Financial Statement Audit
Financial Statement Audit
Financial statement audits play a critical role in creating and maintaining investor confidence and can unlock valuable insights into the business.
Financial statements audits play a critical role in maintaining investor confidence.
Our services related with the audit of financial statements include issuing opinions related to these statements for meeting the requirements of International Financial Reporting Standards (“IFRS”), United States Generally Accepted Accounting Principles (“US GAAP”) and other standards promulgated by the regulators. The audit work includes several processes for issuing audit opinion regarding the financial statements of a company. It has been done upon providing information whether company’s financial situation and annual operation results are in compliance and in accordance with the truth:
During planning, business and financial situation analyses are performed. These works are mainly helpful for determining customer’s business and financial reporting requirements. Based on the audit evidence obtained, the risks of the company that affect the annual report are defined; audit strategy and important accounting issues are identified. According to this, audit approach is structured.
In the Control Assessment phase, client’s internal audit system is analyzed and information about accounting and reporting activities are gathered. In this step, design and application of the key processes and selected controls are evaluated. At the same time, operational effectiveness of selected controls are tested, control risk and false statement is evaluated accordingly.
Detailed Tests are made to control financial statement items and all cases that may affect these items by use of auditing techniques like physical examination, data collection and analysis, re-calculation, verification, inspection and analytical review.
Completion and Reporting is the phase to evaluate the evidences base for the independent audit opinion and consequently to examine financial statements and footnotes. The main purpose of the independent audit is to provide independent auditor’s opinion on the financial statements in accordance with financial reporting standards, which reflect an entity’s financial condition and operating results in a true and fair manner. Independent auditor’s opinion raises the degree of financial statements’ reliability. However this opinion should not be evaluated as a view about the future level of the business and the entity’s management is effectively and efficiently manages the activities.