The audit of the financial statements by a statutory auditor is more than just a fulfilment of obligations imposed by the law. It provides the company’s owners with the key information necessary to assess the reliability of the company’s accounting function and the effectiveness of the board’s activities. Investors obtain valuable information about the actual financial condition of the company.
The purpose of auditing the financial statements, apart from providing an opinion by a certified auditor, is also the analysis and check of the accounting books for security of accounting processes in the company. The process of examining the financial statements is equally important as its result. By close cooperation with the accounting department:
- we can draw your attention to issues in accounting
- we suggest ways to optimise accounting processes in the company
Auditing the financial statements by an auditor means:
- better information on the condition of the company and its finances
- identification of potential sources of financial risk
- indication of organisational weaknesses which may increase the risk of fraud, such as ‘leaks’ in the inventory turnover enabling the product to be removed from the company outside the register