Audit and accounting

Audit is an independent verification and evaluation of the financial statements of an enterprise by third-party specialists or companies. In other words, your company is checked by a specially trained person who reviews all financial or other documentation, and examines production or other business processes for compliance with the requirements of the law.

Mostly, in most jurisdictions, companies are required to undergo an annual audit. In different jurisdictions, the requirements for conducting an audit are different, for example, in Cyprus, all companies must be audited, regardless of whether they conducted activities or not. In the UK there is a turnover and number of employees threshold up to which a company is not required to audit.

The purpose of the audit is:

• elimination of errors in the tax and accounting of the company
• gaining confidence in the legality of doing business
• business success assessment
• exclusion of sanctions or fines

Accounting is a system for monitoring, summarizing, and reflecting the financial and economic activities of an enterprise in order to obtain reliable data on its activities.

The main tasks of accounting are:

• ensuring control over the availability and movement of property, the use of material, labor, and financial resources in accordance with approved norms, standards, and estimates;
• identification and mobilization of on-farm reserves;
• formation of complete and reliable information about the economic processes and results of the enterprise, and institution, necessary for operational management and management, as well as for its use by investors, suppliers, buyers, creditors, tax, financial, and banking authorities.

When registering a company abroad, one of the obligatory points that you need to consider is the accounting and auditing of the company’s activities. This will avoid possible problems with regulatory authorities in the future and will become a tool for measuring the effectiveness of the company’s activities.

Our experts conduct audits in the most popular jurisdictions in the world. By contacting us, you can count on high professionalism and an individual approach.

If you have any questions or would like to order a service, contact the specialists of White and Partners for a detailed consultation or an individual calculation of the service by following this Link.