Audit of financial statements and targeted use of project funds. Comprehensive audit of financial and economic activities

Audit of financial statements

In this area we provide the following services:

  • Comprehensive audit of financial accounting to confirm the reliability of financial statements;
  • Focused audit (audit of certain parts of the financial statements);
  • Verification of the authorized capital maturity or liquidation balance sheet of the company;
  • Performing agreed-upon procedures in accordance with ISRS 4400, Engagements to Perform Agreed-upon Procedures Regarding Financial Information;
  • Other audit services in accordance with International Auditing Standards.

We conduct our audits in accordance with the requirements and provisions of the Law of Ukraine “On Audit of Financial Statements and Auditing” and International Auditing Standards.

Based on the results of the audit, we issue an audit opinion on the reliability of the general purpose financial statements and a management letter.

All reports can be provided in Ukrainian and English as well as in compliance with the standards of IAASB (International Auditing and Assurance Standards Board).

Audit of targeted funding projects

Audits of targeted funding projects for companies and organizations funded by international donor organizations (USAID, SIDA, European Commission and others).

The company is accredited by the United States Agency for International Development (USAID) to conduct international audits of financial statements of US Government recipients and technical assistance projects in accordance with the “GUIDELINES FOR FINANCIAL AUDITS CONTRACTED BY FOREIGN RECIPIENTS”.

The procedure includes:

  • Verification of the fulfillment of the parties’ obligations under the Project;
  • Confirmation of the targeted use of funds under the Project;
  • Assessing and obtaining a reasonable understanding of the control of the internal management structure related to the funded Project;
  • Other audit procedures.

Based on the results of the audit, a report on the targeted use of funds under the Project for the funding period and a management letter or other report specified by the Donor are provided.

All reports are provided in Ukrainian and English as well as in compliance with the standards of the IAASB (International Auditing and Assurance Standards Board) and “GUIDELINES FOR FINANCIAL AUDITS CONTRACTED BY FOREIGN RECIPIENTS”.

Tax audit

We will check accuracy of tax and fees calculations, accuracy of taxable items formation and procedure for submitting tax reports to the regulatory authorities.

A tax audit may include verification of accuracy in accrual and payment of:

  • Income tax;
  • Value added tax;
  • Personal income tax;
  • Single social contribution;
  • Other taxes and payments to the budget.

Based on the results of the audit, we provide a report on the identified tax violations, identification of risks and recommendations for their elimination.

HR audit

Analysis and legal assessment of personnel decisions and labor relations with the aim of adjusting them totax legislation of Ukraine.

We will help you minimize the risks and financial losses that may arise during an audit by regulatory authorities.

What does an HR audit include?

1.Examination of legal rules for cooperation with personnel:

  • HR documentation;
  • Labor contracts;
  • Accuracy of primary labor documentation;
  • Job descriptions;
  • Staffing schedules.

2. Analysis of existing internal policies and procedures in the following areas:

  • Personnel policy;
  • Confidentiality policy;
  • Conflict of interest policy;
  • Anti-corruption policy;
  • Regulations on business trips.

3. Verification of accuracy of calculation of taxes and payments to work with individuals.

Based on results of theHR audit, a report on identified violations of HR policies and labor legislation, a report on identified facts of tax legislation violations and recommendations for eliminating deficiencies are provided.

IFRS services

Ukrainian companies and non-profit organizations are increasingly integrating into the global economy, and the Ukrainian market is increasingly interacting with foreign capital. Therefore, there is a need for transformation of reporting.

Organizations need to transform their financial statements:

  • When transitioning to International Financial Reporting Standards (IFRS);
  • To pass an international audit;
  • To cooperate with foreign donors;
  • To attract foreign investment.

Our company works both with clients, who have already switched to IFRS and with those, who are just considering the option of transition.

Our services include:

  • Transformation of financial statements of Ukrainian organizations in accordance with IFRS requirements;
  • Audit of financial statements in accordance with IFRS;
  • Work on transition to international accounting standards;
  • Consulting on application of IFRS;
  • Training on reporting transformation for personnel.

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