Audit of Companies
Audit services are among the most sought-after services of the accounting firm Balantrix. They provide an effective method of obtaining comprehensive information about the financial and economic condition of a company.
Under “audit,” a literal check of accounting and tax reports, organization, and compliance with legislation is understood.
This service offers an analysis of primary documentation, assesses the benefits of the current accounting system, checks key indicators, and evaluates the effectiveness of the company’s operations.
Balantrix provides a set of audit services aimed at improving the efficiency of your business.
Types of audits we perform
We prepare financial statements in accordance with the standards of the Republic of Bulgaria and the European Union. These include:
- Interim and annual financial statements;
- Auditing projects under EU programs or other international institutions, government organizations, and NGOs.
More about independent audit
Independent audit aims to provide a second, independent opinion, considering all aspects and in accordance with International Auditing Standards.
The customer can seek professional advice, proposals, and recommendations to improve their control systems and accounting policies.
Regular checks of the accounting system can lead to an improvement in the quality of our services. All findings are conveyed and discussed with the management of the audited company.
Who is subject to financial audit?
Companies and firms whose financial statements are subject to financial audit by a registered auditor are established by law and include:
- Joint-stock companies;
- Joint-stock companies with shares;
- Issuers within the meaning of the Law on Public Offering of Securities;
- Credit and insurance institutions, investment companies, social security companies, and the funds they manage;
- Companies not mentioned here, except those applying a simplified form of financial reporting;
- Budgetary enterprises.
Non-profit entities
Legal entities with a non-profit purpose, engaged in socially beneficial activities, registered in the register of the Ministry of Justice when, during the current year, they have exceeded one of the specified criteria:
- Balance sheet value as of 31.12 – BGN 1 million;
- Revenues from economic and non-economic activities – BGN 2 million;
- Unutilized funding as of 31.12 of the current year but granted in previous reporting periods – BGN 1 million.
All financial statements included in the consolidation—both individual and consolidated—are subject to independent financial audit.
Previous and current year
Independent financial audits conducted by registered auditors cover the annual financial statements of companies in the current or previous year that exceed the following indicators:
- Value of the asset balance as of 31.12 – BGN 2 million;
- Sales revenue for the past year – BGN 4 million (net);
- Average staff of 50 people for the year.
Why is an audit conducted?
An audit is vital for the successful functioning of a company. Here are some reasons:
Support for accounting
A financial audit takes considerable time and has the best effect when work on it begins before the end of the financial year. This way, the auditing team will have the opportunity to make corrections.
Confidence
Our auditors are highly qualified specialists with experience in checking various processes and their accurate reflection in financial statements. This will give the management confidence that the accounting department has done its job correctly.
Financial audits often reveal breakthroughs and weaknesses in the financial structure of the audited company. Also, inaccuracies in the records of a company are often discovered, indicating a weak financial organization. A properly conducted financial audit can solve all these identified problems.
Protection
A properly conducted financial audit guarantees security for all stakeholders:
- For the owners – confirmation and reliable financial reporting;
- For creditors and business partners – increased trust in the company, lower investment risk;
- Financial institutions, investors, contractors – more transparency and reliable information.
