Entrepreneurs who want to present their companies on the market in the best possible way decide to conduct a financial audit. The main purpose of which is to assess the accounting system and the control environment. As well as to verify the correctness of the prepared financial statements. In addition, financial audits are helpful, as they reduce the risk of recurring financial risks. What is a financial audit?

• The scope of the financial audit
• Financial audit
• What data write for the real auditor?
• main players
• career paths

The scope of the financial audit:

 Financial audit performs to audit firms using a variety of audits techniques and methods. The most popular services provided are the audit of annual and semi-annual financial statements, verification of reporting packages for the needs of a foreign shareholder, audit of consolidated financial statements, audit of the correctness of the annual inventory, audit of the correctness of bookkeeping, audit of transformation plans in the company, assessment of the correctness of settlements EU subsidies, evaluation of the company's financial and accounting system.

Financial audit:

Financial audit of the financial statements allows for the performance of procedures and tests which allow determining whether the information presented in the financial statements is not materially distorted. Basic procedures and tests include, but are not limited to, reconciling amounts for source documents, confirming cash.

And loan balances with banks, reviewing material contracts, monitoring inventory of assets, and interviews with the entity's lawyers and employees. During the audit, issues such as the method of registration of operations, principles of accounting, internal control system, reliability of books, financial and accounting IT system, and financial documentation are subject to assessment.

A financial audit is usually pickup in two stages. The first stage - preliminary work is aimed at examining the accounting system of the audited entity (the method of recording economic operations, the internal control system, and the reliability of the books of accounts as well as the analysis of the chart of accounts).

Checking the correctness and applied procedures relating to the method of determining and recording tax on goods and services. As well as control of the legal basis of the activity. In the second stage, including basic works, the correctness of the valuation of assets and liabilities as at the balance sheet date is verified and the financial result for the financial year is determined.

Financial statement audit, taking into account accuracy. The performance and information report of the organization audit for accuracy.

For a given accounting period, drawn up by the management board of the audited entity, in terms of compliance with the financial statements and legal requirements. The legal auditor's opinion is present in financial results

What data write for the real auditor?

The information to be provided to the auditor depends on the scope of the audit. Most often these are documents constituting the legal basis for the organization's operation, accounting books from the audited year, significant contracts with service providers and recipients, tax documentation, ZUS documentation, financial statements for the previous year, and internal regulations describing the company's operations.

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 main players:

In the world, the so-called Big Four, i.e. Ernst & Young, Deloitte, KPMG, and PwC, are in the lead among audit firms.

career paths:

You can start your audit career during your studies. Many audit firms offer internship programs that are compatible with study for third, fourth, and fifth-year students. Moreover, the best participants of these programs can count on permanent job offers. Of course, recruitment among graduates has already taken place.

Young people who decide to tie their future to audit start with the position of an assistant. After 2 years they can promote to the senior auditor position and also after 2-3 years to the position of manager. The best auditors can then become directors or partners. Auditors may specialize in various sectors or industries.

The most interesting industries are financial, real estate, and the pharmaceutical sector. In the course of work, the auditors gain the qualifications of a statutory auditor or international ACCA qualifications. international qualifications open up many new career opportunities in the world of finance.

The success of the auditor also determines the tendency of the auditor's work. Well-developed interpersonal skills are very important, without which it would be simply impossible to work in such a dynamic and diverse environment as an audit. Both people with economic and technical education work in the audit.