Audit & Forensics

Audit & Forensics

Financial Accounting – Financial Statement Audit

A financial statement audit is conducted by a CPA firm to opine whether a company’s financial statements fairly present its financial position as of a particular point in time. The auditors evaluate whether the financial statements prepared by management are stated in all material respects in accordance with International Accounting Standarts (IAS). The auditors reach their opinion by examining, on a test basis, the evidence supporting the amounts and disclosures in the financial statements. A financial statement audit does not analyze every transaction or look for fraud specifically. While a properly planned financial statement audit may uncover fraud, the focus is not on uncovering potential fraudulent acts. It is possible for a company to have a significant embezzlement or fraud perpetrated without it being uncovered during a financial statement audit.

The financial statement audit reports are typically used for a wide range of purposes by several different corporate audiences and stakeholders.

Forensic Accounting – Financial/Fraud Investigation

A forensic accounting engagement, on the other hand, is conducted by a forensic accounting expert and is specifically designed to uncover fraud. The objective often includes finding out who committed the fraud, how they did it, how much they took, and how to stop it from happening in the future. A forensic audit is more encompassing than a financial statement audit in terms of assessing the entity’s internal control structure and identification of alleged fraudulent activity or irregularities. While forensic engagements follow the basic rules prescribed under IAS, it may depart from all or parts of what is stated under IAS depending on the circumstances. In other words, there are no set guidelines when it comes to forensic accounting. Forensic accountants will generally start with data from a company’s financial statements, but will then move to other procedures in an effort to follow specific circumstances or a series of events that has occurred in the company.

The skills forensic accountants/auditors require include all of those that are required of financial statement auditors, plus knowledge of how to gather evidence of and document fraud losses for criminal and civil purposes, how to interview third party witnesses, and how to testify as an expert witness.

A forensic audit report of findings is a fact-based document that may detail internal control weaknesses, alleged acts of malfeasance, and the magnitude of the alleged loss.

From the early stage advisor to expert witness, we provide information and advice throughout the process in an effort to provide the information clients need to evaluate the magnitude of suspect problem areas.

Our firm provides critical financial information, analysis and advice which allow decision makers to maximize opportunities, secure competitive advantages, settle disputes, and resolve problems.

 

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You are free to change accountant at any time. At Confidentum we ensure the process of changing accountants is kept as simple as possible. Our aim throughout the process is to cause minimal disruption to your business – so don’t be put-off by the thought of the hassle changing could cause.

We will contact your old accountant and take over the books. After a few weeks, assuming that there are no hold ups, all your accounting information should have been transferred and you will be safely on board.

With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company as often you will have to provide sensitive information online or over the internet.With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company.

Small Business accounting (up to 125 transactions/month) starts at 245 EUR/month. Price includes:

  • Monthly account reconciliation
  • Monthly tax reports
  • Payroll preparation
  • Balance sheet
  • Profit & Loss statement
  • Essential document storage
  • Accounting software licence
  • All day-to-day advice

With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company as often you will have to provide sensitive information online or over the internet.With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company.

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