Your annual audit should not be viewed as an unnecessary cost.
An annual audit provides far more than statutory compliance. Our audit experts bring a wealth of experience to the table. We deal with clients from a range of business sectors, of varying size and complexity, and we draw on that experience to provide you with sound commercial advice.
Our experienced audit team help you not just to notice possibilities of improvement, but to identify practical solutions for constant issues that may arise in your everyday business, and everything with a goal of your company's growth and long-term survival.
Audit that is done in a quality way, from the internationally recognized house, such as ours, gives your company the needed credibility towards any user of your audit reports that are this way convinced that you do your business in a conscientious and responsible manner.
Audit services tailored to your needs
We understand that every business is unique, so we make it our business to really understand yours, tailoring the audit services we provide to the size and nature of your business. This allows us to gain insight into how your business works and enables us to provide sound advice based on our detailed knowledge and understanding.
Our highly experienced audit team will not only highlight areas of opportunity, but also identify and anticipate potential challenges. Working together with you, we can then put together an approach that is designed to both overcome the problem areas and to help develop the future strategy and direction of your business.
List of audit services:
Mandatory annual audit of financial reports in the Republic of Croatia is proscribed by the Law on Audit. Every company that had 30 or more milion KN (around 4 mil. EUR) in the last year is obligated to have audit of financial statements done.
Audit is a procedure of examination and evaluation of financial statements as well as data and methods used at their making. Based on this information, we make an expert opinion on the validity and objectivity of the status of assets, capital, liabilities and entrepreneur’s business results.
Audit also comprises examination and evaluation of business activities, organization of business functions, business decision making and functioning of the IT system. Owners and managers of the company, as well as government institutions, have most benefit from this information because as far as they are concerned a quality conducted audit is the most significant indicator of the company’s legal business activities.
Audits prescribed by The Companies act
The category of audit proscribed by the Law on Trade Companies includes all audit services used by entrepreneurs who need various status change in their businesses.
- audit of company founding
- audit of merging and consolidation of companies
- audit of increase or decrease of the share capital
- audit of company's division
As Croatia became a member of the European Union, a whole spectra of posibilities and ways to use substantial financial grants arise on the horizon.
Almost every subject can be a user of EU grants, as long as it has a good and acceptable project, but what is common to all projects is that a whole set of rules and procedures apply to them. One of these rules is that every project to which was given more than 100.000 EUR of public money (grant) is obligated to have audit of the project done.
We are in power to introduce you the expenditure verification (audit) of your projects and grants through the procedures of European Union and give you our sound advices in areas of accounting and expenditure verification of the EU grants.
While we are highly skilled in this area through our well educated staff, we can give you our assurance that the expenditure verification of your projects will be done in an appropriate manner, which comes from our vast experience in the period of Croatia assesment to EU and IPA funds.
Audit on reinvestment of profit and share capital increase
You have earned a nice amount of profit in your company, and you intend to leave it in the company for the future development of the firm? You are planning to reinvest your profit.
Profit tax act in this case allows the exemption from profit tax, but with previously conducted audit of the financial statements of the company, with particular emphasis on the profit and loss account and calculation of profit. This audit process does not differ by anything from the standard one and scope of the audit process, but it puts the pressure on the auditor to determine the reality of the profit calculation, which will be tempted by the Tax administration trying to lower it. Having this in mind, choosing a quality and experienced auditor firm in the process of profit reinvestment may be critical for the success of the whole process.
Audits on Act of pre-bankruptcy settlement
Entrepreneurs which are, by the articles of the Act of pre-bankruptcy settlement (NN 108/12, 144/12, 81/13, 112/13), obligated to start a procedure of pre-bankruptcy settlement, need to, alongside with the proposal for the procedure opening, add a set of auditor reports that include:
- report on financial statements added to the proposal for the procedure of pre-bankruptcy settlement, not older than three months
- report on the reality and objectivity of the debt list
- report on the estimated company value and the plans for financial and operational restructuration
Internal audit is an important part of the entire audit process. Internal audit is done by the bodies inside the company or alternately, specialized audit firms. The goal of internal audit is at first to identify problems and issues in control systems, in order to prevent financial mistakes and problems in future business. The goal of internal audit is also to protect the owner of the company from frauds, access company’s risks, and secure its long-term survival.
Audits by order include audit services that are ordered by the owners or management of the firm, or banks to control the company using loans, in which users of EU funds, World Bank funds or any other institutions would also be a part.
Firm owners have need to control the business of management or some specific sectors, while the management itself has a need to control employees and their work, finding weaknesses in the system, or to specify, found and control different profit centers.
Special case audit is forensic audit, which truly, compared to the standard audit, goes through firm's papers watching for the regularity and legality of every part of the company, trying to find tax evasions, money laundering, frauds, money embezzlement and etc.
Special case audits include:
- Audit of company part
- Forensic audit
- Business insight
- Other special case audits