Review of accounting books
Reviewing accounting books is a useful tool for assessing shortcomings and risks in the area of business operations and reporting, which serves as the basis for preparing information for public release.
It is meant to verify the accuracy of bookkeeping and the financial statements prepared on its basis. The review of books of account includes not only the verification of figures and disclosures but is primarily meant to identify the risks factors which may have a negative impact on the quality of financial reporting.
In the course of reviewing accounting books we use solutions based on our well-tried procedures and programmes of financial report auditing, as well as due diligence programmes and forensic auditing. We rely on our long-term international experience and expertise.
Our work includes the following steps:
- carrying out a preliminary identification, analysis and assessment of threats and risks,
- analysing the company’s business profile, carry out a preliminary review of accounting books, analyse and evaluate the condition of internal control environment,
- verifying the compliance of the accounting policy and books of accounts with the Accounting Act, as well as their adaptation to the requirements resulting from the specificity of a given business activity,
- identifying risk areas related to the major processes of the company,
- analysing source documentation, its recording, verify the reliability and credibility of accounting books, including the records kept in sub-ledgers.
- checking the compliance, classification and records of fixed assets, their depreciation and write-offs, we analyse inventory turnover, production-related areas.
- analysing the settling of accounts and write-downs,
- analysing the areas of tax liabilities and other liabilities, VAT registers, settlements of PIT or Social Insurance,
- analysing provisions, prepayments and accruals and the accuracy of valuation of foreign currency transactions and the settlement of currency gains or losses,
- verifying effectiveness in the area of personnel and payroll,
- analysing risks related to tax liabilities.
If you have any questions concerning these services, contact us.