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Financial Audit

Financial audit (audit of financial reporting) - an independent audit of accounting processes, which is intended to determine the correctness of accounting records of the company and to check the accuracy of financial (accounting) reports.

Financial audit is used:
- for surface inspection of work and competence of staff accountants in terms of the proper maintenance of accounting records.
- if a chief accountant, chief financial officer or director of the company is changed;
- to verify the reports before submission to the department of statistics.

Financial audit may include:
- checking of the correctness of fixed assets management, depreciation calculation;
- checking of the correctness of inventory accounting;
- confirmation of the balances of balance accounts and the calculation of financial indicators;
- checking whether all financial (statistical) reports are filled in correctly.

On the basis of financial audit results we provide a written report on the accuracy of accounting reports with recommendations on elimination of the errors that were found.