| MKVK | MKOE (non-Accountancy Europe member) | |
|---|---|---|
| Membership | Voluntary (membership is required to perform statutory audit) | Voluntary |
| No. of members | 4,372 | 1,178 |
| Institute staff | 41 | Information not available |
| Date of establishment | 1997 | 2001 |
| Local branches | 19 | No |
| Subject to public oversight | Yes | No |
| Public oversight authority | Auditors’ Public Oversight Authority (KKH) | N/A |
| Involvement in Qualification and Market Access | MKVK | MKOE |
|---|---|---|
| Initial education | Yes | No |
| Examination | Yes | No |
| Approval and registration | Yes | No |
| Continued Professional Development | Yes | No |
| Activities | MKVK | MKOE |
|---|---|---|
| Standard setting | Yes | No |
| Quality assurance | Yes (only audits of non-PIEs, PIEs: KKH) | No |
| Disciplinary measures | Yes (only audits of non-PIEs, PIEs: KKH) | No |
| Professions | Auditors (Könyvvizsgálók) | Registered accountant (Mérlegképes könyvelő) |
|---|---|---|
| Professional body | MKVK | MKOE |
| Protected title | Yes | Yes |
| Reserved activities | Statuary audit | Bookkeeping, authorised to prepare annual financial reports |
| Include authorisations | Evaluation, review, assessment, certification, advisory services, taxation, accounting, professional training, conducting examinations in accountancy, controlling, bookkeeping services | Publishing of annual report, accountants have the right to represent their clients before tax authorities |
| Auditors | Registered accountant | |
|---|---|---|
| Regulated profession | Yes | Yes |
| Supervision | Yes | Yes |
| Public oversight authority | Auditors’ Public Oversight Authority (KKH) | Ministry of Finance |
| Auditors | Registered accountant | |
|---|---|---|
| General initial education steps (without possible exemptions) | • University degree (Master or Bachelor) • Qualification as chartered accountant • At least one year of professional experience | • Minimum: baccalaureate from grammar school or other secondary school • Qualification as chartered accountant • At least three years of professional experience • Accountants can apply for registration at the Ministry |
| Auditors | Registered accountant | |
|---|---|---|
| No. of qualified professionals | 4,286 | 52,840 (As indicated on the website of the Ministry for National Economy) |
| No. of new trainees per year | 101 | Information not available |
| No. of people taking the professional examination | 57 | Information not available |
| No. of people passing the professional examination | 44 | Information not available |
| Auditors | Registered accountant | |
|---|---|---|
| Registration required | Yes | Yes |
| Competent authority for registration | Chamber of Hungarian Auditors | Ministry of Finance |
| Cost of appointment/ registration | One-off fee: 25 THUF (approx. €74) for auditors, 50 THUF (approx. €147) for firms | 9 THUF (approx. €26) |
| Oath required | Yes | No |
| Insurance required | Yes | No |
| Professional address required | Yes, residency in Hungary | No |