The audit practice is provided by Audit Firm Advice Group, which is certified and listed in accordance with the National Register of Audit Firms in Ukraine.
We provide a full range of initiative audit and related services. Traditionally, the most popular service is an audit of tax accounting, assurance, financial statements transformation according to IFRS or client`s corporate standards. Still tax consulting, support during inspections by authorities, the formation of accounting policy, improving the efficiency of the organization and enterprise accounting organization are important for management and business owners in today's business environment. Also services for controlled transactions are in high demand due to the introduction of changes to tax legislation of Ukraine (transfer pricing).
We have good experience in implementing projects in accordance with best practices in auditing and related services.
Audit and related services
Under conditions when companies’ operations tend more and more to international markets, the success of many entities rests mainly on the growth of investor confidence. We proceed from a conviction that our services should not be limited only by audit and compliance assurance. In our work with domestic and foreign companies, in Lviv, Lviv area and Western Ukraine, alongside with the audit of their financial statements in accordance with IFRS, we assist our clients in achieving their goals, enhancing risk management efficiency, and improving business transparency. We are able to render to your company a comprehensive set of services which allow giving a boost to confidence in the financial information you provide and help shareholders get an actual value of your business.
Initiative audit of financial reporting
Audit of financial reporting of the economic entity or of its separate entity for the purpose of providing independent auditor’s report regarding its compliance with established criteria and rules of keeping accounting in accordance with a determined applicable financial framework. Voluntary audit is carried at the initiative of the company and shows a good example of European manner of doing business.
Review of financial statements
The objective of a review of financial statements is to enable the practitioner to state whether, on the basis of procedures which do not provide all the evidence that would be required in an audit, anything has come to the practitioner’s attention that causes the practitioner to believe that the financial statements are not prepared, in all material aspects, in accordance with the applicable financial reporting framework (negative assurance). Special audit procedures carried at the review of financial statements provide a moderate level of assurance that the information subject to review is free of material misstatements; this is expressed in the form of negative assurance.
Agreed upon procedures
The objective of an agreed-upon procedures engagement is for the auditor to carry out procedures of an audit nature to which the auditor and the entity and any appropriate third parties have agreed and to report on factual findings. An engagement to perform agreed-upon procedures may involve the auditor in performing certain procedures concerning individual items of financial data (for example, accounts payable, accounts receivable, purchases from related parties and sales and profits of a segment of an entity), a financial statement (for example, a balance sheet) or even a complete set of financial statements.
Express audit of tax accounting
Express audit of tax accounting is the complex of procedures which helps the Company to determine major defects, errors or misstatements of accounting and tax accounting as well as recommendations for their elimination. This type of audit procedures allows to identify main problems of the financial, management and tax accounting at the enterprise and evaluate possible financial and tax risks as well as the level of professional accounting training. The subject of our express tax audit can be: income tax, VAT, personal income tax and other taxes and dues.
Compilation of financial statements
The objective of a compilation engagement is for the accountant to use accounting expertise, as opposed to auditing expertise, to collect, classify and summarize financial information. A compilation engagement includes the preparation of financial statements (which may or may not be a complete set of financial statements) but may also include the collection, classification and summarization of other financial information, transformation of financial statements in accordance with IFRS, US GAAP, other international accounting standards, consolidation of financial statements of companies.
Fraud Investigation & Dispute Services
Companies that act with integrity in addressing fraud, bribery and corruption have an advantage with real business benefits. To that end, we help companies manage risk, investigate alleged misconduct and measure the financial implications of disputes. When unusual financial activity is suspected, we can investigate, perform electronic evidence discovery, and review financial reports — all with the sensitivity and urgency required. And if necessary, we can provide expert witness testimony to explain our findings. Our areas of focus include:
- Assessment of the risk of fraud and abuse in the company
- Fraud Investigation financial reporting
- Checking of contractors or suspicious business
- Evaluation of the ability of the internal control system effectively counter fraud and abuse
- Advice on mergers and acquisitions (assessment of risk of fraud and abuse in Object company acquisitions)
Consulting services in accounting and taxation
Transformation into IFRS
The Law of Ukraine “On accounting and financial reporting in Ukraine” envisages a compulsory preparation of financial statements and consolidated financial statements according to the IFRS by public joint-stock companies, banks, insurers and companies that conduct business activity by the types defined by the Cabinet of Ministers of Ukraine. At the same time, the openness and transparency of financial statements in accordance with the IFRS facilitates company emergence into capital markets, stipulates investments and increases the quality and efficiency of financial operations. Transformation of financial statements is the process of reporting preparation in accordance with the IFRS by regrouping of accounting information and adjustment of reporting items prepared according to GAAP. There are following advantages of using the transformation method: low timing and financial expenses, simplicity of the procedure, clearness of adjusting entries.
First-time adoption of IFRS
The use of IFRS is mandatory for financial institutions and companies in most countries. In Ukraine, banks have long been using IFRSs in its activities. Go NBFIs implemented IFRS began in 2012. Understanding the principles of IFRS and their use in practice associated with certain difficulties, especially at the stage of their initial application. We offer assistance to our staff on issues arising from the first application of IFRS.
Tax planning and consulting
includes improvement of operational strategy and organizational structure of a company or group of companies, improvement in tax payment procedure, search for the most appropriate and effective methods of control. Professional staff of "Advice Group” learns your business and offers effective tax planning tools to help you build (improve) the internal control system, which will meet your best expectations of our cooperation. We give verbal and written advice on application of the current tax law of Ukraine. Besides, we provide guidance on calculation of the tax base and accrual of taxes and duties that helps in a timely manner to manage risk, enhance compliance with the regulatory requirements and improve operational efficiency of your business.
Tax audit support
To learn all the nuances of tax law as soon as possible and prepare for a tax audit is quite challenging and often cannot be made by accountants alone. Taxpayers have noted that audits have become more severe, and inspectors more demanding. It's time to build new partnerships in the relationship between business and government. Today it is important to build your own company image in the eyes of the inspectors. Best Impromptu is a well-prepared impromptu. Several years ago we developed you own technique to support tax audits. It accounts for all the nuances of this process and allows levelling the risks and avoiding accruing penalties. This technique of tax audit support has demonstrated high performance and fully justified the expectations of our customers.
Support of appeal against the decisions of regulatory authorities
When doing business, the companies often have conflicts related to settlement of tax disputes. The large number of collisions in the current legislation of Ukraine, ambiguous interpretation of certain regulations by the regulatory authorities, frequent changes in the tax law: all of these results in negative consequences of tax audits. Our experts help you develop a clear strategy to protect the company's interests, find conclusive evidence to develop tactical behavior in settling tax disputes. We are advocates of the use of all legal means and mechanisms to achieve positive results for the company. Our experience shows that you can achieve strict adherence to the rule of law and rights even during the administrative appeal procedures.
Outsourcing of accounting and taxation
Formation of accounting policy
assistance in the development of unified and unchangeable methodological principles of accounting, policies, methods and procedures which should be applied by the company for drawing and performance of financial reporting. The services on development of accounting policy are provided both to separate enterprises and to group of enterprises which consolidate their financial reporting. The main objective of development and adoption of accounting policy is to receive trustworthy information about the ownership and financial state of the company, it’s economic results.
Organization of accounting
Accompaniment in representing of economic operations on the accounts and registers of accounting reports based on general principles such as accuracy , continuity, autonomy, consistency and periodicity etc.
Organization of tax accounting
Ensuring the abidance of current legislation regulations during making up of tax returns, completeness of accrual and timeliness of tax payments and other compulsory dues. Tax accounting services also include tax planning, other advisory services and accompaniment during inspections of tax authorities.
Organization of accounting on settlements with company employees including accrual and payment of salary, sick leave payments, subsistence money and other payments with personnel.
Preparation of various forms of financial statements
We provide preparation and submission of various reports: as mandatory and administrative prepared by different conceptual bases.
Transfer pricing services
The issue of transfer pricing refers to the most important aspects of the international taxation of multinational corporations, regardless of their size. In most countries of the world special attention is paid to pricing. Of particular importance are the international aspects of related-party transactions of multinational corporations. Companies that do not pay enough attention to the required standards of transfer pricing, incur themselves high financial losses in the form of additional taxes and penalties levied by the tax authorities. Audit Company “Advice Group” is ready to provide professional services and become a reliable partner for your company in transfer pricing issues. We offer milestones for implementation of efficient transfer pricing policies, which are going to help you avoid financial risks in the future. Our areas of focus include:
- Development of transfer pricing methodology
- Implementation of transfer pricing methodology
- Monitoring of transfer pricing methodology
- Development of transfer pricing documents
- Preparation of reports on controlled operations
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