Audit Services in Hungary
Accounting and bookkeeping are fundamental and mandatory elements of a successful company’s operations in Hungary. When a company reaches a certain level in turnover and meets the legal requirements, the role of auditing becomes significant in the company’s life. It is not only a legal obligation but also provides valuable support in operational processes and budget planning, while ensuring full compliance with regulations and overseeing the important details.
At FirmaX Hungary we proudly offer our multi-language audit support to our existing and to our new Clients!
The key characteristics and qualities of the appropriate audit firm that ensure professional standards and reliability:
Expertise and experience:
Our company possesses high-level professional knowledge and experience in the financial processes of various industries and in regulatory requirements.
Independence and Objectivity:
It is important to us that we remain independent, ensuring that all auditing tasks are carried out objectively and impartially.
Comprehensive Services:
Our company offers not only auditing services but also tax advisory, financial analysis, and other financial services.
Modern Technological Infrastructure:
We utilize up-to-date technological tools and software to ensure faster and more accurate work
Global Perspective:
Our international experience and understanding of cross-border financial regulations enable us to support clients operating in multiple markets with expert guidance.
Strong Relationships and Networks:
We have a broad professional network that helps us find the best solutions for our clients.
Discretion and Trust:
We handle sensitive financial data with maximal discretion, ensuring complete security and confidentiality.
Knowledge of Local Regulations:
Our deep understanding of Hungarian legal and tax environments is crucial for providing accurate and reliable advice.
Flexibility and Tailored Services:
We offer personalized, flexible solutions to meet the unique needs of each client.
Excellent Customer Service:
We prioritize fast and efficient communication, alongside proactive client management, to ensure successful collaboration.
How our audit services help your company comply with legal requirements
Annual obligatory Audit
The purpose of the annual audit is to ensure the accuracy and compliance of a company’s financial statements with applicable laws and accounting regulations. During this process, our auditors conduct a detailed review of the company’s balance sheet, income statement, financial reports, and internal control systems.
- We certify financial reports, ensuring their accuracy and reliability.
- We verify legal compliance, minimizing the risk of potential irregularities or fines.
- We assess the company’s financial position, identifying areas where improvements or optimizations may be needed.
- We provide recommendations to enhance efficiency and transparency, supporting long-term business stability.
An annual comprehensive audit not only fulfills legal obligations but also strengthens trust in the company among investors, business partners, and regulatory authorities.
Ad-Hoc Audit
An ad-hoc audit is a one-time or targeted review conducted in response to a specific event, transaction, or unique business situation. This service can be particularly beneficial in the following cases:
- During mergers or acquisitions, to assess the financial position and potential risks.
- In cases of suspected internal fraud or misconduct, where a detailed review is needed to identify irregularities.
- For grant or funding audits, to verify the accuracy and reliability of financial data.
- Following unexpected regulatory changes, to ensure the company’s proper adaptation to new requirements.
An ad-hoc audit provides a flexible and targeted solution, enabling businesses to respond quickly to changes, maintain financial transparency, and minimize risks.
Audit of Transformation Balance Sheets and Asset Inventories
The audit of transformation balance sheets and asset inventories is essential during corporate transformations, whether it involves mergers, demergers, or other structural changes. The objective of this process is to ensure the accurate and reliable presentation of the company’s financial position while complying with legal and regulatory requirements.
During the audit, we:
- Review transformation balance sheets and asset inventories, verifying their accuracy and consistency with the company’s actual financial position.
- Identify the financial impacts of the corporate transformation, highlighting potential risks and challenges.
- Ensure regulatory compliance, so that the transformation process fully aligns with accounting and tax regulations.
- Certify reports, providing a reliable foundation for decision-making by management, shareholders, and regulatory authorities.
Contribution Valuation and Audit
The valuation and audit of contributions in kind are critical procedures that ensure the accurate, lawful, and market-compliant assessment of non-monetary assets (e.g., real estate, equipment, intellectual property). The audit of contributions is particularly important in the establishment of new companies, capital increases, or corporate transformations.
During this process, we:
- Examine the contributed assets, verifying their existence, value, and usability.
- Compare valuations with market conditions, ensuring a fair and justified assessment of the contribution.
- Provide an independent professional opinion, supporting informed decision-making for investors and shareholders.
- Ensure regulatory compliance, guaranteeing proper accounting and legal registration of the contribution.
Who is required to have an auditor?
According to the Accounting Act, an audit is mandatory in 2025 for all businesses maintaining double-entry bookkeeping, except for those where:
- The average annual (annualized) net revenue of the business for the two financial years preceding the business year did not exceed 600 million HUF, and
- The average number of employees employed by the business during the two financial years preceding the business year did not exceed 50.
Both of the above conditions must be met simultaneously for a business to be exempt from the audit requirement in 2025. The law refers to the average of the two preceding years for both conditions, so it is important to pay attention when checking the thresholds to ensure that an audit obligation indeed arises for the year 2025.
It is important to note that foreign-based companies’ branches in Hungary are required to have an audit. However, according to Section 154/A of the Accounting Act, branches of foreign-based companies in Hungary are exempt from the obligation to file, publish, and audit their annual or simplified annual financial statements if the company’s headquarters is located in a member state of the European Union, as well as in countries listed by the minister on the Unified Government Portal.
Why choose Firmax Hungary as your reliable audit partner?
FirmaX Hungary provides reliable and exceptional audit services based on the following professional principles:
1. Outstanding expertise and experience – Our company has been present in the audit market for many years, which enables us to offer high-quality and precise services.
2. Client-centered approach – Our work is always focused on our clients’ interests, helping them ensure their business complies with legal regulations while providing financial transparency and accuracy.
3. Carefully selected advisors – Our services are provided by highly trained and strictly supervised advisors who are committed to our company’s mission and values.
4. Rejection of mediocrity – We do not compromise on quality, and we do not tolerate mediocrity. All our services are based on excellent professional standards.
5. Accurate and transparent financial reports – The financial reports we produce help our clients make informed decisions and ensure full compliance with regulations.
6. Maximum discretion – We handle all client-related information with the utmost discretion, ensuring that their business secrets are fully protected.
FirmaX Hungary is your reliable audit partner, guaranteeing the highest professional standards and the highest level of discretion!
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Firmax Hungary Kft.
