What does AOA mean in ACCOUNTING

The primary purpose of the AOA is to protect investors and public interest by supervising and promoting the quality of audited financial statements of companies, non-profit organizations, as well as other publicly-held entities operating in Slovakia.

The AOA consists of a Management Board, which is responsible for day-to-day operations, and a Supervisory Board — an independent body with oversight responsibilities that appoints its own members. Both bodies report to the Minister for Finance.

The main activities undertaken by AOA are registration, monitoring and enforcement in respect of external audit firms; issuance of audit inspectorship decisions; providing guidance on auditing regulatory requirements; process complaints against audit firms; promote professional standards among auditors; and organize continuing education sessions for approved auditor personnel.

To become an auditor in Slovakia, individuals must have completed secondary education (minimum requirement), possess a relevant university degree or have gained minimum 5 years experience at one or more organizations engaging in audits or providing accounting services in compliance with applicable legislation; pass an entrance examination set by the Ministry for Finance; satisfy other criteria set out by law including meeting competency requirements and demonstrating a high level of integrity.

If any entity fails to comply with relevant regulations about auditing issued by AOA or Ministry for Finance sanctions such as warnings or fines may be imposed. In extreme cases threats to revoke registration from audit firms or dismissal from supervisory board may also occur depending on nature of violation committed.