Financial Statements Audit

Financial Statements Audit is provided for the purpose of submitting opinions about the reliability of the financial statements to the supervisory (Russian, foreign and international) agencies, including owners and investors.

Energy Consulting is rendering a complete set of audit services for the statements and reports prepared in compliance with the national Russian Accounting Standards or International Financial Reporting Standards, organizations or individual entrepreneurs.

Financial audit may be based upon the requirements of the law (mandatory audit) or the company’s independent initiative (initiative audit).

Tasks

The Energy Consulting specialists are ready to organize and implement financial audit of any time, in particular:

General audit
Mandatory and initiative audit of accounting and tax reports – except for loan agencies and insurance organizations and companies carrying out their professional activity at the security market.

Banking audit
Mandatory and initiative audit of financial statements for loan agencies and banks, including reports made in compliance with the International Financial Reporting Standards and in accordance with the requirements of the Bank of Russia.

Audit for insurance companies
Mandatory and initiative audit of financial statements for insurance companies

Audit of pension and extra-budgetary funds and non-profit organizations

Mandatory and initiative audit of financial statements for companies carrying out their professional activity at security markets – brokerage, dealer, custody and securities management business, including companies in charge of the property trust of investment funds, unit investment trusts and private pension funds.

Professionalism and Quality

Advantages of financial audits performed by Energy Consulting:

Thorough planning and control
Multistage quality management system, thorough organization of an audit process at all stages – from the planning procedure to the procedure of completion of works – in accordance with the international project management standards.

Compliance with quality standards
Availability of prepared and constantly upgraded corporate standards of works performance and preparation of working documents and accountable receipts, in compliance with both existing Russian audit regulations (standards) and international standards.

Long-term project experience
Project experience in the most important economic sectors – fuel and energy complex, oil and gas production, chemical industry, consumer and food industry, construction, management, trade, foreign economic activity, banks and loan agencies – ensures deep understanding of the customer’s business and a possibility of profound analysis of its peculiarities and problems.

Specialists’ high qualifications
Increased attention to the human resources management system, application of special selection and HR motivation principles, continuous career development and training courses for the company’s specialists.

Comprehensive approach
Comprehensive approach to the analysis and solution of customers’ problems provided by the tax and legal practice in the company’s structure, departments of the accounting systems methodology, HR-consulting, IT-solutions and the International Financial Reporting Standards.

Rendering Services

Our approach to a financial audit includes understanding of the terms and conditions of performing financial and economic activity, in which the inspected company is operating, the goals, objectives and main issues of the management process organization, discovery of any business risks typical of the inspected company, and the management action analysis with regard to risk monitoring and risk minimization. This approach is based upon the fact that, in the majority of events, business risks cause considerable impact on financial statements. Therefore, by analyzing such risks, we can implement audit procedures with the most effective method and, at the same time, facilitate the improvement of the performance results of the inspected company.

When appointing specialists for financial audits, it is necessary to consider the following:

The necessary requirements for a specific financial audit performed for employees, including a special qualifications certificate, in compliance with the respective profile of a financial audit;
Employees’ qualifications from the viewpoint of experience, positions occupied, educational background and special expertise;
Planned level of control and participation of employees in charge of management and control functions,
Planned time of work for employees appointed for the performance of a financial audit,
A possibility of occurrence of situations related to the violation of the independence principles and conflict of interests (for example, appointment of an employee for performing an audit for a customer who is his or her ex-employer or an employer of such employee’s relative),
Necessity of the compliance with the succession principle and staff turnover (a possibility of involvement of any other employees with various levels of training and working experience) for the purpose of rational audit and rendering any audit-accompanying services.

We shall incur a liability of thorough planning of the process of obtaining any privileges caused by changing the auditor to minimize any possible inconveniencies and ensure the working process continuity as a component of our professional services.

The audit quality management in Energy Consulting was provided in compliance with the requirements of the audit federal standards and in compliance with the best world’s practice, existing in the largest international auditing companies as parts of a so-called “Big Four”.

During the audit procedure, the Energy Consulting specialists will be delighted to answer any questions of their customers – those related to accounting and taxation, and provide recommendations for any committed errors and violations.

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