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Going concern assumes that the company will continue operating for the foreseeable future. The auditor examines whether any circumstance (such as sustained losses or loss of capital) casts doubt on

Audit risk is the risk that the auditor gives an incorrect opinion on materially misstated financial statements. During planning the auditor assesses the risks and concentrates the procedures where the

Since testing every single item is not possible, the auditor examines a representative sample of items and draws conclusions about the population as a whole. The size and composition of

The interim audit takes place during the year and reviews the processes, the internal controls and the major transactions, which spreads the workload. The year-end audit is the detailed testing

Independence means the auditor is impartial and has no relationship with the audited company that would influence the opinion. This is why an auditor may not perform work that they

There is no standard price list and no per-head price, because the amount of work is determined by the size and the complexity of the company: the balance sheet total,

The ISAs are the internationally accepted professional rules of auditing, which also have to be applied in Hungary. They set out how an audit has to be planned, performed and

An audit gives an independent opinion on closed financial statements, within a statutory framework. Due diligence takes place before a transaction (an acquisition or an investment) and reveals the risks

The auditor is appointed by the company’s supreme body (members’ meeting or general meeting), for a fixed term, naming the personally responsible auditor, and the appointment is also recorded in

An engagement may not be terminated without proper grounds. The law expressly states that a disagreement over the opinion expressed in the auditor’s report is not sufficient grounds for removal,