every businessman, which is financially – economic activity, rents an annual reporting. Companies can conduct audit reporting optional or mandatory. It allows you to detect errors in the financial and administrative activities, optimize business, understand the more promising ways to address future problems. Important, so that the data are accurate and produced by qualified auditors.
In the verification process confirmed or refuted by the financial – informative documents and filling in on various areas within the company. The main objective of the audit of financial statements - to provide information about the real economic situation of the company. The result serves the auditor's report. On the basis of it can determine the quality of the financial statements for the period (eg, for 1 year).
According to paragraph of the Federal Law №307, acting on 30.12.2008 of the year, taxpayers must conduct and submit audited statements once a year.
The list of organizations also approved the law:
- joint-stock companies;
- firm, Trading in securities;
- credit card companies, including individual entrepreneurs;
- clearing, insurance companies, as well as banks;
- private funds;
- organization with the volume of working capital more 400 million rubles per one year;
- company, assets which more than 60 million rubles;
- microfinance company, housing developers for the population;
- if there is a duty to surrender the consolidated (summary) financial statements.
whether SP is subject to mandatory audit? Individual entrepreneur, Leading business with forms of activity, Related to the above areas, It is obliged to conduct an annual audit of financial statements. The results are dealt with together accounting reports.
Mandatory audit of IP and legal persons, is entered in the Federal Register (EFR), contains information about the financial activities of companies. WITH 1.10.2016 and till today, an entrepreneur can make your own data audit opinion on EDF. Deadline for submitting must be no later than, than the third day after the end of testing and preparation of the final document. If you violate this rule at the end of 10 days from the date of formation of the report, controlling authority an administrative fine will be issued.
Mandatory audit reporting contains the following items:
- a list of all reports;
- during the drafting;
- conclusion date;
- auditor's findings (FIO, INN, registration number);
- opinion of the audit office, carry out the procedure on the reliability of internal information;
- obligations, presented by the company after checking.
Providing false data entails an administrative penalty in the form of fines on 5000 to 50000 rubles. If the company should conduct a mandatory audit of financial statements, and the conclusion is not, signing any – or the financial instruments considered to be unlawful.
An individual entrepreneur can initiate self-audit.
The purpose of the optional audit can act:
- evaluation before buying or selling company. Many buyers ask for the audit results to analyze the assets and operation of the enterprise as a whole;
- in connection with the forthcoming review by the tax service efficiently to audit tax returns for self-confidence in the results and exclusion of questions from the regulatory authorities;
- if you have problems with the maintenance of accounting records, substandard employee, doubt entrepreneur in the financial statements reliability;
- strengthening of control in the interests of the owner of the transfer of cases from one person to another governing;
- cost minimization, risk assessment for various business – processes;
- before any kind of certification;
- with the aim of scaling business, attract new investment, applying for credit facilities.
The initiator can act as the owner himself, and the investor or accountant before applying the tax office documents. The cost of testing can range from 25 thousand. to 100 thousand. rubles, depending on the tasks, areas of activity, reporting period. Services of audit firms and individual entrepreneurs can be used only on the basis of the contract and after, as a company registered in the Register of Auditors.
Types of audit verification
The following types of audit control measures:
- continuous check – analysis of all enterprise documents, auditing accounting and reporting: accounting, tax;
- selective – check certain areas of the company activities, which as a result can give a reliable picture of the total business – processes;
- combined. It is performed using the first two methods;
- documentary - checking subject only documentary base, bypassing the inventory study, staff survey, building structure analytics;
- factual. It takes into account the conduct of reporting on-site audit, inventory together with employees, operations analyst.
Mandatory or optional audits planned directly at the enterprise. It should only be a certified expert, consisting in a self-regulating organization of auditors. This expert should be entered in the register and comply with the requirements of international standards.
Rules and procedures for auditing
Conducting an audit of accounting statements must identify not only the compliance with the legal framework for business activities, but also to confirm the veracity of financial and other documents, formed company.
Also in 2017 , federal auditing standards have been established by the RF Government and operated under the laws of the country's Ministry of Finance. WITH 2018 years, these rules have lost their legal effect and have entered international auditing standards (MSA), adopted by Federation of Accountants. It is for these regulations to 2018 year audited statements in the Russian Federation.
List of ACI documents:
- concept, formed in order to improve the quality audit;
- list of tasks;
- terminology rules;
- a collection of international standards;
- Guide to the collection, providing competent performance of tasks, their control and review.
The above requirements have a significant impact not only on the audit offices and auditors themselves, but also on the checked economic subject. Recent required to provide more documents, which reduces the risk of concealment of financial data and improves the reliability of audit reports.
The position of international standards should apply auditors (company) and taxpayers, who have signed a contract to conduct the inspection, as confirmed by Article 7 and 14 law 307 FZ. Use the old standards are those enterprises, in which the contract for the audit of statements signed before January 2017 of the year.
Features of the audit
To conduct an audit reporting, It requires a certain period, depending on the volume of the enterprise. The auditor (perhaps a few) They work together with accounting and other departments to produce competent to enter into, exploring all workflows in addition to the documentation.
After this a detailed report. If the test was on the initiative of the owner or partners, the auditor's report is still is an official document. It can be used for the company's needs in order to optimize and increase profitability, as well as confirmation of the accounting and tax reporting in the public body.
Many entrepreneurs prefer to use internal audit reporting, which contributes to the strengthening of control over the business. He may be an internal employee or department or by attraction from the audience. Having completed a number of activities on the study of work processes, turnover of funds, transactional operations, inventory works, Auditor quite clearly sees the big picture. It may make recommendations and advice on strategy, risks, setting goals for the further development of the company.
The procedure for checking
Stages of audit:
- Initial evaluation. The auditor is implemented in the enterprise structure, examining the evidence base provided with sources. This step allows you to set goals and choose the type of test to further conclusion of the contract.
- Planning. At this stage of estimated deadlines, determined level of importance and depth, compiled test program, a list of questions, information sources.
- Collection and analysis. This is the main stage, allowing the analyst to carry out economic activities, to identify the pros and cons, compare the figures with the actual activity of the enterprise.
- Drawing up of expert opinion. An example of such a document – final report with possible recommendations for the customer.
- The final stage. A discussion of the report with the implementation of the recommended corrective action or process improvement within the organization.
Audit report may be unmodified. In this case, financial statements shows the actual valid data. Financial and economic activity is valid and does not contain any significant deviations in the research process.
Modified conclusion drawn in the circumstances, when reporting has certain distortion, or auditor can not reveal evidence of the reliability of the accounting, tax accounting, and finds no evidence of financial performance of the enterprise.
The compulsory audit expert can form an opinion with reservation, negative or does make giving up their own opinions. In this case the inspector is unable to analyze and identify the authenticity of financial documents. At the initiative of private checks this format may not be supported, and the owner has the right to communicate with the audience in a more free-form.
That can verify the auditor on the initiative of the entrepreneur? Everything, in accordance with the tasks. This sort of audit often brings visible results in the development of the company and increase profitability. the main thing, To test a person qualified and provide accurate information to the customer.
The list of documents when checking financial statements:
- balance sheet;
- report on the financial results of the company;
- cash flows for the reporting period;
- explanations and applications to the Balance Sheet.
This list is checked, Firstly, auditor for reliability and lack of distortion.
Liability and penalties
If an individual entrepreneur working under the simplified tax system, Whether it has to do a mandatory audit of the annual statements of the enterprise? IP audit for the ONS can be carried out on the initiative of the entrepreneur and not to give up together in the financial statements. The exception is the IP belongs to the fields of activity, falling under the statutory audit, either situation, when the company went beyond the limits of the simplified system.
In these cases, the tax office may request an audit reporting an entrepreneur. It is not necessary to give up, as the supervisory authority may make a check of the company without notice. If the audit is mandatory, accounting reports could not give a simplified form of.
In identifying violations in the verification process, the auditor is obliged to register in the conclusion of the administrative responsibility.
If the enterprise is subject to the statutory audit and it does not hand in a timely manner with the annual financial statements, Penalties may be considerable. the firm – from three to five thousand rubles, for accountant – to 500 rubles for the late delivery of the audit report. If the test was not performed at all, for such violation may be issued a fine of up 10 thousand rubles with the right to conduct an annual audit of financial statements.
Audit – useful and productive form checking the actual state of financial – economic activity of the enterprise. Often, the results are the incentive for optimization and business development in general. Now more and more owners have resorted to a similar format analytics.