Audit of Financial Statements
An audit is more than a formality; it is a necessity to protect your business and encourage it to thrive. Early warnings, open communication and pragmatic resolution of issues are the essential features of our approach. We are passionate about delivering quality, not only as an auditor but also as a client service partner. Audit quality and excellent client service go hand in hand. This message is instilled in all the people in our audit business and is fundamental to our culture.
By keeping you up-to-date with relevant financial reporting and related legislative and technical changes throughout the annual cycle, as well as providing appropriate insights into maximizing the potential of your business, we believe that “Business Finance and Audit” LLC can actually serve to enhance the operations of your business.
Having external audit gives a number of benefits for companies. Financial statements that have been audited and verified by an external auditor are considered more reliable in the business marketplace. Lenders, investors and potential clients often require externally audited financial statements before making a decision to work with a company. Also companies that undergo annual audits are worth more than companies that are not audited annually.
We offer our audit opinions on financial statements prepared in accordance with an IFRS, IPSAS and Azerbaijani Accounting Standards for Commercial Organizations. Audits are conducted in compliance with requirements of International Standards on Auditing (ISA).
Based on any detected significant business risks we will analyze the critical processes and test the internal control system in order to determine the efficiency level of risk management, and overall accounting procedures of the Organization. Thus, during audit we will perform the following in respect of the key processes defined:
- Defining risk areas, critical operations of the organization
- Analysis of the structure and segregation of duties within a department on the basis of the internal regulations
- An interview with employees and management of departments, document critical processes and operations, and defining main controls: specific risk control, pervasive control and monitoring controls, main information and document flows
- Test of the above controls in order to define their efficiency and reliability
- Defining the residual risk and the necessity of additional audit procedures
- Recommendations on improvement of internal control system and risk management
During audit process, we will inform you immediately of any matters of significance, in order to provide sufficient time to resolve any potential problems. We will also inform to your organization’s management immediately if we detect any material weaknesses in internal controls or detect suspicions transactions or irregularities.