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Audit of IFRS financial statements

Auditing consolidated and stand-alone financial statements prepared in accordance with the IFRS. provides IFRS audit services to clients in the non-financial sector, where the financial statements have been prepared in accordance with the IFRS by means of transformation of audited local accounts. Thus, our responsibility will be to express our opinion on the correctness of the transformation procedures applied to the local accounts.

IFRS audit results will be:

  • Audit report signed by the team of IFRS professionals in Belarus.
  • For the client’s management – assurance of reliability of financial information for confident decision-making by current and prospective investors.
  • For the client’s financial reporting department – new expertise in the IFRS domain as well as effective data processing hints shared during communication with the engagement team.

Factors having impact on the cost and duration of the audit:

  • Company’s industry (manufacture, retail, servicing, construction, etc.) and level of activity.
  • The degree of difference between the local accounting standards and the IFRS, hence the number and complexity of transformation adjustments applied in order to arrive at the IFRS-compliant financial statements.
  • Materiality and complexity of intercompany operations.
  • Whether or not the IAS 29 on hyperinflation is applicable to the Belarusian economy in the reporting period.
  • Level of technology used by the company to prepare the IFRS financial statements.
  • Effectiveness of the company’s internal controls system.
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