Audit and Assurance services

Audit is an independent service primarily intended to serve you - the company owner or interested investor and provide reasonable assurance that the financial statements are presented fairly and accurately. A multidisciplinary approach aimed at understanding your business by helping you understand the key points of risk within your business.
Furthermore, our goal is to inform in time our client of changes in the accounting, finance and legal framework relating to their specific business.

Audit

 

Our audit methodology is based on the International Standards on Auditing (ISA) with an emphasis on:

  • Understanding of business from the standpoint of internal and external audit,
  • Determining the risk of material misstatement and controls aimed at error prevention,
  • Planning an audit of each individual Company's business in order to ensure realisation of the audit objectives,
  • Audit quality assurance through direct engagement of Cinotti partners during the audit process.

 
 Our main audit services include the following:

  • Statutory audit of financial statements,
  • Audit of consolidated financial statements,
  • Audit in compliance with Companies Act (audit of various statutory changes- increase of capital, demergers etc.),
  • Audit of EU Grant projects,
  • Review,
  • Agreed-upon procedures,
  • Due diligence etc.

Statutory Audit

The purpose of an audit of financial statements is to determine whether the financial statements are presented fairly, in accordance with International Standards on Auditing (ISA), Croatian Financial Reporting Standards (CFRS), International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS).

Audit of Statutory Changes

Audit of statutory changes relates to an audit in accordance with the Companies Act (audit of increase of share capital, audit of demerger etc.).

Review

Review is a service aimed mainly at small businesses, which are not legally obliged to appoint an auditor. Methodology procedures applied during the Review do not ensure a high level of reliability, but a moderate assurance in a true and fair presentation of data in financial statements. The result of a Review is a Statement stating if there are any material misstatements, i.e. whether something drew the auditor's attention and caused him/her to believe that the financial statements are not prepared in accordance with accounting principles.

The Review is conducted in accordance with International Standards on Review Engagements (ISRE).

Internal Audit

Internal audit is an important activity in the overall auditing process. Internal audit is conducted by internal auditors of the company, or alternatively, specialized auditing firms. The objective of internal audit is primarily to detect deficiencies in the internal controls and help company management correct these financial irregularities and difficulties in time.

Agreed-upon Procedures

The auditor’s aim of performing agreed-upon procedures is to conduct audit procedures which he, the subject and related third parties have agreed upon and to submit a Report on factual findings.

This service is carried out in accordance with International Standards on Related Services (ISRS).

 

Assurance services

Assurance service is an independent professional service, typically provided by Certified Public Accountants, with the goal of improving the information or the context of the information so that decision makers can make more informed, and presumably better, decisions.

Assurance services provide independent and professional opinions that reduce the information risk (risk that comes from incorrect information).

Audit is one of the most frequent assurance services we perform.

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