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Audit of financial statement

Audit realization

Stages of the financial statement auditing process at PKF:

Once the Company legitimately selects PKF Consult as its auditor, we sit down to the signing of the audit contract and propose having an opening meeting.  During the meeting, the persons in charge on behalf of the Client - appointed by the Management Board to communicate with the audit team on an ongoing basis, for example, Chief Accountant/Financial Director - are indicated as the key contact persons. Additionally, specific expectations for future collaboration with PKF are laid out.

At the beginning of our collaboration, we learn about your business profile, mode of functioning of the company, profits and losses, financial standing compared to economic and legal environment. We also familiarize ourselves with the accounting system and internal control system. On the basis thereof, we are able to identify and analyze risk factors. Therefore, we may execute the audit in compliance with the International Standards on Auditing (ISAs). We may assess the risk of material irregularities in the financial statement. We have implemented the International Standards on Auditing in compliance with the Act of 6 June 2017 (Journal of Laws [DzU] item 1089), the Act of 11 May 2017 on Auditors, Audit Firms and Public Supervision, which enables us to offer more well-thought-out and customized services.

Subsequently, we divide our activities into initial audit conducted before the end of the reference year and proper audit executed after the end of such year.  To streamline the audit process, before entering the client's headquarters (30 days before), we send the lists of required materials (PPK) to the Chief Accountant and to the attention of the Financial Director.

Each time, after completing a certain stage, we organize summary meetings with the management board of the company. The Manager or Coordinator keeps sending e-mails to the contact person appointed by the management board to contact the audit team as well as to the Chief Accountant / owner of the accountancy office responsible for confirming dates of the meetings (list of documents, deadlines, etc.).  At the end of each day, the Coordinator shall specify the data needed by the team (type and form of the required information) and send the same to the accountant (via e-mail or orally).

Conclusions from audit observations are presented in the form of the auditor's report including the auditor's opinion and assessment. If appropriate, we send to the Management Board or Supervisory Board a letter including important results from the audit, which do not require disclosure in the auditor's opinion or report.  Our aim is to support the client in fulfilling his/her statutory obligation and responding to potential questions asked by members of the supervisory board, shareholders, stockholders.  As part of our services, we also verify the correctness of consolidation packages prepared by subsidiaries for the purpose of reporting to the Group's leading auditor.

We are aware of the fact that the financial reporting of the groups of companies requires the implementation of an internal reporting system based on the consolidation packages.  Our teams have the appropriate competencies, including language skills, to verify the correctness of the consolidation packages prepared by the subsidiary based on accounts and transformed in compliance with the regulations of the accounting policy effective within the entire group of companies.

If you have any questions or concerns - please contact us.

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