Audit of financial statements
Auditas, JSC audits annual financial statements and interim financial statements prepared according to Lithuanian Business Accounting Standards (BAS) and the International Accounting Standards (IAS). Auditing follows the International Auditing Standards (IAS) approved by the International Federation of Accountants.
Auditas, JSC has extensive experience in auditing and control of private and state capital companies. The company has examined and audited over 500 companies, institutions and organisations from various fields of activity: companies organising social security, insurance, finances, transport, communications and informatics, health, education, energy, public utilities, roads, aviation, agriculture, industry, trade, construction, forest maintenance, gambling, etc.
The necessity of audit is determined by market relations. The audit is performed:
- to check the validity of financial statements;
- to verify the certainty of the financial condition of the company and its reliability;
- on demand by bank;
- settling property disputes between companies or individuals;
- carrying out operations related to division and use of property;
- to ensure mutual trust of employees;
- when a company goes bankrupt;
- when a company is merging or splitting;
- for better arrangement of accounting, internal control, improving the control system;
- in other cases.
Auditas, JSC will determine whether audit is necessary for the client of the company according to law or regulations, then perform the audit, provide consulting on all questions which concern the client, will provide the auditor's conclusion and recommendations concerning issues of the improvement of accounting, internal control and financial accounting.
In recent years there has been an increasing number of companies for which the audit is was unnecessary, which recognise the need and benefit of such audit, since it evaluates the possibilities of further business development and the stability of the financial condition of the company.
In addition to providing continuous audit of financial statements the company also provides audit under agreed procedures (operations, management, taxes, specific fields of accounting and other special examination).