This type of auditing initiated by the company itself (initiative audit) is audit of reporting as whole or its separate forms. The scale of this audit and the theme of issues in questions may vary. Initiative audit of the company is not a variant of the tax audit and not aimed at audit of financial assets.

Primary objective of the firm’s audit – to reduce possible risks of any nature the enterprise may experience.

WELL-TIMED INITIATIVE AUDIT OF THE COMPANY ENABLES TO ACHIEVE A NUMBER OF GOALS:

• control and correction of mistakes made in accounting statements before being revealed by the tax inspector;

• making appropriate calculations related to mandatory and social insurance;

• determination of actual financial performance in order to identify cases of ineffective spending of funds and optimal management of assets the company holds;

• assessment and reduction of risks in purchasing the enterprise as business;

• audit in case of reorganization of the enterprises as well as if a new type of activity occurs;

• selection of taxation optimization.

• efficiency assessment of business management methods carried out to the holders who act as initiator of auditing of the enterprise;

• determination of actual financial position of the enterprise in case of attraction of credits, loans or aids from sponsors.

ADVANTGES OF INITIATIVE AUDIT OF THE FIRM

• matters that arise questions or difficulties are subject to be audited;

• if appropriateness of financial statements is in question implementation of the initiative audit of the company will be a more effective step;

• timely solving of problems related to taxation and product costs enables to avoid more serious consequences;

• carrying out a thorough audit of an enterprise will not leave issues unsolved and the business is totally ready to undergo any formal audit to be conducted by tax authorities;

• the time to carry out initiative audit and the frames of the reporting period are defined by the client.