Audit in Hungary

Whether a Hungarian company needs an audit depends on its legal form and size, and on whether a group or a lender requires one. A small Kft. often has no statutory audit, while larger companies, public companies and subsidiaries of foreign groups often do. Check the position with the firm before the first financial year closes, not after.

An audit is separate from bookkeeping. The auditor has to be independent of the firm that prepared the accounts, so ask whether the firm offers audit itself or works with a separate audit practice. Ask which standards it applies, whether it can report in English for a parent company, and how it schedules fieldwork around your year-end.

Accountanty lists 25 firms that offer audit in Hungary: 21 accounting firms and 4 corporate services providers, of which 15 are small, 5 medium and 5 large networks. 23 work in Hungarian, 17 in English and 12 in German, and 20 serve foreign clients. Real estate (7 firms), manufacturing and private equity (3 each) are the industries they name most. See also tax compliance and the Hungary guide.