Deloitte Live 

Audit inventory-checks are not just about counting. They will get you to places you normally have no chance of seeing

Inventory-checks. For auditors, they are one of the major tasks of their work. Does that not sound very engaging? Well, it depends on the point of view. Have you ever visited an operating theatre without undergoing surgery? Have you ever seen ink-stained banknotes? Auditors have. In their work, they visit places that ordinary "mortals" do not even dream of. Read about non-traditional inventories that have brought our auditors unforgettable experiences. 

Law 

The topic of environmental protection is a priority for young generations, companies must adopt credible climate commitments

Addressing the climate change and environmental protection continue to be a priority for young generations. This trend creates pressure on companies which have to adopt sustainable solutions. However, it is not always clear who is to be responsible for the green transformation in companies – one of the favourites is surprisingly the legal department. However, transformation is not easy, and it is necessary to know how to set credible climate commitments and abstain from mere greenwashing. One of the ways is better cooperation and mutual support between individual sectors and companies. 

Deloitte Live 

Audit in FSI: Take a sneak peek at large financial institutions, you will improve your data analysis or other skills

Kateřina Veselá has been working as an Analyst at FSI (Financial Services Industry), which is predominantly responsible for the audit of banks, leasing companies, building societies, funds and other financial institutions, for almost a year. “I joined FSI because I have always been interested in investments and the world of finance in general and wanted to gain a better understanding of these issues. I was no accounting expert and learned many things as I went along,” says Katka, appreciating her colleagues’ willingness to help at any time. 

Law 

The Modernisation Fund brings about new challenges, focuses on renewable resources and emission reduction

In order to achieve sustainability, public funding cannot be omitted. The State Environmental Fund thus announces new calls of the Modernisation Fund aimed at the Modernisation of the Heat Supply System (HEAT), New Renewable Energy Resources (RES+), Energy Efficiency Enhancement and Reduction in the Greenhouse Gas Emissions in the EU Industry (ENERG ETS). At the same time, the Czech Ministry of Industry and Trade has changed the schedule of calls for 2021 and plans to announce calls in the Application, Innovation and Potential Programmes. These calls make it possible to green the traffic and to invest in innovation and research. However, the Technology Agency of the Czech Republic does not lag behind. A public tender has been announced that is focused on the support of applied research, experimental development and innovation called THETA with the aim to establish high-quality management in the areas of energy and use of new technologies and system elements. 

Law  Tax 

Easier online identification, new obliged entities and higher sanctions. What changes does the amendment to the AML Act bring?

Digital technologies are growing in popularity, but they come hand in hand with new forms of crime, including crime in the area of money laundering. Fighting against this illegal practice is becoming more and more demanding, which is reflected in the increasing number of relevant legal regulations on both the Czech and European level. At the beginning of 2021, an amendment of the AML Act came into force, which regulates for example new obligations, technological possibilities with regard to the online customer on-boarding, changes certain conditions for customer due diligence and brings substantially higher sanctions for violations of the AML Act. What exactly do these changes mean and what else does the amendment to the AML Act bring? We talked about these matters with the representatives of the Financial Analytical Office during our panel discussion. 

Law 

The Czech Republic can better adapt to increasingly frequent droughts thanks to an amendment to the Water Act

At the end of 2020, the area of water management regulation has been significantly altered. The so-called “Dry Amendment to the Water Act” was passed at the national level. This amendment, among other things, reacts to increasingly intensive droughts and implements ways to handle them. The Chamber of Deputies received a draft of the Constitutional Act on Water and Water Resources Protection which should take the water protection to the next level. At the EU-level, a new directive on quality of water for human consumption which upgrades the requirements for water quality, state control mechanisms and access to drinking water was approved. 

Deloitte Live 

Deloitte Snowball: a programme for new audit joiners, where experience grows faster than a rolling snowball

Mere knowledge of theory is seldom sufficient in practice. Starting practice without knowledge of theory may easily become a nightmare. At Deloitte, we know this. That is why we have arranged a two-month Snowball training course for beginners, in which they will learn everything that fresh auditors cannot do without. In addition to many tech hacks, knowledge of accounting and audit methodology and their application in practice, they will also try dealing with the client. The obtained experience will help them prepare for unexpected situations and problems and make it easier for them to enter the world of audit. 

Law 

Employees in Identical Positions Do Not Have to Earn the Same Salary, They Must Receive a Fair Pay, Says Pavel Bejšovec

Employees in identical positions must earn the same salaries regardless of regional differences in individual regions of the Czech Republic, such is the predominant interpretation of the recent ruling of the Supreme Court. Pavel Bejšovec, a lawyer working for Deloitte Legal, points out that the entire issue is more complicated: “It is not necessary to see the situation in absolute terms and automatically remunerate all employees in an identical position with the same salaries. Differences in remuneration are possible, if the employer is able to justify the reasons for the differences in an adequate manner and if these differences are based on clearly set and fair rules.” 

Deloitte Live 

New survey results: ESG strategy as an undervalued tool in increasing resilience of companies

As markets become more volatile with the COVID-19 crisis, pressure on firms and investors to diversify and ensure resilience in their operations will further increase demand for ESG-focused (environment, social, governance) approaches in investment. In our most recent edition of Deloitte Central Europe Private Equity Confidence Survey, we asked the PE investment community in CE about their current market outlook and their perspectives of ESG as factors to consider in their investments.