Financial Statement Audit

The external audit services can develop on a timely manner or under a fixed regime, allowing a proactive interaction with the daily routines of the company. In the implementation of these services are checked all the practices of the company and its employees, in order to investigate, among other things, the perfect observance of tax and labor legislation as well as the controls aspects of the company.

According to the international auditing standards, the internal controls are defined as follows:

"Internal control comprises the organization plan and all methods and measures, coordinated, used in a company to protect its assets, verify the accuracy and reliability of its accounting data, increase operational efficiency and promote obedience to the established administrative guidelines. This definition sometimes may be broader than the meaning given to the term. It is recognized that a system of internal control extends beyond matters directly related to the functions of accounting and finance departments. "

In the audit, are also evaluated the accounting and administrative controls. Accounting controls comprise the organization plan and all methods and procedures for and directly related to the safeguarding of assets and reliability of financial records. They usually include controls just like the system of authorization and approval, separation of duties and record keeping and reporting, and those concerning the operation or custody of assets, physical assets controls and internal audit.

Administrative controls are those related to the organization plan and all methods and procedures concerning mainly to the operational efficiency and obedience to the administrative guidelines and usually relate only indirectly to the accounting and financial records. In general, they include among other controls, statistical analysis, time and motion studies, performance reports, training programs for employees, and quality controls, etc.

Considering the companys intention to have an audit service in order to allow this greater degree of reliability and efficiency in their internal tasks, as well as provide a constant improvement of internal controls our proposal is divided into two parts, as follow:


   - Cash and banks.

   - Purchasing, bills to pay, payments.

   - Sales, bill to receive, collections.

   - Inventory and cost control.

   - Control of assets – Fixed assets and investments.

   - Human Resources Department.

   - Bookkeeping and tax calculations.


In connection with the examinations described in the items above, we will examine the financial statements raised in the balance sheet date subsequent to the emission of opinion about them, consolidated in INDEPENDENT AUDITORS REPORT.

The examination of financial statements includes the verification of the correction of the equity accounts and income and also the tax aspects related to it. As well the monitoring of all procedures necessary to the closing of the balancing sheet, review the provision for the tax payment.

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