Audits and reviews of financial statements

Reliable assessment of financial information in accordance with applicable standards

ATF Audit provides companies with an independent, professional, and regulation-compliant assessment of financial statements. We conduct audits and reviews in accordance with the Accounting Act, International Financial Reporting Standards (IFRS/IAS), and national and international auditing standards. We guarantee full reliability and transparency of financial information.

For over 25 years, we have been supporting entrepreneurs by analyzing their financial situations. We conduct every study in such a way that it not only meets formal requirements but also provides guidance that facilitates making sound management decisions. We work for companies from various sectors, including: construction, transport, manufacturing, automotive, advertising, and trade.

Basic support scope

Audit of individual and consolidated financial statements prepared in accordance with the Accounting Act and International Financial Reporting Standards.

Review of financial statements according to the Accounting Act and International Financial Reporting Standards.

Analyze the indicated part of the financial statement.

Who do we help ensure the reliability and compliance of financial statements?

For entrepreneurs who need a professional, reliable, and legally compliant assessment of their financial statements, including full audits, reviews, and analysis of selected areas.

The financial statement audit process at ATF Audit focuses on transparency, reliability, and full compliance with applicable standards, while also supporting the identification of key risk areas.

Step 1

Preparation and preliminary analysis

Understanding the financial activities and processes of an organization.
Preliminary analysis of the financial statements and identification of key areas.
Development of the audit schedule and scope of work.

Step 2

Data research and verification

Compatibility tests and detailed tests.
Verification of accounting principles and the quality of source data.
Reporting risk analysis and internal control assessment.

Step 3

Reporting and recommendations

Preparation of an opinion and a report from a study or review.
Review of results with management and identification of areas for improvement.
Support in further adapting accounting and reporting processes.

With us, your report will be accurate, reliable, and compliant with current standards.

FAQ

We understand that the decision to audit financial statements, audit a family foundation, or verify selected financial processes involves many questions.

What does a financial statement audit entail?

A financial statement audit is an independent assessment of whether the statement presents a true and fair view of the financial position and performance in accordance with the Accounting Act or other standards (e.g., IFRS). It includes an analysis of accounting records, audit tests on documents, an evaluation of accounting policies, the internal control system, and key risk areas. The result is an auditor's report which contains the auditor's opinion on the financial statements. The auditor's opinion is of significant importance to owners, investors, financing institutions, and other stakeholders.

What is the difference between an audit and a financial statement review?

A financial statement review has a narrower scope than an audit. It primarily relies on comparative analyses, ratio analyses, and inquiries directed to the Client. A financial statement audit is significantly more detailed. It includes data reliability tests, verification of source documents, and assessment of internal processes and controls. Consequently, an audit provides a higher level of assurance regarding the reliability of the financial statement than a review.

When is it mandatory to audit a financial statement?

The obligation to conduct an audit arises from the provisions of the Accounting Act and applies to entities that meet specific criteria (including revenue level, balance sheet total, and number of employees). Regardless of the legal obligation, some companies decide to undergo a voluntary audit, for example, before obtaining financing, bringing in an investor, changing ownership structure, or planning an M&A transaction.

How long does an audit of financial statements take, and what does it depend on?

The duration of the audit typically ranges from a few to a dozen weeks. It depends on the scale of operations, the number of units in the group, the complexity of operations, and the quality and availability of documentation. At the beginning of the engagement, a detailed schedule is established so that audit work is coordinated with the year-end closing process and other duties of the finance department. The audit process is usually divided into two stages: preliminary audit conducted before the end of the financial year and the main audit carried out after the financial statements have been prepared.

What materials does the ATF Audit need to begin an investigation?

Basically, these include: accounting policy, accounting records, including trial balances, fixed asset registers, key commercial and financial agreements, personnel and payroll data, and the draft financial statements. Depending on the specific nature of the business, the auditor may request additional documents (e.g., loan agreements, grant documentation, consolidation packages). The scope of materials is determined during the audit planning stage.

What does a family foundation audit involve?

A family foundation audit involves assessing whether the foundation operates in accordance with the law, its articles of association, and the founder's will – particularly in areas of asset management, incurring and fulfilling obligations, and public law settlements. This includes analyzing accounting records, tax documentation, resolutions of governing bodies, benefits for beneficiaries, and the manner in which the foundation's objectives are achieved. The goal is to confirm that family assets are properly protected and managed.

Is an audit of a family foundation always mandatory?

The Act provides for periodic audits of family foundations (at least once every four years), and in some cases more frequently, depending on the scale of operations and asset value. Regardless, many founders and boards decide on more frequent or thematic audits (e.g., of selected areas of activity) to maintain ongoing control over the achievement of statutory objectives and asset security.

What are assurance and advisory services at ATF Audit?

Assurance and advisory services involve an independent verification of selected information, processes, or assets, such as merger and transformation plans, fulfillment of financing agreement conditions, consolidation packages, or trademark valuations. The outcome is an auditor's opinion confirming the accuracy, compliance, and reliability of the data, which can subsequently be used with banks, investors, administrative bodies, or internally by management.

Can irregularities in accounting and financial processes be identified during an audit?

Yes. One of the objectives of a financial statement audit is to identify risk areas, including accounting errors, improper transaction recording, weaknesses in the internal control system, or inefficient document flow. In the audit report, the auditor also presents recommendations for improvements, which help to streamline financial processes and reduce the risk of similar problems occurring in the future.

How to start cooperating with ATF Audit?

The first step is contact and a brief discussion of needs – the type of service (research, review, foundation audit, assurance services), the scale of operations, and deadline expectations. Based on this, a cooperation proposal and preliminary schedule are prepared. After signing the agreement, the ATF Audit team begins the work planning phase, communicating the scope of required data and subsequent stages of the process on an ongoing basis.