Financial audit

Auditing, understood as a personalized client service, is an independent and detailed examination of an entity’s financial statements in order to assess their accuracy, completeness, and compliance with Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS). The main objective is to provide an impartial opinion on whether the financial statements fairly and accurately reflect the organization’s economic and financial situation during a given period.

The audit process involves:

• Review of accounting records: Inspection of accounting books and documents, including balance sheets, income statements, cash flow statements, and other financial reports.
• Evaluation of internal controls: Verification of the internal control systems implemented by the organization to ensure the accuracy and reliability of financial reporting.
• Transaction confirmation: Verification of the validity of recorded transactions through the confirmation of balances, invoices, contracts, and other relevant documents.
• Detection of fraud and errors: Identification of possible irregularities, accounting errors, or fraud in the financial statements.
• Auditor’s opinion: After the review, the auditor issues an opinion on whether the financial statements fairly represent the company’s financial position.

Financial statements provide:

• Reliable information for shareholders and business owners.
• Assurance to the management body.
• Transparency to third parties.
• Commercial law determines in which cases the audit of individual and consolidated annual accounts is mandatory.

Auditing provides shareholders, investors, tax authorities, and other interested parties with confidence in the transparency and accuracy of the financial information published by the organization.
Other services related to auditing:

• Certification of investments and expenses for projects subsidized by official bodies.
• Limited reviews or agreed-upon procedures.
• Reviews for regulatory bodies.
• Due diligence reports.
• Actions arising from commercial legislation.