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Financial Audit


The objective of an audit of financial statements is that they allow the auditor to issue an opinion relative to the compliance of the financial statements with the applicable financial reporting standards.

Financial audits focus on getting reasonable certification that in the financial statements there are no significant misrepresentation caused by error or fraud, acting on three key directions:

  • Assessing the risks of material misrepresentation in financial site;
  • Design and implementation of audit procedures that reduce the assessed risks at an acceptable level;
  • Preparing a written report on the audit results.

Control and internal audit


“Do not pretend that things will change if we do the same thing all the time.”

(Albert Einstein)

The internal control is a system of processes and procedures developed by management in order to obtain a reasonable assurance about:

  • The nature and efficiency of operations;
  • credibility of the financial reporting;
  • integrity of company assets;
  • compliance with legal regulations;

The internal audit evaluates and supervise the performance of the internal control system, make suggestions for its improvement.

Implementation of an internal control system and its auditatiog brings the organization several tangible benefits:

  • Management’s focus on the external side of the organization, the internal organization beeing by the internal control and periodically controled by audit;
  • Standardization of the processes. A standardized activity is ​​easier to control and evaluate;
  • Evaluatin of the potential risk assessment on every process and design appropriate controls for these hazards;
  • Processes accountability (who?, what, how, when?);
  • Internal Audit Report,with the purpose to signal the critic areas;
  • The basis for implementing an integrated ERP system;
  • Avoidance of bad management practices or fraud;
  • Optimization of the activities by eliminationg the arbitrary in decision and redundant processes;
  • Value-added system administration and management of the company;
  • Identifying processes and introduction of elements of "Best Practice".