Audit of accounting (financial) statements of the Client in terms of their reliability and compliance of its financial and business operations with statutory regulations.
PURPOSE
SUBJECT
- Financial (accounting) statements under RAS.
- Accounts of bookkeeping and tax accounting.
- Supporting primary documents for accounting.
GOALS
Depending on type of audit:
- statutory audit:
- audit of reliability of financial (accounting) statements of the audited entity in terms of financial condition and operating and financial performance as of a specified date in accordance with applicable law;
- audit under a special purpose (voluntary):
- audit of reliability of certain items in financial (accounting) statements of the audited entity;
- audit of management and tax reports;
- reconciliation of financial result;
- obtaining of reliable information for management decision making;
- staff performance evaluation of accounting and tax departments.
PROCEDURES
- Specification of the Project goals depending on the type of the anticipated audit.
- Estimation and approval of the Project parameters (price, timing, audit team, responsible persons of the Client).
- Project implementation, including:
- Study of the Client’s documents and accounts;
- Interviewing the Client’s personnel;
- Work with requests to the Client’s counterparties;
- Preparation of resulting documents.
- Resulting meeting with the Client’s responsible persons for presentation of the Project’s results, discussion of prepared conclusions and recommendations.
RESULT
- Auditor’s opinion on the reliability of accounting (financial) statements (or certain accounting items).
- Written report with a detailed description of identified risks and recommendations on their management.
- Information on the areas and/or amounts of possible overpayments and reserves.