Statutory audits of public research institutions

vedaWhat is a public research institution?

Public research institution is a legal entity whose main activity is not business.
Thanks to its activities, a public research institution carries out research funded from public funds in accordance with the established law of the European Communities.

In the Czech Republic the definition, management, establishment, operation and the mode of cancellation and dissolution of public research institutions is governed by Act No. 341/2005 Sb. (Collection of Laws), on public research institutions.
The law provides that public research institutions are a legal entity and therefore a separate “accounting entity”. They must therefore comply with the principles which form the basis of the current Act No. 563/1991 Sb. (Collection of Laws), on accounting, as amended. In particular in terms of the true and fair view.
International accounting standards of the public sector also play a major role here when reporting data for management and control purposes.
A public research institution must have its financial statements always verified by an auditor. The documents published in the register in the collection of documents must include, in addition to other information, financial statements and the auditor’s reports on the verification thereof.
 

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