Auditing
If you want to get an independent and objective opinion on the fair presentation of the financial statements of a company, institution or association, the audit of financial statements is a service for you.
Our approach to the audit of the financial statement is tailored to the needs of our clients. In addition to fulfilling the legal obligations, it provides a number of opportunities to improve and develop your business and reduce significant risks.
Our audit team consists of six experienced Certified Auditors, registered in the Register of Statutory Auditors of the Ministry of Finance of the Republic of Croatia and a total of sixteen junior auditors and audit assistants.
22
experts in the Audit department of UHY in Croatia
1800+
Successful audits carried out
5000+
Employees with audited clients
6+
billions HRK are Total revenue of audited clients
- Audit of the financial statements
- Audit reviews and agreed-upon procedures
- Audit of capital increase or decrease
- Audits of the establishment, merger, acquisition or division
- Audit of EU Projects
- Due dilligence
Audit of the financial statements
Audit of the financial statements is the process of examining and evaluating financial statements and data, and methods used in the preparation of financial statements, on the basis of which an independent and objective opinion is given on the truthfulness or fair presentation of the status of assets, liabilities, capital and business results.
All audit engagements are conducted in accordance with the Audit Act, Accounting Act and application of International Auditing Standards (MRevS), and the Code of Ethics of for Professional Accountants.
What do entrepreneurs gain with auditing?
A well – established audit of the financial statements, by an internationally recognised network such as UHY, gives your company credibility towards all the users of audit reports that are thus convinced of your scrupulously and accountable business.
Audit reviews and agreed-upon procedures
Audit review or so-called “small audit” is prescribed by law for Non-profit organizations that earn between 3 and 10 million Croatian kuna in the year preceding the audit review. Entrepreneurs with a smaller volume of business that do not require a high level of audit assurance on the financial statements may decide to perform the audit review voluntarily.
How is audit review different from audit of the financial statements?
By completing the Audit of the financial statements, the Certified Auditor expresses an opinion on the financial statements, while the audit review expresses the conclusion whether, during the exercise of the audit procedures, something has molded the auditor’s attention and has become the cause for the financial statements not to be drafted in accordance with the applicable financial reporting framework.
Agreed-upon procedures
The agreed-upon procedures are voluntary auditing engagements in which the entrepreneur decides whether to hire auditors and which areas of financial reporting and accounting operations will be examined. The agreed-upon procedures may include an overview of the overall gross balance, the review of the tax calculation, salary calculation,depreciation calculation, or any other agreed-upon procedure. In contrast to the Financial statements auditing and audit review, the auditor does not express an opinion or belief, but reports on the established factual situation and the derogation from the requirements of the standard and/or the law.
Audit of capital increase or decrease
Revizije povećanja i smanjenja kapitala su posebne revizije s izražavanjem uvjerenja, a koje su propisane odredbama Zakona o trgovačkim društvima.
Revizija povećanja temeljnog kapitala trgovačkog društva provodi se kada se temeljni kapital povećava ulozima u stvarima ili ulozima u pravima, kao i kod povećanja temeljnog kapitala iz sredstava društva, kao što su rezerve ili zadržana dobit. Revizija smanjenja temeljnog kapitala trgovačkog društva provodi se kada se temeljni kapital smanjuje, nominalno ili efektivno.
Cilj revizije povećanja ili smanjenja temeljnog kapitala jest izražavanje revizorova uvjerenja kako su sve poduzete radnje u skladu s odredbama Zakona o trgovačkim društvima.
Audits of the establishment, merger, acquisition or division
Audits of the establishment, merger, acquisition or division take place in case of status changes of companies, under the provisions of the Companies Act, or at the request of the members of the company and the request of the Commercial Court. The objective of the audit of status changes is that the auditor expresses confidence that all actions are in accordance with the provisions of the Companies Act, namely that none of the Investors, pursuant to legal actions carried out, is not damaged by the corresponding share of the share capital.
Since this is a demanding process that creates the added value of the newly created company/companies, it is advised to contact experts with experience in conducting audits of establishment, merger, acquisition or division even before you begin this process.
Audit of EU Projects
Audit of the EU projects is usually the engagement of agreed-upon procedures, but the scope of the audit procedures is prescribed by the Grant Financing Agreements.
The auditor checks that all costs, declared through the final report of the project, are dedicated to the EU project, whether there is credible accounting documentation, whether the accounting and analytical records are harmonised with the report of the project, i.e. whether all other conditions under the grant financing agreement are met.
A poorly or unprofessionally audited EU project can result in the recovery of the funds already received and the automatic classification of your company/institution/association to the blacklist of the beneficiaries of the funds. If you discover any non-compliance with EU regulations on time, you increase your chance to complete the project.
What can we offer:
- Audit of the EU project, aligned with European Union rules
- Compliance with International Auditing Standards (MRevS) (ISA’s)
- Expert team of Auditors with experience
- References
Due dilligence
Due diligence is a deep forensic examination of the business books and reporting on the factual situation, especially in the context of the correctness and accuracy of the financial records, the potential existence of “hidden skeletons in the closet” and reporting to potential investors about the findings.
It is mostly used in cases where an entrepreneur buys or sells a company, and it differs whether it is a financial, tax or legal due diligence.
If you are selling the company, we can create:
- Assessment of the value of a company that reveals the strengths and weaknesses of the company
- Plan to increase the value of the business.
If you are planning an acquisition, we can create:
- Create business plans for the preparation for sale
- Valuation of goodwill and intangible assets
- Tax/financial and legal due diligence.
Priprema projekta za natječaje za EU natječaje za poduzetnike
U cilju smanjenja značajnih gospodarskih i socijalnih razlika svojih članica, ali i povećanja konkurentnosti europskog gospodarstva, EU je, u okviru provođenja kohezijske politike (tzv.politike solidarnosti), osigurala sredstva za manje razvijene članice, među kojima je i Hrvatska.
Operativni program Konkurentnost i kohezija 2014.- 2020. je temeljni programski dokument kojim je Hrvatskoj osigurano 6,8 milijardi eura za rast i razvoj radnih mjesta kroz ulaganja u infrastrukturu te razvoj poduzetništva i istraživačkih djelatnosti.
UHY stručnjaci s više od 40 uspješno pripremljenih projekata mogu pomoći poduzetnicima kod:
razrade poduzetničke ideje
prikupljanja i sortiranja natječajne dokumentacije
strukturne i jezične prilagodbe dokumentacije za EU fondove.
Everything a successful business needs
More than 400 domestic and foreign entrepreneurs entrusted us with their business books, which saved them time and money. Behind our signature are knowledge, continuous education and results. Do you always want to know the true state of your finances?
We monitor changes in tax laws and regulations every day, and based on our advice, entrepreneurs make faster and more professional business decisions and enter into investments. Ask for tax advice that will reduce your tax costs.
UHY consultants participate in the creation of business plans and investment studies, based on which entrepreneurs manage their investments more efficiently and profitably. Find out how to do business more efficiently.
UHY experts drew up more than 150 projects that got almost one billion kuna of funds approved.
More than 4,300 participants attended lectures on accounting, auditing, business and tax consulting, and EU funds. We teach using examples from Croatian practice. Check which educations lead to business success.