Audit
Our team provides Statutory Audit services combining the best international practices with our most innovative and state of the art methods, assuring that all the norms have been respected and the financial results are reliable.
Clients informed day by day of all accounting, financial and regulatory developments that may impact their business.
Our services:
Member of Statutory Audit Board
IFRS Audit
Italian GAAP Audit
UK GAAP Audit
US GAAP Audit
Voluntary Financial Statement Audit
Consolidated Balance sheet Audit
Statutory Audit
All corporations, SpA, where not publicly trader, must have one of the following Audit systems in place:
- Statutory Audit Board
- One professional Auditor
- while limited companies (srl) must have an “Statutory Audit Board” if:
1) their Articles of Association requires it.
2) is required to prepare consolidated financial statements;
3) for two subsequent financial years, the company has passed one of the following three limits:
a) total assets on the balance sheet: euro 4,000,000;
b) earnings from sales and provisions of services: euro 4,000,000;
c) average number of staff employed during the financial year: 20 units.
3) the company controls a subsidiary that has mandatory requirement to prepare audited financial accounts.
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The Statutory Audit Board is entrusted to verify and monitor the compliance in the following areas:
– compliance with the law and the by-laws of the company;
– correct administration and internal controls;
– adequate and reliable organisational and administrative structure;
– adequate and reliable accounting system.
The Statutory Audit Board comprises three members and must perform a quarterly audit and provide a report on the financial statements.
For limited company (srl) a sole Auditor can be appointed instead of the Internal Audit Board.
The remuneration of the Auditors is set by the stockholders in conformity with a fee schedule established by a CPA tariff.