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Proper accounting for grants, state aid and exchange rate differences in the financial statements carries significant risks. Accountants, tax advisors and auditors are paying close attention to it at this time.

Auditors and statutory audits are now subject to new regulations.

Certain kinds of transaction entered into by debtors before insolvency proceedings are initiated against them may be ineffective.

Fourteen changes to insolvency law have been proposed by the Czech Ministry of Justice to help alleviate the consequences of the financial crisis and, if approved, will come into effect shortly.