Audit and Finance

The purpose of the independent audit is expressing an independent audit opinion on the truthful representation of the following, in all material aspects, in the financial statements:

1. financial standing of the entity;
2. the reporting financial result of entity’s business activity;
3. entity’s cash flows and the changes in them;
4. entity’s equity and the changes in it.

The independent audit opinion on the above is expressed on the compliance of financial statements with the applicable accounting standards, as well as with any other national accounting basis adopted for the preparation of financial statements.

The formation of, and expressing an independent audit opinion is performed in correspondence with the International Audit Standards.

The independent financial audit covers some procedures for determining reasonable assurance through an inspection of:

1. adherence to accounting principles;
2. consistent implementation of accounting policy announced;
3. methodological substantiation of accrual based accounting for the comprehensive and faithful recording of assets, liabilities and entity’s activity, limited to the extent of achieving audit objectives;
4. internal control effectiveness limited to the extent of achieving audit objectives;
5. the process of closing of accounts;
6. the faithfulness and the required comprehensiveness of the information presented in the financial statements;
7. correspondence between the information in the financial statements, the management report and any other information submitted by the management together with the statements audited.

Registered auditors shall observe, during the implementation of the independent financial audit, the Code of Ethics of the Institute of the Certified Public Accountants. The ethical principles guiding the professional behavior and the responsibilities of the auditors are as follows:

1. independence – disengagement of the registered auditors, including through their associates and personnel, with the entity being audited, its manages or related to them persons in material, personal or other aspect;
2. objectivity, impartiality and avoidance of prejudice, conflict of interests or other influence, that might impede the realistic assessment of the auditor;
3. professional competence – possession of sufficient professional expertise in the field of the active commercial, accounting and tax legislation, the International Accounting Standards and the International Standards on Auditing;
4. confidentiality – keeping in secret the information about the activity of the client entity, obtained as a result of the performance of the audit;
5. professional behavior - the auditor shall act in his professional activity in a manner being in compliance with the high repute of audit profession, and shall abstain from any action that might result in injuring the prestige of the profession;
6. integrity – the auditor shall be honest, consistent and objective in the performance of the audit;
7. understanding of, and application of professional standards – auditors shall perform independent audit in compliance with the professional standards adopted and the national legislation;
8. responsibility – certified public accountants are personally responsible for the opinion expressed by them; specialized audit enterprises bear the responsibility for the audit opinion expressed on its behalf.

The independent audit is performed on annual, interim or other financial statements, when that is determined by law, on the request or demand of owners, state authorities and other users of financial information.

Here you can find a list of the certified public accountants, registered auditors.

Financial and accounting analyses, monitoring of business plans development, establishment of control systems.