Mandatory audit is an audit of accounting and financial reporting of the company, which is held every year. The main goal is to ensure that there are no distortions in the documentation that could significantly affect the financial statements of the company.
What is held for
According to the results of the mandatory audit:
- It evaluates the accuracy of the presentation of the accounting statements of the company and its results;
- The facts of fraud, intentional misrepresentation of reporting or incompetence of those responsible for the accounting department are revealed;
- An assessment of the quality of business and accounting, the level of staff qualifications, internal control is given;
- Determines the compliance of tax and accounting requirements of the legislation of Ukraine;
- Developed recommendations for the elimination of violations and the elimination of errors in the reporting documentation identified by the audit.
Mandatory auditing: who faces
Mandatory audits will be required for:
- Open joint stock companies;
- Investment funds;
- Financial institutions;
- Companies issuing bonds and securities;
- Credit unions, insurance organizations;
- Other businesses under the law.
Mandatory audit gives the opportunity
- Realize the actual state of the company;
- Find violations of responsibilities by officials;
- Assess and minimize the financial risks of the organization;
- Reduce the likelihood of claims from regulatory authorities;
- Analyze the efficiency of the distribution of company revenues;
- Get recommendations to eliminate the shortcomings that have emerged in the verification process.
How is it going
Employees of STILL LIFE conduct a mandatory audit according to this scheme:
1. Implementation of a preliminary assessment of the status of reporting, the volume of work to be carried out, the deadlines for implementation and the number of specialists required for an audit.
2. Drawing up a clear inspection plan.
3. Directly conducting a compulsory audit of tax and accounting, consultation of employees of the accounting and bosses.
4. Providing a report with the prescribed recommendations for the elimination of deficiencies and violations, streamlining of the processes of accounting and taxation.
5. Preparation of an audit report.
STILL LIFE, having an impressive audit experience, will do its job promptly and competently. You can be confident in the reliability and quality of the findings provided.