AUDITOR SERVICES

 

Financial Statements and Annual Reports

SAUL AUDIT s.r.o.
 is primarily engaged in audits of ordinary, extraordinary or interim Financial Statements , Annual Reports, consolidated Financial Statements and consolidated Annual Reports of the following small and medium-sized  businesses (entities):


  • Companies (in particular joint-stock companies, limited liability companies)
  • Co-operatives
  • State-owned enterprises
  • Allowance/subsidized organisations

A small or medium-sized trading company is a company which meets approximately the following basic criteria: staffing about up to 250 employees on the payroll; turnover less than EUR 50 mn i.e. about CZK 1.2 billion; or total balance less than EUR 43 mn i.e. about CZK 1 billion.  

SAUL CONSULTING, s.r.o.  is primarily engaged in audits of ordinary, extraordinary or interim financial statements, annual reports, consolidated financial statements and consolidated annual reports of the following large companies (i.e. companies meeting approximately the following basic criteria: staffing exceeding 250 employees on the payroll; turnover exceeding EUR 50 mn or total balance over EUR 43 mn) and of health insurance companies.

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Audit

Audit is primarily intended for clients with statutory obligation of having their financial statements or annual reports audited following in particular from the accountancy law, the Commercial Code, etc. (the so called obligatory or statutory audit). We also perform audit based on request of clients even if such obligation does not ensue from rules of law.

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Contents of audit

The audit of financial statements covers a selective verification of completeness and accountability of amounts and information stated in the financial statements. The audit also includes examination of accounting methods applied as well as of significant estimations of the management and also covers evaluation of predicative power of the financial statements, i.e. whether it mirrors fair view on financial position of company. The audit of an annual report covers verification of compliance of its content with the financial statements.


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Result of audit

The audit of Financial Statements results in an auditor’s report. In this report the auditor pronounces whether the Financial Statements in all significant aspects presents true and fair representation of assets, liabilities and financial standing of the company including expenses, revenues and operating results – profit and loss for the audited period in accordance with accounting standards effective in the Czech Republic.


The audit of the annual report results in an auditor’s report. In this report the auditor pronounces whether the information stated in the annual report in all significant aspects are in accordance with   the financial statements from which it was taken.

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Letter to the management of company

A letter to the management of company, a managerial letter, is usually prepared after completion of audit. The letter includes selected facts which the auditor wishes to comment upon and which do not affect the auditor’s statement given in the auditor’s report. This managerial letter is destined solely for internal needs of the client.

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International accounting standards (IFRS/IAS)

SAUL AUDIT staff members have necessary continuously developed professional training, education, skills and experience in the field of application of International Financial Reporting Standards (IFRS/IAS). Pursuant to these facts we also provide consultancy relating to

  • definition of basic differences between the Czech Accounting Standards („»US“) and IFRS/IAS directly at the client
  •  preparation of procedures ensuring preparation of closing financial statements (statements including notes thereto) pursuant to IFRS/IAS
  • preparation and proposal of procedures aimed to definition of a conversion bridge for determination of balance and result values from the financial statements prepared in accordance with the Czech Accounting Standards (»ÚS) with the financial statements compiled in accordance with rules and principles of IFRS/IAS 
  • proposal of procedures in relation to the possibilities of the client and to the accounting applications used by him which enable recognition of  those values in the accounting pursuant to »ÚS which are based upon rules and principles of IFRS/IAS 
  • audit of Financial Statements compiled in accordance with the IFRS/IAS rules and principles

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Due diligence

This service is designed for all entities implementing their business plans by acquisitions, i.e. for example by purchase of businesses or parts thereof or directly by purchase of interest in already existing trading companies, when such entities lack sufficient objective information. 

We provide due diligence services for the business entities to have sufficient independent information regarding the subject of intended acquisition.

All information obtained serves for the entities with a view to confirm or disprove the intended acquisition and as an internal background for price negotiations or other strategic decisions.

Due diligence is usually performed separately for accounting, economic, tax and legal issues. Legal due diligence is realised by our contract law offices co-operating with us in this field. 

Thanks to plentiful and long-time experience in this activity there is a high guarantee of superior result of the due diligence.

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Forensic services consist in particular in the following services:

Forensic services

  •    Investigation
  •    Risk management of frauds

These services are designed for each and every entity in need to have an independent investigation regarding a defined sphere, or which is suspicious of the risk of frauds within the framework of its activities and its environment.  

Forensic services consist e.g. of an analysis of internal controls, i.e. controlling mechanisms targeted at frauds and of suggestions leading to their increased efficiency, or, on the other hand, of an analyses of business, operating and financial risks including proposal of measures aimed to minimize any such risks, etc..  

The auditing task comes from the customer (client); after analysing the documents presented and having completed interviews with persons concerned a report is prepared including description of the face of affairs identified and proposal of future oriented measures. Confidentiality of the auditor is governed by legislation in effect in the Czech Republic providing a basis of trust between the client and our company.  

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Audit (verification) of fulfilment of conditions for the provision of increased subsidies to schools within the meaning of Sec 6(5) of the Act No. 306/1999 Coll., on the provision of subsidies to private establishments

We perform an audit of cost and revenue accounts and of the method of disposal of profit and loss, i.e. operating results with regard to the law on the provision of subsidies to private schools, pre-school and educational institutions pursuant to provisions of Sec 6(5) of the Act No. 306/1999 Coll., on the provision of subsidies to private establishments.


The outcome consists of an auditor’s report required by statutory rules. This report is presented by the beneficiary as the subsidy recipient to the competent authorities.

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Audit of reporting packets

We perform auditing of the so-called in-house statements and summaries which are mostly prepared within foreign and domestic business corners – groups of companies. The audit is performed on schedule according to the needs and requirements of the client, e.g. monthly, quarterly or yearly.

 


 
  SAUL AUDIT s.r.o., Telephone:/Fax: +420 274 776 117, E-mail: info@saul-audit.cz, www.saul-audit.cz
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