Financial Statement Audit and Assurance

Why is a financial statement audit necessary?

- An independent auditor's report enhances user trust in the financial statements (financial institutions, potential investors, counterparties).
- As a result of the audit, the company owner receives an independent auditor's report on the accuracy of the financial statements and timely information on significant deficiencies in the company’s internal control system.
- Company management can improve the reliability of the accounting system by promptly addressing identified errors.
- An independent auditor's report serves as the best proof of a business's viability in purchase/sale transactions or for investment purposes.

 

Purpose of a financial statement audit:

- Enabling the auditor to express an opinion on whether the financial statements are prepared in all material respects according to a defined conceptual framework.
- Analyzing the financial condition of the economic entity to provide an expert opinion on the accuracy of accounting and the reliability of the figures reflected in it.
- Enhancing the trust of interested users of the financial statements.

 

The financial statement audit process includes:

- Conducting the financial statement audit in accordance with International Standards on Auditing (ISA) and the requirements of the International Code of Ethics for Professional Accountants (Auditors).
- During the audit, we consider the specifics of the company’s activities and use a time-tested audit methodology, combining years of experience with modern audit tools.