Audit & Assurance
Statutory audit
Annual audit of financial statements for entities required to be audited under Article 35 of Law No. ZRU-677.
What’s included
- Risk-based audit plan and materiality (ISA 300, ISA 320)
- Understanding and testing of internal control (ISA 315, ISA 330)
- Substantive procedures on key areas — cash, receivables and payables, inventory, fixed assets, revenue, taxes, related parties
- Observation of the inventory count where relevant (ISA 501)
- Communication with management on findings and proposed adjustments (ISA 450)
- Auditor’s report (ISA 700/705/706) and a management letter on internal-control deficiencies (ISA 265)
Who it’s for
- joint-stock companies;
- banks and other credit institutions;
- insurance companies;
- agricultural cooperatives;
- investment and other funds pooling money of legal entities and individuals, and their trustees;
- charitable, public and other funds formed from contributions of legal entities and individuals (except public funds with no turnover on bank accounts during a calendar year);
- business entities with a state share in their charter capital;
- exchanges;
- commercial organisations that, for the reporting year, meet two of three criteria: total assets above 100,000 BCV; sales revenue above 200,000 BCV; average headcount above 100 employees.
Source: Article 35 of Law No. ZRU-677 “On Auditing Activity” (current edition). At a free consultation we will check whether the requirement applies to your company.
What you receive
- Independent auditor’s report
- Management letter
- Summary of proposed adjustments
Standards and legal basis
- ISA 200–720
- IESBA Code
- Law ZRU-677 (Arts. 8, 29, 34, 35)
First step
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