GEVORG MOVSISYAN - Head of Audit,
The voluntary audit is an independent verification of the organizational accounting (financial) reports by the decision of the shareholders or organizational management that results in a written audit report concerning the credibility of those financial reports. The assurance is disclosed at the reporting date with the accuracy of reporting indicators as a basis for users’ proper conclusions of organizational economic and financial operating results and its assets.
London Business Group implements voluntary audits in accordance with “International Standards on Auditing” (ISA).
When is Voluntarily Audit Required? Who is Interested in it and Why?
The objective of the voluntary audit is accounting (financial) reports verification in compliance with “International Financial Reporting Standards” (IFRS) and RA applicable rules.
Due to operational economic life diversity, accounting rules reforms, changeability of tax legislation, and ambiguous annotation and uncertainty of tax rules, the accounting services of companies not always perform the issues of economic fact fair representation in the functions of accounting and tax accounting. Such situations increase the risk of financial reporting frauds, the risk of organizational financial losses, and submission of tax claims requested by state-authorized bodies.
Voluntary Audit Price
Voluntary audit of financial reports is determined for every specific case. It depends on the express analysis results: the extent of organizational accounting and internal control system efficiency evaluation, the company size and volume of entrepreneurial functions, the number of employees, the size of assets and an inventory list, the number of partners.
Small and medium-sized organizations financial report audit is highly likely to fluctuate between 400 and 900 thousand Armenian Dram.
What do We Give?
- An audit performed according to “International Standards of Audit”.
- Audit report on your yearly or any other interim period financial reports prepared in accordance with “International Financial Reporting Standards”.
- Management letter with the suggestions for the company’s accounting and control system improvements and error rectification.
- Systematic professional development of the staff involved in the accounting process. Your organization meets the professional and legal requirements and You acquire reliability.
You Acquire Reliability
- Financial reports of your organization are in accordance with “International Financial Reporting Standards”.
- Records of assets and liabilities are in compliance with reality.
- Your accounting and tax recording systems are in conformity with operating normative requirements.
- The possible risks and ways to overcome them have been released for your internal use.
- Your partners, possible investors, financial institutions, and shareholders are surely interested in the audit results carried out according to “International Financial Reporting Standards”, as well as the results of financial reports prepared in compliance with “International Financial Reporting Standards”.