Audit & Assurance
Our assurance services provide clients with the necessary information and confidence to make effective, efficient and transparent decisions that impact the future of their business activity. Here at Mazars, our main goal is to give our clients a clear insight into their corporate strategy, business processes and financial reports.
Our audit methodology is based on the International Standards on Auditing (ISA) with an emphasis on:
- The understanding of business from the standpoint of internal and external audit,
- Determining the risk of material misstatement and controls aimed at prevention of errors,
- Planning an audit of each company's business in order to ensure fulfilment of the audit objectives,
- Audit quality assurance through direct engagement of partners during the audit process.
The services that we deliver cover the following areas:
Audit of Financial Statements
We provide audit services for different clients including statutory and group reporting audits.
Statutory audit is suited to a variety of clients whose duty to review their financial statements is stipulated by law, as well as for clients who voluntarily choose this method of verification in order to obtain an independent view of their bookkeeping.
Group reporting audit is suited to clients who regroup the financial statements of their entity and its subsidiaries for consolidation purposes.
Our approach to auditing your financial statements begins with obtaining a thorough understanding of your business and industry, including your internal controls. It ends with the expression of an opinion as to whether or not your financial statements are presented fairly in all material respects and with a management letter where our findings and suggestions for improvement are formalised.
Prior to and during the audit, we work closely with our clients to develop a service plan and calendar, which includes engagement planning meetings and frequent client communications intended to produce an efficient and cost-effective audit while minimizing disruption of the client’s daily routine.
Every time we undertake an audit assignment, our aim is to acquire a broad knowledge of the company's requirements and strategic orientation. We consider that our audits provide added value by serving as a springboard towards identifying tax, administrative and competitive opportunities.
Reviews of Financial Statements
Where an audit may not be necessary, we can assist you by performing a review of your financial statements and providing a limited form of assurance as to whether or not any material modifications should be made to those financial statements for them to be presented in accordance with IFRS, local GAAP or another comprehensive basis of accounting.
Where a client and/or a specified third party requires financial information or an assertion of management to be independently verified, we can assist with the performance of an agreed-upon procedures engagement. In such an engagement, a report of findings is issued based upon the results of specific procedures, as agreed to by the client and other specified users related to the subject matter.
Tax audit is an independent check of accounting and tax systems with a view to accurately calculate the tax base for each tax and payments and accruals for tax and duties within a certain period. In addition, it analyses the status of payments to tax authorities and monitors compliance of accounting and taxing systems with requirements of existing legislation. The purpose of tax audit is to identify mistakes in accounting and tax systems and to develop measures for their correction.
Other Assurance Services
We are able to provide our clients with all other assurance services as defined by the IAASB that are not detailed above.