For bond issuers · with or without a prospectus
Audit for bond issues – audited figures for the prospectus and for investors
Planning a bond issue? Your prospectus needs financial statements audited by an auditor. What is more, the CNB does not assess issuers' creditworthiness and refers investors to their financial statements – audited figures are therefore a strong argument even for an issue without a prospectus. We will plan the audit around the issue timetable, at a price agreed up front and with the experience of an audit firm operating since 1993.
- Since 1993
- Licensed by the Czech Chamber of Auditors
- Czech and English
Independent auditor's report for a bond issue
- Audit under International Standards on Auditing (ISA)
- For the prospectus, the Free Market and investors
- Issuer, new SPV and guarantor
When you need an audit for a bond issue
The issuer's financial statements are the basis for the prospectus, the stock exchange information document and investors' decisions. Approval of a prospectus does not mean that the CNB has assessed the issuer's financial situation. An independent audit is therefore one of the few objective guides for investors.
Issue with a prospectus
The prospectus is approved by the CNB and is generally required for a public offer of EUR 12 million or more over 12 months. It must contain financial statements audited by an auditor for the last financial year, with a balance sheet date no more than 18 months before the date of the prospectus.
Admission to the Free Market
To have bonds traded on the Free Market of the Prague Stock Exchange, you prepare an information document. Its template provides for audited financial statements for the last three years, or since the issuer was established.
Issue without a prospectus
For a sub-threshold offer of EUR 100,000 to 1,000,000, the terms and conditions of the bonds must include the issuer's financial statements for the last two financial years (or since incorporation) – and, if they were audited, the auditor's report (Section 9a of the Czech Bonds Act).
An audit is not always mandatory. It is still valuable: Many issuers, typically smaller SPVs, are not required to have an audit. A voluntary audit under International Standards on Auditing gives investors assurance that the figures have been independently checked and that the financial statements give a true and fair view of the issuer's financial position.
What we provide for your bond issue
We audit under International Standards on Auditing (ISA). You can therefore use the auditor's report in the prospectus, in the stock exchange information document, in the terms and conditions of the bonds and for your bank or investors.
Depending on the issue, we audit
- the issuer's annual financial statements, including as a voluntary audit
- the group's consolidated financial statements
- the first financial statements of a newly established SPV
- the financial statements of the guarantor or parent company
Result
Independent auditor's report
Signed and ready to be included in the prospectus or the terms and conditions. A prospectus must reproduce any qualification or emphasis of matter in full, so we resolve findings with you along the way, while they can still be corrected.
How the audit works
- 1.
Initial consultation
We discuss the specifics of the entity to be audited and the deadlines. We then promptly send you an offer with a fixed price and timeline.
- 2.
Documents
You send us the accounting documents according to our list, electronically and securely.
- 3.
Audit
We audit the financial statements under ISA and resolve any findings with you along the way. We do everything we can so that corrections can be made in time and nothing takes you by surprise.
- 4.
Auditor's report
You receive the signed report by the date the issue timetable requires.
Why AUDIT ÚČETNICTVÍ
A tradition since 1993
An audit firm licensed by the Chamber of Auditors of the Czech Republic (No. 075) with more than thirty years of practice.
We understand issuer structures
We audit consolidated groups, holding structures and financial statements for bond issues, including newly established SPVs and guarantors.
Deadlines you can rely on
We agree the audit timetable in advance and align it with the arranger and the legal adviser. You know when you will receive the report.
Czech and English
We communicate in Czech and English.
Find out more about our services or discuss your situation with us
Leave us your contact details or contact our managing director, Vladimír Smolka.
Frequently asked questions
Does a bond issuer have to be audited?
Issuing bonds does not in itself create an audit obligation. For financial years beginning on or after 1 January 2026, medium-sized and large accounting entities must be audited. A public interest entity always counts as a large accounting entity – this includes an issuer whose bonds are admitted to a regulated market (the Prime and Standard Market of the Prague Stock Exchange). A prospectus, however, always requires audited financial statements, and the Free Market information document template also provides for them.
For which period must the financial statements in a prospectus be audited?
For the last financial year, and the balance sheet date may not be more than 18 months before the date of the prospectus.
We are a newly established SPV. What will we need?
The prospectus will then contain audited financial information for the period since the issuer was established – in Czech practice typically an audited opening balance sheet or financial statements as at a date as close to the prospectus as possible. If the parent company guarantees the issue, the prospectus also includes its information, including its audited financial statements. We will agree the right approach with you and the arranger based on the structure of the issue.
Do the financial statements have to be prepared under IFRS?
Only if the bonds are admitted to trading on a European regulated market (Section 19a of the Czech Accounting Act). Otherwise, Czech accounting standards can be used, even in a prospectus.
Which bond issues do you focus on?
Issues whose bonds are not admitted to trading on a regulated market: offers without a prospectus, public offers with a prospectus and bonds traded on the Free Market of the Prague Stock Exchange. We always tailor the audit to the structure of the issue – the issuer, the group and the guarantor.
How long does the audit take?
It depends on the state of the accounting records and the number of companies audited. We agree the report date in advance according to the issue timetable – allow time for the CNB to approve the prospectus.
How much does the audit cost?
The price depends on the scope: the number of companies audited, the state of the accounting records and the deadline. After the initial consultation, we will send you an offer with a fixed price.
Will you also provide the audit in subsequent years?
Yes. Audited financial statements serve investors every year and for further issues.
This information is based on the Czech Bonds Act, the Czech Accounting Act, Regulation (EU) 2017/1129 and Delegated Regulation (EU) 2019/980 as in force in October 2026. It does not constitute legal advice. Updated: October 2026.
Need more than an audit for a bond issue? Audit, consolidation, tax and accounting
AUDIT ÚČETNICTVÍ, s.r.o. has been helping companies with financial statement audits, consolidation, due diligence, company transformations and tax advisory since 1993.
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