This paper deals with professional liability of auditors seen from the perspective of criminal law of the Czech Republic. The introductory part discusses the essentials of criminal liability, analyses the term “criminal act” and other issues, particularly “fault”: not only from the...

The series of corporate accounting scandals drew attention to the stewardship function of accounting. This exposition deals with the characteristics of accounting from perspective of institutional economic theory. I analyze relationship between owner and manager by the principal-agent model....

This paper deals with auditor’s and tax advisor’s duty of confidentiality. In the first part I define the auditor’s duty of confidentiality, also in the context of legal regulation development concerning the auditor’s profession. I go on to discuss aspects of breach of the duty to...

This paper discusses the criminal liability of auditing companies which came into force in the legal system of the Czech Republic on 1 January 2012. It explains new principles of legal regulation concerning criminal liability of corporations and actions against them and it goes on to apply these...

The New civil code in the Czech Republic re-implemented earnest into legislation. This article handles with this instrument – substance of earnest, its functions which are important for the decision on accounting treatment of earnest (proof, secure and penalize). Also distinction between...

The supervision of the quality of auditors' activities in the Czech and Slovak Republic has developed in different directions even though the default Act of 1989 for this profession was identical. The Czech approach was more aimed at the restriction of undesirable behavior of auditors the Slovak...

Assurance services are services provided by auditors to reduce information asymmetry in agent/principal situation or in other situations when one party of transaction is able to gain less information then the other. Those services are regulated by International Standards on Auditing issued by...

There are many views on how to report leasing transactions in the financial statements. As part of the joint leasing project, IASB and FASB are trying to come up with the new standard leasing already for seven years. The aim of this paper is to assess the impact of the proposed Exposure Draft on...