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Financial Audit

To date, auditing services are the most effective method of obtaining complete and accurate information to evaluate the company’s financial and economic situation. The term “audit” means the verification of the organization’s accounting and tax records and their compliance with the applicable legislation.

This service analyzes the primary documentation, evaluates the utility of the accounting system used, evaluates key performance indicators of the company.

The audit services provided by SKODI allow you to develop a set of actions aimed at increasing the profitability and efficiency of your business development.

SKODI audits to

  • Financial statements prepared in accordance with national and international accounting standards;
  • Consolidated financial statements (annual and interim);
  • Audit of projects funded by European funds or other international financial institutions and / or governmental and non-governmental organizations.

During the audit, our specialists not only seek and correct mistakes but also analyze the organization’s activities. Identify its weaknesses and strengths, offer the most effective methods for solving financial problems.

Advantages of Audit from Financial – Accounting House SKODI

  • Our team includes highly qualified specialists, who are well acquainted with accounting and the specifics of legislation.
  • Relying on the experience and knowledge of our employees, we can guarantee an effective audit.
  • Our company is behind the quality of the audit and assists in the development of methods aimed at improving the financial performance of the serviced firm.

Useful information about the client

  1. The purpose of the independent financial audit is to express an independent audit opinion on credibility in all aspects of materiality in line with International Standards on Auditing.
  2. If required by the client, our audit service includes recommendations and suggestions for improving control systems and accounting policies.
  3. Interim audits of the state of the accounting system add value to our audit services. All our findings are discussed with the Audit Firm’s Guide.
  4. We guarantee the full confidentiality of the company’s records to the audited companies.

Which individuals and organizations are subject to a financial audit

I. Entities whose annual financial statements are subject to an independent financial audit (except where otherwise provided by law) by a registered auditor:

  1. Joint stock companies and limited partnerships with shares;
  2. Enterprises that are issuers within the meaning of the Public Offering of Securities Act;
  3. Credit institutions, insurance and investment companies, supplementary social insurance companies and funds managed by them;
  4. Enterprises for which this requirement is established by law;
  5. All enterprises not mentioned in items 1 to 4, except for the enterprises applying the simplified form of financial reporting and the budget enterprises.

II. Non-profit legal entities designated for the performance of public benefit activities and registered in the Central Register of the Ministry of Justice, where for the current year they exceed one of the following criteria:

  1. Carrying amount of assets at 31st of December – 1 million BGN;
  2. Amount of revenues from economic and non-profit activity for the current year – BGN 2 million;
  3. Total amount of financing received during the current year and not used as at 31 December of the current year, received in previous reporting periods – BGN 1 million.

III. The consolidated financial statements and the individual financial statements included in the consolidation are subject to an independent financial audit.

IV. An independent financial audit by registered auditors is also subject to the annual financial statements of enterprises that in the current or in the previous year exceed the indicators of two of the following criteria:

  1. Carrying amount of assets at 31 December – BGN 2 million;
  2. Net sales revenue for the year – BGN 4 million;
  3. Average staff numbers for the year – 50 people.

Not withstanding the above criteria, each company may audit its reports at the discretion of the Management for the purpose of verifying the financial information contained therein. The audit is carried out by Tsvetan Yanchev – a registered auditor with more than 25 years of experience.

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