According to the Audit Act, firms which are obliged to do an audit are required to select and appoint an audit company no later than three months before the end of the reporting period to which the statutory audit relates – that is, until 30 September 2019, for 2019 annual financial statements.
Entrepreneurs independently formulate the criteria for selecting an audit firm. Usually, these are the price and expected the quality of the audit, the reputation of the audit company, etc. Before making a final selection or before formulating a proposal to the assembly to select an audit firm, it is useful to check that the audit firm has a valid operating license and that it meets all the necessary requirements to perform the statutory audit.
