The auditor is like the company's doctor. He will help you identify the risks, weaknesses and vulnerabilities of the business and offer you solutions to remedy the situation.
The financial auditor is a specialist responsible for obtaining audit evidence and issuing the audit opinion.
It must verify the compliance of all significant aspects of the financial statement with the general reporting framework.
Audit samples are obtained both from within the company and from external sources. From the study of the documents provided by the audited entity and the observation of its activities to the recommendations for the company's management regarding the realization of some financial-accounting adjustments, all these are responsibilities of the external financial auditor.
Choosing an auditor is a business decision. Consider the legal, financial, management or accounting requirements to be analyzed, the experience of the auditor or audit firm and their interaction with entities similar to your business and, last but not least, the price offer for the requested audit. Make sure the auditor understands the current organizational structure and how the audited company works, so he or she can get real help with the adjustments the company needs.
The result of an effective audit includes financial statements that present a true and fair view of how the company's processes can be improved.
Accounting is a rather complicated field and if you do not have knowledge in the field you can make many mistakes without realizing it. These mistakes will later bring sanctions from the control bodies of the authorities and will put your business in uncomfortable situations. The misinterpretation of the legislation and the problematic development of the activity do not only affect the relations between your company and the state institutions, but also those with suppliers, customers, employees and other collaborators. If the society you own does not function in full legality and transparency, then they too may face problems.
It often happens that the results of a company are not as expected, although, apparently, things are going well and there is no evidence of weaknesses. In this case only a financial-accounting audit can clarify the situation and can highlight the internal problems reflected in the accounting.
A financial audit cannot take place until the internal control system in the company is analyzed and evaluated. Thus, the procedures and organizational structures implemented by the company's management, the way in which the material resources are used and the way in which the goods are protected are verified before the audit. In addition, also in this step you can find out if there are potential frauds or errors regarding the poor management of finances in the company. The evaluation of the internal control system by the external public auditors is based on the risk assessment process by the company, on the internal communication system, but also on the internal control environment of the company.
The accounting experts from the Manager Audit SRL team have the necessary qualification to provide financial-accounting audit services and can help you manage your company in a correct and efficient way. The partnership with a company that has professionals in the field of accounting and financial-accounting audit turns into a success.