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23

degree of professional judgment, this may result in differences in views on accounting treatments between supervisors, reporting companies, and their auditors, and may pose new challenges.

37.

The quality of auditing in the financial sector Slovakia is now covered

by International Standards on Auditing (ISAs). There is a system of external quality

assurance and a disciplinary system. Slovakia Chamber of Auditors received donor funding

to help with adoption of all ISAs, the IFAC code of ethics, and the International Audit Practice Statements relevant for the audit of financial statements of banks. By the end of 2006, all licensed audit firms will have been subject to quality controls/assurance and the disciplinary system has been renewed.

  • F.

    AML/CFT Issues

    • 38.

      The anti-money laundering (AML) regime has been strengthened in recent

years, but the recent assessment by MONEYVAL confirmed that some gaps remain that need to be addressed. The MONEYVAL assessment provides a number of useful and specific practical recommendations to address the remaining gaps in the AML/CFT framework in Slovakia and the authorities are urged to implement these recommendations.

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