A company oriented on development (quality) is motivated to evaluate correctly and present its financial condition, identify possible weaknesses and opportunities to grow (improve). To achieve this, in Georgia financial statements are presented according to International Financial Reporting Standards (IRFSs), formerly known as the International Accounting Standards (IASs). For small and medium-size businesses relevant standards, specifically, International Financial Reporting Standard designed for use by small and medium-sized entities (IRFS for SME) are used.
- Financial Statements (Balance Sheet);
- Income Statements;
- Cash Flow Statements;
- Capital Flow Statements;
- Notes to the Statements.
International Auditing and Assurance Standards Board (IAASB) promulgates the International Standards on Auditing (ISA), which are guidelines for auditors to conduct financial audits.
When conducting an audit under the ISA an independent auditor is responsible to express his opinion if the financial statements presented give a true and fair view of the financial position of a company and if they are free from material misstatement, whether due to fraud or error.
As a result of a financial audit you will receive:
- Financial statements audited in compliance with the ISA and an opinion of an independent auditor;
- Findings of significant drawbacks of the internal control identified;
- Findings of significant weakness identified the operations of the company;
- Information on prospects to increase effectiveness, and profit;
- An independent and unbiased evaluation of profitability of our business.