Financial Statement Audit
The financial statement audit has never been more important. In today's business environment there is more scrutiny and skepticism of a company's financial statements than ever before. Investors have lost faith in corporate governance and reporting and they expect more: greater reliability, more oversight and clear evidence of internal controls. Corporate management, boards and audit committees, internal and external auditors, analysts and other investment professionals all have important roles to play in rebuilding investor trust by executing their respective responsibilities, keeping in mind both legal obligations and the heightened expectations of investors. Meeting investor expectations begins with the completeness and accuracy of information contained in a company’s financial statements.
The purpose of an audit is to form a view on whether the information presented in the financial report, taken as a whole, reflects the financial position of the organisation at a given date. For example:
With some exceptions (typically for certain smaller entities), organisations subject to the Limited Liability Company Law must have an audit each year.
If this is your situation
- Are details of what is owned and what the organisation owes properly recorded in the balance sheet?
- Are profits or losses properly assessed?
How PwC can help you
For organisations that require an audit for statutory or regulatory reasons associated with the filing of their annual and periodic financial information, PwC can provide high quality audit services.
PwC's work takes into account all current and where appropriate, prospective auditing, accounting, and reporting regulations and guidance. Our audit clients include many of the world’s leading multinational corporations, as well as many small and medium-sized companies and a significant number of local authorities and other public sector bodies.
- You are a regulated entity, either by incorporation or as a result of securities registration for trading purposes and must file audited financial statements.
- You are a multi-national company and need a consistent, global audit methodology for your financial statements.
- You are in the process of exploring the feasibility of changing audit firms.
- You want your current audit firm to concentrate on providing non-audit services to your firm and you need to engage a new auditor.
- You are concerned that your current auditor does not sufficiently understand your company and industry to perform an effective audit.
- Compliance with regulations
- Advice on controls and processing system weaknesses
- Confirmation of accounting treatments with respect to complex transactions
- Increased monitoring of prospective accounting and regulatory changes
- Independent review of externally reported information
- Accountants' reports