Tax Law, Accounting and Audit · Audit, Accounting and Reporting
Audit services provide independent evidence about financial information, selected transactions or the use of grant funds. International Standards on Auditing (ISA) form the professional framework for identifying material misstatements caused by error or fraud.
Financial statement audit
Financial statements are used by owners, management, investors, creditors, banks and public authorities to assess the financial position of an enterprise. An audit examines the reporting and other relevant information to determine whether material misstatements could affect users' economic decisions.
Financial statement audits may be relevant to manufacturing, trading companies, service businesses, foreign representative offices, non-profit organisations and other entities.
Agreed-upon procedures
Agreed-upon procedures focus on a specific question selected by the parties rather than a complete audit opinion. The subject can be financial or non-financial information, individual balance-sheet items, accounting accounts or particular business transactions.
Examples include verification of contributions to authorised capital, the carrying value and existence of fixed assets, targeted use of funds, tax and fee calculations, receivables and payables, segment profit, balances on current accounts or in cash, employee settlements and other selected calculations.
The result is a factual findings report from which the user draws its own conclusions.
Grant audit
Grant funding is commonly provided to non-profit organisations or individuals for education, research, events, treatment or other defined projects. Grant agreements generally require the beneficiary to account for use of funds against an approved project budget and procurement procedure.
Depending on the grant terms, the assignment may cover the beneficiary's financial statements, expenditure under a specific project or another audit scope required by the donor.
An independent auditor's report then gives the donor evidence about whether the beneficiary's report reflects the relevant financial information reliably.
Materiality and audit evidence
Material misstatements are important because they can influence decisions made by users of the financial statements individually or in combination with other errors. Audit work therefore involves collecting and evaluating evidence not only from financial records but also from legal documents and other information relevant to the company's financial position.
Examples of agreed-procedures assignments
Selected procedures can also address employee settlements, alimony and sick-leave calculations, cash balances, balances on current accounts and the accuracy of individual profit calculations. The assignment remains limited to the procedures agreed with the client, and the factual findings report does not automatically provide the same assurance as a full audit opinion.
Users of Financial Statements and Audit Evidence
Financial statements can be used by investors, lenders, banks, owners, public authorities and other interested parties when they make economic decisions. An audit under International Standards on Auditing (ISA) considers not only accounting and legal documents but also other information capable of affecting the company's condition, with evidence collected to identify material misstatements caused by error or fraud.
Industries and Specific Procedures
manufacturing businesses;
trading enterprises;
service companies;
foreign representative offices;
non-profit organisations.
Agreed procedures may test contributions to charter capital, the carrying value and existence of fixed assets, targeted use of funds, tax calculations, receivables and payables, segment profit, cash and bank balances, employee settlements, alimony or sickness payments and other defined items. Grant work may cover the recipient's financial statements, project expenditure or other requirements stated in the grant agreement.
Audit engagement design should match the decision the report is intended to support. Defining the scope before work begins prevents a limited agreed-procedures assignment from being confused with a full financial statement audit and keeps the cost aligned with the required assurance.
Why is it better with us?
The principal activities of the UBC group of companies are consulting, financial and investment services, search and selection of investors for business and attraction of loans, purchase and sale of established businesses in Ukraine, Europe and other countries, IT services, and development of commercial real estate in Ukraine and abroad. For the development of your business: registration of enterprises in Ukraine, ready-made companies in the EU, registration of companies in England and other countries, corporate law, offshore jurisdictions and offshore companies, business consulting, audit, certification, registration of LLCs, registration of financial companies, asset management companies, mutual investment funds, registration of joint-stock companies, issue of securities and bonds, and support for foreign investment.
The continuously expanding range of regional and foreign partners directly helps resolve our clients’ issues when conducting business both in Ukraine and abroad.
We are always focused on the result you need and will do everything to achieve it within the required timeframe, taking your wishes and requirements into detailed account! Why is it better to start business in Ukraine with UBC? The answer is simple - we have much more practical experience, resources and opportunities.
Price: Audit Services for Financial Statements, Agreed Procedures and Grants