Every commercial organizatio in Ukraine must prepare financial statements. At the same time, some companies clearly defined by the current Ukrainian legislation must audit their reports and provide its results to the supervisory authorities (the so-called “mandatory audit”).
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Also there are companies for which such requirements are not provided for by legislation. However, interested parties, such as existing or potential investors, may require audit of the financial statements in order to understand the current results and future results of the company’s activities. Also in order to obtain information on solvency and the possibility of fulfilling their obligation by the company potential creditors may be interested in such an audit to make a decision on the possible provision of loans or shipment of products with a deferred payment. Audit can also be relevant when changing employees in your company, for example, change of a director or a chief accountant. A business owner may also be interested in audit to assess the competence of management. This kind of audit is called “voluntary audit”.
Audit of financial statements can be divided into audit reports, compiled according to local accounting standards, and audit of financial statements prepared in accordance with other (international etc.) financial reporting standards.
Recently, our legislation has increasingly tightened the requirements for accounting and reporting under international standards and, accordingly, to the provision of audit reports on the reporting compiled for these standards.
Specialists of our company have sufficient experience in conducting of both mandatory and voluntary audit of financial statements, compiled both on local and international standards.
It should be noted that in order to conduct a mandatory audit, the reporting of which will be subsequently provided to the supervisory authorities, the audit company must meet certain requirements. One of these requirements is the inclusion in the specialized registers.
Our company is included in the required registers, such as: Register of audit firms that can audit professional participants of the securities market, Register of audit firms and auditors that can audit financial institutions, List of audit firms that meet the criteria for conducting a mandatory audit. Thus, our company meets all the requirements that are put forward to companies that conduct mandatory audit.
As for the initiative audit, there are no special legislative requirements. It should be noted that since our company has passed the audit for compliance with the requirements for mandatory audit (including the previous inspection of the quality control system), this automatically means that we can conduct an initiative audit at an appropriate level.
The audit of reporting, compiled according to USALI standards is another special auditing sphere. The purpose of this audit is the expression of professional opinion by an independent auditor regarding the reliability of the client’s financial statements compiled in accordance with USALI standards. Standards USALI is actively used to compile annual plans (budgets) of hotels, the distribution of income and expenses of the hotel between the Owner (the owner of the hotel) and the Operator (the management company). Audit USALI is not just an auxiliary tool in the process of budget planning, but also allows you to identify sources of savings. Management of hospitality companies, namely hotels, restaurants, hotels are the users of this audit. Our company is one of the few audit firms in Ukraine that has many years of constant experience in providing inspections and confirming the correctness of the management reports of hotels managed by well-known international brands, prepared up in accordance with the Uniform System of Accounts for the Lodging Industry (USALI).