Audit of financial statements under Czech GAAP (HB I)

An audit of financial statements increases their reliability and the reporting ability for all their users, whether it is the parent company, members, shareholders or bank institutions. The goal of each audit is to assess whether the financial statements are prepared in accordance with generally accepted accounting principles and whether they give a true and fair view of the company’s assets, liabilities, financial position and performance. Each audit includes analyzing and testing accounting transactions as well as internal procedures and processes. The scope of these auditing procedures is at the discretion of each auditor.

Our goal is to conduct the audit as effectively as possible. We focus on assessing risky areas present at the reporting entity. Our audit is performed in accordance with the local generally accepted accounting principles and the International Standards on Auditing (ISA). In addition, we also closely observe the currently valid regulations and recommendations on auditing and reporting. At our regular internal reviews, we check the quality of our audits and compliance with the firm’s auditing procedures. We are also subject to regular inspections conducted by the Chamber of Auditors.

Our audit concept does not rely on automated auditing software, but on qualified and experienced experts and employees.