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Hungary: Less obligatory audits from next year

Modified auditing laws will relieve 30000 companies from the need for compulsory public audits.

This is achieved by raising the minimum turnover limit to Ft 100 million (€390,000, $533,000) (compared to the present Ft 50 million) effective next year. Companies employing staff of 50 or more have to undergo obligatory audit if their income exceeds this limit. This year 75000, next year 45000 companies will fall under the regulation. Local governments with incomes of over Ft 300 million have to undergo the audits as well. Auditors have to be registered by the Chamber of Auditors, which also extended its activity in quality control. Transparency of audits of traded companies is supposed to improve due to the modifications. (Magyar Hirlap)