When performing an audit, we review the company’s compliance with the laws of the Russian Federation affecting its financial statements.
We express our opinion on financial statements in an auditor's report. We prepare a management letter based on audit findings at each audit stage to inform the management of an audited entity about identified misstatements.
To perform an audit, we need to have timely access to data and information concerning all aspects of the company’s financial reporting and operations. The audit also addresses the company’s responsibility to its banks, debtors and creditors by confirming their respective debts in accordance with the list we compile. In addition, to perform a proper audit, we need a place for our experts to work and help in the preparation of documents in accordance with our mutual agreement.
To justify our conclusions, we use a number of tests that validate the quality and correctness of the accounting information and internal controls, and hope that the employees of an audited company assist us in implementing these measures.
Due to the sample nature of the testing we carry out in the course of an audit and other inherent limitations in auditing, there is a risk of not finding some material discrepancies or errors in accounting records and financial statements. We will do everything possible to reduce this risk to a reasonable minimum, but we cannot guarantee that the testing undertaken during the audit procedures will be capable of finding all actually existing discrepancies.
Our audit consists of the following stages:
- audit planning;
- collection and analysis of audit evidence;
- issuance of an auditor’s report and preparation of a management letter.
We take responsibility for our services rendered according to accepted auditing standards and an audit contract. FBK’s audit risk is insured by Ingosstrakh. We commit ourselves to confidentiality and to respecting commercial secrets of an audited entity. .
Back to the section