Financial services

Financial enterprises play a crucial role in funding the economy, particularly in vehicle, real estate, and corporate lending. As auditors, we primarily provide audit services to financial enterprises, but we are also open to offering other professional support relevant to the sector. Our expertise and certifications enable us to deliver high-quality financial oversight and advisory services that meet regulatory requirements.

📌 Key Figures on the Financial Enterprises Market (Source: MNB Statistics)

  • By the end of 2023, 236 financial enterprises were operating in Hungary, reflecting a slight decline compared to previous years.
  • The number of financial enterprises applying IFRS stood at 10, with IFRS institutions representing approximately 33% of total assets.
  • Outstanding receivables from clients of financial enterprises reached HUF 2,882 billion by the end of 2023, marking a significant increase over previous years.
  • Receivables from vehicle financing continued to grow, reaching HUF 1,260 billion in the first quarter of 2024.
  • The stock of real estate financing receivables also expanded, exceeding HUF 240 billion by the end of 2023.
  • The largest borrowers remain non-financial corporations, but lending to households and sole proprietors also represents a significant share.

Our Auditing Expertise in the Financial Sector

We specialize in auditing financial enterprises, fully understanding the unique challenges and regulatory landscape of the industry. Holding the required financial institution, issuer, and investment firm qualifications, we ensure our clients remain compliant with strict regulations.

Under the authorization of the Hungarian National Bank (MNB), a financial enterprise is any company that provides credit, loans, or other financial services on a commercial basis but is not classified as a bank or specialized credit institution. This includes:

✔ Leasing companies
✔ Factoring firms
✔ Consumer credit providers
✔ Loan intermediaries and debt management companies

The operation of financial enterprises is governed by strict legal and prudential requirements, which impact accounting, capital adequacy, and reporting obligations. In our audit work, we place a strong emphasis on these regulations, ensuring our clients not only comply with the expectations of the MNB and other authorities but also maintain a stable and sustainable operation.