Auditing Services in Ukraine and Kyiv from Audit Firm 'Analityk'
Audit provides assurance regarding the assessment of the financial state of business.
Why is audit necessary?
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To confirm the financial reputation of the company before other entities.
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To review the state of accounting and tax records and provide recommendations for their improvement.
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To protect the interests of owners and other users of financial statements.
Auditing services are provided in the form of audit — verification of the accuracy, completeness and compliance with legislation of financial statements. As well as other audit-related services, including maintenance and restoration of accounting, tax consultations, assessment of financial and economic activities and its economic and legal support.
Audit can be mandatory and initiative
Cases of mandatory audit are defined in the Law of Ukraine 'On Auditing Activities':
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confirmation of the accuracy and completeness of annual and consolidated financial statements of open joint-stock companies, bond-issuing enterprises, professional participants of the securities market, financial institutions and other business entities whose reporting is subject to official publication under Ukrainian law, except for institutions fully maintained from the state budget;
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verification of the financial condition of bank founders, enterprises with foreign investment, open joint-stock companies (except individuals), insurance and holding companies, joint investment institutions, trust companies and other financial intermediaries;
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issuers of securities and derivatives, as well as when obtaining a license to carry out professional activities on the securities market.
The procedure for conducting mandatory audit is regulated in detail by legislation and professional standards.
Initiative Audit
Initiative audit is conducted at the initiative of an owner holding at least 10% of the authorized capital, or by decision of the highest governing body of the business entity. The need for initiative audit most often arises when changing the chief accountant or company manager, exit of one of the founders or shareholders, in case of buying or selling a business, attracting investments, entering international markets, preparing for an inspection by fiscal authorities, etc.
Initiative audit can be general and thematic.
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General audit: The purpose of general audit is to assess the state of financial and economic activities, identify shortcomings and make proposals for their elimination.
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Thematic audit: Thematic audit aims to verify a specific issue of financial and economic activities, in particular, cash operations, procurement of raw materials or supplies, contract execution, etc.
Cost of services
The cost of auditing services is determined depending on their scope and the time spent on their quality execution. The cost of one hour of an auditor's work on average equals the cost of one hour of the chief accountant's work at the company being audited.
Depending on the effectiveness of the audit, additional remuneration may be paid as a percentage of the economic benefit obtained by the client.
Auditing Services
- Statutory Audit
- Initiative Audit
- Express Audit
- Banking Audit
- Investment Audit
- Insurance Audit