Audit
Audit is conducted by our own employees in accordance with standards issued by the Chamber of Auditors of the Czech Republic, laws of Czech Republic and commercial usage of the EU.
In the area of audit we are mainly engaged in the verification of:
- Financial statements (according to Czech and International Standards)
- Consolidated financial statements
- Report on the review of the related party transaction report
- Annual reports
- limited areas in accounting and economics of the unit (forensic audit)
The procedures of verification of the Financial Statements are evolved and used by our Company and should find out the shortcomings in the bookkeeping.
Our auditors consult all inadequacies found out during auditing works with company management in order to fast elimination of shortcomings. In this connection it fits to mention that the concurrent audit is important. Most of our customers had gradually gone over to active support of concurrent audit.
We attend to verified financial statement, so that it corresponds to legislative norms, reflects trusty assets condition and net income.
Audit of financial statement focuses especially on:
- complete bookkeeping, conclusive evidence of accounting, which is in accordance with valid regulations and norms
- faithful display of assets, liabilities, corporate assets and economic result in balance statement
- complete processing of annual statement in specified form and according to valid norms
- whether the control system does not contain relevant shortcomings
The work on verification the financial statement is conducted by our employees in accordance with valid laws of Czech Republic and standards issued by the Chamber of Auditors, in the client’s place of business, particular organization units, eventually in the workplace of auditor.
This work consists especially in:
- verification of all fields of balance sheet and income statement
- evaluation of stocktaking outcome
- review objectivity of receivables valuation
- review adequacy of created reserves
- review existence of exchange rate risk and interest risk
- review liquidity and indebtedness
- verification of financial statement
- evaluation of other auditing tests
- creation financial analysis
- review and evaluation of particular financial analysis indicators
Work is finished by issuance the Auditor’s Report in two duplicates.