Independent financial audit – the Westminster model

Nyikos, László (2007) Independent financial audit – the Westminster model. Public Finance Quarterly = Pénzügyi Szemle, 52 (3-4). pp. 595-610.

PDF - Requires a PDF viewer such as GSview, Xpdf or Adobe Acrobat Reader


The institution of financial auditing was introduced in Hungary back in 1930 and, based on the English model, was called certified audit. This method of control was rejected by the socialist system and thrown into obscurity. The inland private (enterprise) sector's external and independent financial audit could only start operating again, its regulation based on the English approach, during the process called political system change. This means nearly six decades had to pass, until the compulsory audit of public limited companies and limited companies with a turnover above HUF 50 million was introduced and regulated, again, by law (Companies Act 1988). The Parliament introduced laws (twice already) about enterprise (trading) accounting standards, and made declarations regarding reporting and auditing principles. The Chamber of Hungarian Auditors was set up as an independent public body, legitimated also by law, which adopted the IFAC's (International Federation of Accountants) auditing standards.

Item Type:Article
ID Code:9242
Deposited By: Alexa Horváth
Deposited On:06 Oct 2023 08:02
Last Modified:06 Oct 2023 08:02

Repository Staff Only: item control page


Downloads per month over past year

View more statistics