Voluntary Audit

When is a voluntary audit necessary?

- At the request of the owner or potential investor for confirmation of the accuracy of the financial statements;
- When there is a change in the company’s management personnel;
- When there is a change in the primary accounting staff and/or chief accountant;
- During the establishment or updating of the accounting and tax accounting systems;
- Before entering into business purchase and sale agreements;
- During restructuring processes;
- At the request of a bank for obtaining a loan;
- According to the conditions of participating in tenders for government contracts.

 

Purpose of a voluntary audit:

- Assessing the effectiveness of accounting and the internal control system;
- Identifying violations of current legislation and assessing potential risks;
- Determining profitable and unprofitable areas of activity.

 

The financial statement audit process includes:

- Verification of the accuracy of the preparation of financial statements for the period;
- Checking the correctness of recording business transactions in accounting records (reviewing all accounting accounts);
- Verifying the accuracy of tax reporting, including the correctness of tax base calculations (including VAT, profit tax, property tax, land tax, transport tax, insurance contributions, etc.);
- Providing recommendations from the auditor during the audit and following its completion regarding the correction of the identified auditor's remarks.