Services
Financial Audit
The audit of financial statements is conducted in accordance with the Law of Georgia and International Auditing Standards (ISA).
The audit of financial statements is conducted in accordance with the Law of Georgia and International Auditing Standards (ISA).
A financial audit helps companies assess their financial capabilities and obtain a substantiated, true, objective, and independent assessment based on the proper basis for submitting financial statements. The purpose of the audit is to express an opinion on the truthfulness and impartiality of the audited person's financial statements and the compliance of the accounting procedure with the requirements of the applicable normative and legal framework. According to the legislation of Georgia, it is mandatory for enterprises of category I and II to conduct an annual audit of financial statements and make the audited reports public. The mandatory audit is carried out annually, until October 31 of the following calendar year.
By choosing our services, you will receive an audited financial report and an auditor's opinion that can serve as:
- Recommendations for eliminating shortcomings
- An assessment of your business's profitability
- Insights into the financial capabilities of your company
Preliminary (organizational) planning:
- Familiarization with the activity of the audited object;
- Familiarization with the activity of the audited object;
- Testing of the accounting system;
- Internal control system testing
- Determining the level of materiality for the audit and conducting a review.
- Organizing the audit work.
- Developing and agreeing upon the overall audit plan and audit program.
- Signing the agreement for the audit process.
Fieldwork (research work) - Collection of Audit Evidence:
- Obtaining the necessary audit evidence.
- Conducting detailed testing of the internal control system.
- Clarifying the definition of materiality and the audit report.
- Documenting audit procedures.
Conclusion (final phase) - Completion of the Audit, Summary, and Reporting:
- Finalizing the preparation of working documents.
- Informing the audited management about identified issues in the accounting system.
- Recommending improvements to accounting and internal control mechanisms.
- Ensuring compliance with key reporting requirements and identifying the impact of uncorrected provisions.
- Formulating the auditor's opinion and preparing summary documents.
- Signing the handover report and completing the settlement process.
Please note that the stages provided are a general outline, and specific processes may vary depending on the nature and scope of the audit.
Review, Assurance and Related Services
Review Engagement
The International Standard on Review Engagements (ISRE) outlines the practitioner's responsibilities when conducting a review of financial statements for prior periods, where the practitioner is not the auditor of the financial statements for a specific business entity. The form and content of the report prepared by the practitioner on the financial statements are also governed by this standard. The review engagement is conducted in accordance with ISRE 2400. The objective of a review is to obtain limited assurance, primarily through inquiries and analytical procedures, regarding whether the financial statements as a whole are free from material misstatement. This enables the practitioner to reach a conclusion on whether any information has come to their attention that would lead them to believe that, considering all material aspects, the financial statements have not been prepared in accordance with the appropriate basis of financial statement presentation. The practitioner will prepare a report based on the findings of the review engagement, following the requirements outlined in ISRE 2400. The report will provide a summary of the review procedures performed, the conclusions reached, and any identified material misstatements or concerns. The report aims to communicate the practitioner's limited assurance regarding the reliability and accuracy of the financial statements.
Assurance Engagements
An assurance engagement encompasses both verification engagements and direct assurance engagements. In verification engagements, a third party other than the practitioner measures or evaluates the subject matter using specific criteria. In direct assurance engagements, the practitioner themselves measures or evaluates the subject matter using criteria. The International Standard on Assurance Engagements (ISAE) provides requirements, application guidance, and explanatory material specifically related to reasonable and limited assurance engagements. These standards can also be adapted and supplemented for direct assurance engagements, based on the specific circumstances of the engagement.
When conducting an assurance engagement, the practitioner aims to achieve the following objectives:
- Obtain reasonable assurance or limited assurance, as appropriate, regarding whether the information concerning the subject matter being considered contains material misstatements or inaccuracies.
- Express a conclusion on the measurement or evaluation results of the relevant subject matter through a written report. The report will include a reasonable assurance or limited assurance conclusion and describe the basis for reaching that conclusion.
These goals are aligned with the International Standards on Assurance Engagements (ISAE) 3000, which provides specific guidance for conducting assurance engagements.
Related Services
The International Standard on Related Services defines the role and responsibility of a practitioner who is engaged to support a company's management in the preparation and presentation of financial information for previous periods. This practitioner does not provide any form of assurance regarding the accuracy or reliability of the information.
However, they utilize their extensive knowledge and experience in the field of accounting and financial reporting to assist management in preparing and presenting financial information. They ensure that the financial statements are prepared in accordance with the appropriate framework for presenting financial statements, relying on the information provided by management. and to report on factual findings.
Tax Advisory Services
Tax Consultations
Tax consultations include online/written or personal consultation on current tax issues depending on the specifics of the activity.
Tax Audit
Tax audit includes checking the organization's accounting and tax accounting status, compliance with tax legislation and fulfillment of tax obligations.
In the audit process, the following are checked:
- Income tax;
- Revenue tax;
- Value-added Tax;
- Excise duty;
- Property tax;
- Customs duties and charges.
Tax Disputes
Protection of the company's interests in the tax authority. Submitting on your behalf to regulatory authorities and discussing all existing issues with them.
Management Report
Preparation of management reports in accordance with all relevant standards and legislation, based on the company's financial and non-financial information.
Valuation
Valuation of Intangible assets (business shares, licenses, permits), all the categories of movable and immovable property.
Accounting Services
Full accounting services typically include:
- Preparation and submission of declarations
- Production of accounting records in the program
- Production of bank transfers
- Tax and financial consultations on a daily basis
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