Assistance to Audit Firms
We are aware that sometimes audit firms experience a high turnover, influencing the progress of their audit file. As a result, we have decided to offer temporary assistance to audit firms for the consolidated accounts verification.
We intervene in the “risk assessment” process:
- Validation of the scope of consolidation and the method
- Preparation of the "component evaluation" to know how much each entity represents in % of the total assets and revenues of the Group
- Preliminary analytical review
- Identification of significant Balances for entities belonging to the Group
- Preparing the group audit instructions
Then, we execute the audit process because it is a crucial step where you need a good
knowledge of consolidation
- Review of the work of local auditors (ISA 600)
- Validation of the IFRS conversion between local financial data to the consolidated balances
- Validation of the currency used
- Validate the elimination of intercos transactions and reconciliation of Group equities
- Reconciliation of minority interests (balance sheets and income statements)
The third and final phase:
- Checks on off-balance sheet commitments
- Transactions with related parties – identification of Key Management
- Preparation and review of IFRS Compliance checklist
