Keep calm and carry on auditing.
Did you know that audit first appeared in Latin and means listening to the accounts?
Life has taught us that when someone or something is “good” or “very good” the comparison is always made with an exceptional standard.
We might dare to define audit starting from here. Audit is a measure of performance, which is why, by audit, we mean the professional examination of information in order to express a responsible and independent assessment by reference to a criterion (standard, norm) of quality.
The objective of any type of audit is also to ensure the quality and correctness of the information while improving their use to obtain maximum performance.
The audit activity is about to the elaboration of a professional and objective point of view related to the performance of a business. Whether you need a statutory audit or a risk analysis asked by external or internal partners, we provide an objective opinion on the financial performance of your company. We also audit financial projects from non-reimbursable funds (European, national, state aid).
Our auditors, certified by the Romanian Chamber of Financial Auditors (CAFR and ASPAAS), analyze the risks and points of ineffectiveness and propose reasoned solutions.
What is internal audit?
It’s a commitment of the internal auditor to evaluate the operational health of the company and to issue a report stating the risks, as well as the appropriate recommendations to eliminate or reduce these risks. Why is internal audit needed? It creates the premises for improving the existing processes in the company, by selecting the areas where it can add value. As with many audit-related activities, a risk-based approach is the best way to select areas for improvement.
Is there a legal obligation for internal audit?
All businesses whose annual financial statements are audited or which have the obligation to publish the financial audit report also have the duty to organize and carry out internal audit activities. Failure to comply with these obligations regarding the exercise of the internal audit function is sanctioned with a fine from 50,000 lei to 100,000 lei.
Savvy can assist you in creating and documenting work procedures. Our company can provide support to the management team to improve the governance, risk management and control processes.