Audit and audit related services
A successful audit helps create added value for the company's business and reduces risk.
Each client is unique, which requires that the audit plan should be tailored to the specific operations, accounting processes, control environment, and financial reporting requirements.
Our methodology is based on a proactive approach to:
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Identifying risk areas and focusing on process quality and control,
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Conducting tests that confirm the amounts in the financial statements and analyze the reasons for changes,
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Management letter on the identified significant risks, as well as weaknesses in the system of internal controls with recommendations for improvements,
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An auditor's opinion on the financial statements that gives you the highest level of reliability you can have
Our audit approach is tailored to the size and type of company, and relies on the extensive experience within the industry in which the client operates. Our understanding of legislation and legal regulations means that we can also provide assistance with complex reporting issues that include, for example, International Financial Reporting Standards (IFRS).
We offer a large number of services, tailored to our customer needs:
1. Audit of financial statements
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Mandatory ("Statutory" or "Legal") audit of individual and consolidated financial statements in accordance with the Law on Auditing of the Republic of Serbia and International Standards on Auditing applicable in the Republic of Serbia.
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Voluntary audit in accordance with the local GAAP and/or IFRS - Companies which are not legally required to perform an audit may choose to enhance the degree of confidence in financial statements by performing the audit. Our risk-based audit approach enables us to give companies detail insight into the effectiveness of their internal controls and procedures, compliance with the applicable policies.
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Audit of Group reporting package in accordance with the Group accounting policies - Audit of the subsidiaries companies of a Group gives assurance if the financial reports of a subsidiary are prepared in accordance with the Group accounting policies. Our service increases the quality of financial information that are used for consolidation of the Group.
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Audit of mergers/acquisitions/demergers/bankruptcy/liquidation - performing audit procedures which require the examination of accounting records of a company to be merged / demerged / liquidate
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Audit of incorporation of the company - Within the challenging prospect of setting up and managing a company our team can support the needs of the management in performing the audit procedures to assure that all the requirements set by global and local legislations are met.
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Special consideration audit of a single financial statement and specific elements, accounts or items of a financial statements
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Audit of financial reports of budget users
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Audit of non-profit organizations
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Audit of pre-prepared plan of reorganization
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Audit of the capital increase / reduction
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Audit of privatization
2. Review of Financial Statements
A review is substantially less in scope than an audit and consists of inquiries and analytical procedures applied to financial data. A review may be appropriate for entities that must report their financial information to third parties, such as creditors or regulatory agencies, or for business owners who are not actively involved in managing their companies, in order to identify the problem before it turns into a risk for their business operation.
3. Compilation of Financial Statements
Compilation of complex financial statements for special needs of clients and projection of future results and goals.
4. Agreed-upon procedures engagements
Engagements in the performance of the agreed-upon procedures are engagements in which an auditor is engaged to carry out procedures which are similar to audit in their nature. In accordance with the needs of the client, we perform an independent audit of specific matters, with a focus on certain categories of balance sheet items. In this type of engagement we perform and complete procedures agreed upon with the client and/or third party and report the result in the Results of factual findings report.
5. Expenditure verification/Audit of the financial statements of projects
Expenditure verification engagements or engagements on the audit of the financial statements of projects have as their goal to report to the provider of funds (donor or creditor) if the beneficiaries use the funds received in accordance with the schedule or the agreement. By this procedure the auditor checks the accuracy of the information specified in the financial statement of beneficiaries and compares them with the terms of the loan/donation agreement.
6. Assurance engagements other than audits or reviews
This type of engagement includes a wide range of services that use the auditing skills and knowledge for projects other than audit or review of historical financial statements, such as: expertise for the purposes of judicial proceedings in respect of accounting, tax and related matters, expressing a professional opinion, etc. In addition, this type of engagement includes examination of prospective financial information, reports relating to the control of service organizations, reports on pro-forma financial statements included into prospects compilation, reports on beneficiaries’ fulfilment of obligations established in the agreements on granting incentives, etc.