Audit

Our Company’s auditors review financial statements in accordance with Polish Accounting Act, as well as International Financial Reporting Standards and International Accounting Standards.

The financial statement audit is performed by a highly qualified Team constituted out of auditors as well as articling associates. All the records gathered during the audit process are being additionally checked by hired reviewers and authorized by the BUFIKS Management Board. All the audits are executed under the Auditors professional conduct issued by Polish National Chamber of Statutory Auditors. During audit process, the auditing Team expends highest care in order to understand business specificities of the respective Client’s entity, scale of operations as well as the business environment. The above enables full understanding how the respective entity is running the business along with its accounting Policy and as a result helps in smoother achievement of all the audit’s objectives, as well as creates a base for effective cooperation with the Client’s entity being audited.

Statutory audit of the financial statement is being performer in Company’s headquarters in accordance with the respective Accounting Act and will consist out of:

1. Preliminary audit covering in particular:

  • Audit of the financial results and it’s regulatory burdens,
  • Audit of the remaining elements of the financial statement,
  • Draft audit review and report preparation,
  • Meeting with Board of Directors and walkthrough discussion of the draft audit review and the report.
  • Review of the Entity’s legal status,
  • Processes analysis and walkthrough,
  • Risk analysis, identification and review,
  • Identification of the accounting policies used by the Entity, as well as internal audit policies,
  • Preliminary review of Entity’s financial standing,
  • Opening balance review,
  • Business events taking place post the previous fiscal year balance sheet date,
  • Observation of inventory counts,
  • revenues and expenses,
  • preliminary review of payables and receivables.

2. Audit of all assets and liabilities items with the objective to confirm the following:

  • indicated in the financial statement levels of assets and liabilities for the specific balance sheet date, including regulatory liabilities,
  • assets control exercising, eventually ability of securing of the liabilities for a balance sheet day,
  • occurrence of business transactions in the audited period as per the financial statement,
  • assets, liabilities completeness review, as well as other accounting transactions recorded as per the financial statement,
  • correctness of the assets and liabilities valuation,
  • accuracy review of the accounting transitions – value and assignment – wise, if costs and revenues are matching the respective fiscal period,
  • correct presentation of assets, liabilities, revenues and cost in the financial statements,
  • accuracy review of the accounting transitions – value and assignment – wise, if costs and revenues are matching the respective fiscal period,
  • correct presentation of assets, liabilities, revenues and cost in the financial statements,

2. Audit of the financial results and it’s regulatory burdens,

3. Audit of the remaining elements of the financial statement,

4. Draft audit review and report preparation,

5. Meeting with Board of Directors and walkthrough discussion of the draft audit review and the report.

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