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Financial audit is typically an audit of financial statements. Auditors audit the financial statements of an entity to check if they provide a true and accurate picture of its financial standing. Auditors also carry out special audits (e.g. audit of the enterprise merger/demerger/ transformation plan), as well as audit-related engagements, such as financial due diligence or enterprise valuation.
The knowledge of regulations that govern the functioning of commercial companies and partnerships is key for their owners, members, managers and supervisors.
Rödl & Partner experts explain topics important for domestic and international groups that wish to restructure, such as mergers, acquisitions, demergers and transformations of enterprises. We also keep you updated on information obligations of enterprises and requirements concerning financial statement auditing arising from the Accounting Act.
The audit of financial statements aims first of all to increase the trust of financial statement users in the figures presented in the financial statements.
Investors assess the financial standing and the development prospects of a company based on information provided by the stock market participants.
The Polish Accounting Act requires entities to draw up the notes to the financial statements in which they present transactions and accounts in breakdown by those with related parties and third parties.
Despite the growing popularity of the International Financial Reporting Standards (IFRS) in the financial reporting, local accounting principles still play a significant role for many companies.
An audit of financial statement consists mainly in procedures aimed at obtaining audit evidence for amounts and disclosures presented in the financial statements.
We all know that auditors carry out audits and reviews of financial statements. Occasionally, they co-author the statements.
Directive 2014/95/EU of 15 November 2014 amended Directive 2013/34/EU as regards disclosure of non-financial and diversity information by certain large undertakings and groups.
2016 is a year of changes brought by the amended Accounting Act. They generally apply to the preparation of financial statements for the year started on 1 January 2016.
Magdalena Ludwiczak
Auditor (Poland)
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Therese Baginski
