applicable also for the civil sector.

Modification in Policy of Mentors by Hungarian Chamber of Auditors

From now all mentor has to send the valuation of the auditor candidate within 90 days after finishing mentor year. The auditor or auditing company can not be a mentor if against him there was a disciplinary action within last 3 years or any action during the last quality audit.

Amendment of exam of competence for auditor candidate

There will be a new method of competence where the practice skills of auditing methods would be in the focus of the candidates’ last exam. In 2019 the candidate still can chose whether he would like to take his last exam according to the previous or the new competence method.

Amendment in Financial Statement of Public Benefit Companies

There were quite a lot changes in 2019 regarding goverment rules on accounting eg. rules of pension funds, other organization and rules of Public Benefit Companies. I would emphasize one regarding civil sector that the Footnotes is now a mandatory part of Financial Statement (beside the balance sheet and profit and loss account).

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