We audit financial statements in accordance with Act No. 93/2009 Coll., On Auditors, the Chamber of Auditors of the Czech Republic’s Standards for Auditing, which are International Auditing Standards (ISA), supplemented or amended by related application clauses of the Chamber of Auditors of the Czech Republic.
The audit of financial statements is mainly based on long-term cooperation with the client, in which the engagement has the following phases: pre-audit, final audit and audit opinion.
Our goal is correct reporting; that financial statements give a true and fair view of the subject of the accounting. Therefore, any significant inaccuracies are communicated in time with the client so that they can be eventually eliminated.
This model leads to the prevention of possible accounting errors, their correction and the preparation of correct financial statements.
Audit of consolidated financial statements is performed either as a result of the interest of owners of a company who are interested in obtaining the aggregate and complete information for a group as a whole, or as a result of an obligation imposed by the Accounting Act, which requires consolidated financial statements to be compiled and audited.
Audit of a consolidation/reporting package is carried out for clients whose financial statements are included in consolidated financial statements whose audit is performed by a group auditor. Consolidation packages processed by the client are verified for a group auditor.
Audit of an opening balance is provided for companies involved in the transformation of a company (merger, division and change of legal form). According to the Transformation Act, an opening balance audit is mandatory when at least for one of the participating companies is an audit of financial statements mandatory according to the Accounting Act.
An opening balance audit include especially verification of the accounting solution of the transformation.
A review of historical financial statements is less in-depth compared to the audit. This corresponds not only to the less time-consuming process of the review, but also to the lower price of these services compared to the audit. This service is provided, for example, in the case of companies owned by Czech or foreign owners, for which there is no audit obligation.
Services in the area of acquisition, consolidation and transformation of companies
Based on discussions with the client we analyse a target company in the area of accounting and taxes and describe the strengths and weaknesses of a target company as well as the risks associated with the takeover. A team of auditors and other experts reviews essential areas of a target company to help determine the purchase price and formulated contractual guarantees to the investor.
We provide counselling on the consolidation and preparation of consolidated financial statements according to Czech GAAP or International Financial Reporting Standards IFRS prepared by client. We also provide the complete consolidation and preparation of client’s consolidated financial statements according Czech GAAP or IFRS.
This service provided especially for clients for which this activity is required from a parent company from abroad.
This may include both the specific presentation of financial statements arising from the holding’s rules and their presentation in accordance with IFRS.
Based on a company transformation project, we can process its accounting solution and prepare opening balance sheet.