total assets of the consolidated group exceed EUR 17 million (total assets defined as net amounts after adjustments such as accumulated depreciation and value adjustments) net turnover of the consolidated group exceeds EUR 34 million (net turnover defined as revenue from the sale of products, goods and provision of services) average number of employees exceeds 250 during the accounting period.
A parent accounting entity that has issued securities that were permitted to be traded on a regulated market of a member state or a state of the European Economic Area, or if any of its subsidiary accounting entities has issued securities that were permitted to be traded on a regulated market of a member state or a state of the European Economic Area also has the obligation to prepare consolidated financial statements. The exemption due to size criteria does not apply for preparation of consolidated financial statements in this case.
All consolidated financial statements must be audited. A parent company is required to prepare a consolidated annual report. Consolidated annual reports must be prepared using the same policies as for individual annual reports. The consolidated and individual annual reports can be combined in one annual report.
All consolidated financial statements must be audited. Additionally, all listed companies and all companies preparing their individual financial statements according to EU-IFRS must have these financial statements audited. This requirement also applies to other companies (companies that are required to create share capital e. g. joint-stock companies, limited liability companies or a cooperative) if for the preceding accounting period and as of the balance sheet date two of the following three criteria are met:
total assets of the company exceed EUR 1 million (total assets defined as gross amounts before adjustments such as accumulated depreciation and value adjustments) net turnover of the company exceeds EUR 2 million (net turnover defined as revenue from the sale of products, goods and provision of services and other income related to ordinary activities of the accounting entity deducting discounts) average number of employees exceeds 30 during the accounting period.
Audits are intended to verify the consistency of the financial statements with the Slovak accounting principles and other legal provisions, as well as to ensure that the financial statements give a true and fair view of the financial position of the company and the results of its operations. An audit includes an assessment of the accounting principles used and significant estimates made by the management, as well as an evaluation of the overall financial statement presentation.
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