First and foremost, audit is an independent professional opinion as to the completeness, accuracy and compliance with an identified financial reporting framework.
Audit Firm "Units Consulting Ltd.", has extensive practical experience in independent audits of financial statements of companies and firms engaged in various activities. In the planning and conducting of audit, we assess the structure of the system of internal controls to identify the necessary audit procedures. Nonetheless, we seek to use the knowledge gained on the organization of the company, to provide comments and recommendations, which we hope will enhance our clients' business.
Audit opinion will improve confidence in the financial statements through the provision of high but not absolute assurance. Absolute assurance is not possible to audit due to various factors, including the need in judgement, use of tests and limitations inherent in any accounting and internal control systems, as well as due to the fact that in most cases audit evidence will be more persuasive than decisive.
The purpose of an audit is provide an objective independent examination of the financial statements, which increases the value and credibility of the financial statements produced by management, thus increase user confidence in the financial statement, reduce investor risk and consequently reduce the cost of capital of the preparer of the financial statements.
However, all audit procedures may not be necessary in each case: they will depend on the nature of the financial statements, existing tasks or time limits. In those cases a review of financial statements appears the most appropriate.
A review envisages the application of audit skills and evidence gathering methods but does not usually include internal control systems assessment, accounting records and sources documents verification, observation of inventories, analysis of third party replies to information requests or other procedures that are part of an audit. As a result, the review report will provide a lower level assurance compared to the audit opinion.
In any case an audit or a review will be most beneficial to a company when the management and the auditors reach a full understanding of the work objectives, goals and the form of any reports or other communication of results.
To learn more about our Financial Audit and Assurance Review Services please contact us.
Audit firm "Units Consulting Ltd." provides professional audit and accounting services to the companies, foreign representative offices and firms that operate various businesses and located either in Kiev or in other regions of Ukraine.
© 2001-2016 Units Consulting Ltd. Audit and accounting firm (Ukraine, Kiev) : financial audits, review services, financial due diligence,
bookkeeping outsourcing in Kiev, payroll services, fixed assets inventory services and audit services in Ukraine.
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