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Financial Statement Audit

We perform audits of financial statements and other assurance engagements regulated by the requirements of the Law of Ukraine ‘On Audits of Financial Statements and Auditing Activities’ and IAASB International Standards (Pronouncements) for Quality Control, Auditing, Review, Other Assurance, and Related Services: 

statutory or voluntary audit of financial statements prepared in accordance with a relevant conceptual framework (IFRS / US GAAP / National Ukrainian Standards, etc.)

other assurance engagements ‒ for instance, financial statements review as requested by owners, potential investors or creditors

A voluntary audit is different from a statutory audit. It is performed at the customer request and is not obligatory by Ukrainian laws. We perform voluntary audits of financial statements and other assurance tasks in compliance with International standards on auditing ‒ exactly like we do statutory audits.

The initiative can come from the owners or other interested parties  such as potential buyers of the business, creditors, suppliers, management of the parent company, etc.

In this case, our main goal is to provide professional and truthful answers to the client on questions about the financial conditions and the entity’s management system.

All the topics that usually arise can be grouped by the following areas:

Financial conditions and financial results. What is the financial position of the entity? What financial results were actually achieved? And, the most important ones: what are the prospects of the entity comparing to its competitors  can it yield a profit margin comparable to competitors’?

Risks. What risks (both external and internal) threaten the entity’s activities and how to minimize their impact. What is the state of the entity’s internal control, budgeting and management accounting systems, how effective and efficient they are?

Internal control. Whether it works effectively and makes it impossible for management personnel to commit fraud and waste resources and get benefits from this?

Our company has 20 years of experience in the audit market and the professional team of auditors with many years of experience in auditing financial statements prepared in accordance with National Ukrainian Standards, IFRS, and US GAAP.

We approach all audit issues with relevant professional judgment and professional scepticism and perform all audit stages following the guidelines and requirements of the International Standards on Auditing.

The audit price for your company can be determined only after negotiations and acceptance of the audit engagement in compliance with all the ISA 210 ‘Agreeing the Terms of Audit Engagements’ requirements.