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Prodoceo Katarzyna Kowalczyk, FA3911

mail: prodoceo@prodoceo.pl

Assurance - Financial audit

The financial statutory audit is compulsory for:

  • banks, insurers, investment and pension funds,
  • joint-stock companies (S.A. and S.K.A), unless they are in their start-up process at the balancing date,
  • other companies, such as limited liability companies or partnerships, if two of the following three conditions were met in the preceding financial year:
    • average annual employment amounted to at least 50 people;
    • the total net turnover and financial income amounted to at least EUR 5 million;
    • the total balance sheet's assets amounted to at least EUR 2,5 million as at the end of the accounting year.

We provide also other assurance services such as:

  • EU funding audits,
  • audits of consolidation reporting packages,
  • due diligence reports. 

Methodology of work

The purpose of an audit is to add credibility to the financial statements of a business organization. The auditor expresses an opinion whether the financial statements comply with the applicable accounting principles, and that they provide true and fair presentation, in all material respects, the financial performance and financial position of the company.

Audit is performed in accordance with the Accounting Act, the National Standards on Auditing and International Standards on Auditing (ISA). Audits of EU fundings are performed in accordance with the guidelines of PARP. The work is carried out by the team of experienced staff under the supervision of the auditor.
The field work is planned and carried out in such a way as to obtain reasonable assurance whether the financial statements are free of material misstatements and omissions. The substabtive testings are conducted on a sample basis. The audit work include an assessment of the accounting principles applied by the Company, confirmation of correctness of significant estimates made during the preparation of the financial statements as well as an overall assessment of its presentation.

Scope of work

The financial audit is performed in three steps:

Step I: Planning stage and interim review

During the interim visit, the audit team focuses on the following tasks:

  • acquiring knowledge about the internal processes of the audited company and their internal controls;
  • testing the effectiveness of the internal controls;
  • testing a sample of journal entries and source documents;
  • preparing a sample of assets and liabilities, which should be externally confirmed while performing the year end audit.
Step II: Final audit

During the second step, the audit team verifies the true and fair presentation of the economical transactions in the financial statements of the company.

The audit work includes:

  • Assets and liabilities – verification of the rights that result from using the assets and the obligation to pay liability, existance, valuation, completeness, and presentation of the balance sheet positions;
  • Revenues and costs – verification if the right periods of the transactions are disclosed, valuation, occurrence and presentation
Step III: Preparation of the audit opinion and report

After completion of the audit work and internal reviews, the audit team prepares the final opinion and report. We also provide the client with a management letter if we identify areas of risk during our audit work. We can provide our opinion and report in three languages (Polish, English or German), depending on the needs of the clients.