SP Audit

Before the start of each assignment, our work manual is adjusted to your specific business conditions, types of activities, and organization’s size. Based on that, a detailed audit schedule is set up, with a specification of the controls to be performed and the scope thereof. We select the audit team, which is led by an auditor and an audit manager, who will take care of you during the audit. For longer term assignments (which are our priority), we strive to preserve information continuity within the work team. Fresh perspectives and preservation of the ‘big picture’ are ensured by the partial rotation of team members. Every audit team has its own tax advisor with whom it may discuss, if required or upon the client's request, specialised tax issues.

Although the work process for auditing financial statements is usually divided into two basic, separate stages (the preliminary and the final audit), it is still based on continuous cooperation between the auditor and the client during the entire accounting period. We consider year-round ongoing communication between you the client and our specialists to be best, allowing for the expedient resolution of specialised questions or any problems that may arise. This communication may take the form of personal discussions, telephone consultations, or e-mail correspondence. When taking inventory, the audit team’s supervision over physical stock-taking is a must.

The auditor's report (opinion) is primarily intended for members of the corporation (shareholders and partners), members of non-profit organizations, company founder, etc. It contains the auditor's opinion as to whether the financial statements present a true and fair picture of the actual situation of the entity being audited.

The auditor's letter is primarily intended for executive management and contains key facts encountered by us during the conduct of the audit, which we deem important enough to be communicated to the management of the entity being audited, even though they need not have directly influenced the auditor's opinion on the financial statements as a whole.

The detailed auditor's report is particularly intended for finance and accounting employees and includes detailed findings made in the course of our work, as well as notifications of inaccuracies or partial errors in accounting ledgers, minor tax problems, etc.

In practice (e.g. in the case of a client with a simpler managerial and organisational structure), the auditor's letter and the detailed auditor's report may be consolidated into a single document.

The audit of the financial statements also includes verification of the annual report, if prepared by the entity being audited. The verification of the annual report also includes verification as to whether the facts stated in the Report on Relations with Related Parties correspond to the information published in the annual report.

 

 

The risks arising from our professional auditing activities are insured with the renowned global insurance company AIG.

 

SP Audit s.r.o. has been a member of the Chamber of Auditors of the Czech Republic since 2000.

Don’t hesitate to contact us. We are happy to prepare for you a comprehensive offer tailored to your needs in the following areas: Audit, Taxes, Due Diligence, IFRS, Business Combinations, Accounting

 

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