Article 34. Restrictions in conducting audit

An audit organization is prohibited from auditing:

an economic entity that is a creditor, insurer of this audit organization, as well as an economic entity of which this audit organization and its auditors are founders, participants, shareholders;

an economic entity, a founder, participant, shareholder or a person exercising managerial functions or functions of accounting and financial management, or member of the audit committee of which is at the same time an employee of this audit organization;

an economic entity, to which this audit organization provided related services, during the period covered by the audit, specified in paragraphs two and three of part one of Article 33 of this Law;

an economic entity, whose founder, participant or a person exercising managerial functions or functions of accounting and financial management, or a member of the audit committee is a close relative of an employee of this audit organization;

in the event of a conflict of interest in which the interest of the audit organization or the auditor could affect the opinion on the financial statements and related financial information.

An audit organization may not conduct an audit of the same economic entity for more than seven consecutive years.