How can CUK help in audit services? What is IFRS?
CUK can offer you audit services as part of our consulting service. Our specialists provide the full spectrum of financial audit services (including statutory statements according to IFRS) that will help you to identify potential problems areas and provide you with valuable business information.
This means that through audit we can help you identify target areas for performance and make recommendations to achieve a more effective and efficient function that is aligned with your company’s needs and expectations. Besides that we can prepare financial statements under International Financial Reporting Standards (IFRS) that are being used worldwide by more than 100 countries.
Audit of financial statements prepared under IFRS may ease financial statement compatibility with other companies that use IFRS worldwide because they are a set of accounting standards that were developed by nternational Accounting Standard Board and are becoming the global standard for the preparation of public company finance statements.
What includes our audit services and what are the advantages of converting to IFRS?
By adopting IFRS, a business can present its financial statements on the same basis as its foreign competitors, making comparisons easier. Furthermore, companies with subsidiaries in countries that require or permit IFRS may be able to use one accounting language company-wide. Companies also may need to convert to IFRS if they are a subsidiary of a foreign company that must use IFRS, or if they have a foreign investor that must use IFRS. Companies may also benefit by using IFRS if they wish to raise capital abroad.
We provide mandatory or optional audit of financial statements, tax audit, provide directives according to your business, propose processes that lead to obtention of international standards ISO (EN ISO 9001) and provide statutory statements according to IFRS and German HB II.
More considerations for filing of IFRS financial statements and the advantages of audit
The purpose of the audit no matter if mandatory or optional is to offer the customer a review of his financial and management systems. Our expertise allows customers to take quick steps to minimize economic, tax and other risks. Because the audit gives us a detailed understanding of our customer’s business and specifics we can offer effective solutions and develop strategic plans.
Since the global markets become broader and the international trade barriers have been eliminated. There is the intensive tendency to harmonize international accounting standards and increase in companies that according to effective Czech law are obligated to keep records and draw up the financial statement according the IFRS. These standards simply facilitate cross-border investments and access to global capital markets.
