The auditing activity in RSM (FS)

Audit and Assurance (FS)

At RSM Società di Revisione e Organizzazione Contabile S.p.A. we believe that all companies can find in the audit services a reason and a boost for structural internal growth. We therefore offer our statutory and voluntary audit services to listed companies, public interest entities (PIEs), entities subject to intermediate regime (ESRIs), companies belonging to international groups, and the small and medium-sized enterprises (SMEs) that characterize the Italian economic system

THE AUDITING ACTIVITY IN RSM

For some entities, such as private companies, Public Interest Entities (PIEs) and Entities Subject to Intermediate Regime (ERIs), the audit of financial statements is provided for by Legislative Decree 39/2010 as mandatory (this is referred to as statutory audit), in other cases it is referred to as voluntary audit (social and sustainability reports are an example).

Membership in the RSM international network, a world leader in audit services, allows us to keep pace with the process of convergence of auditing accounting standards, which has been underway for several years now worldwide.

Our Services

The activity of statutory audit: not only a regulatory obligation

The auditor, who has a deep knowledge of business processes, becomes a strategic advisor and can contribute with data and analysis to indicate a different perspective in facing market challenges and enable companies to increase their transparency and level of credibility with shareholders, customers, suppliers, lending institutions and stakeholders in general, always in compliance with the requirements of independence and professional ethics.
To ascertain the compliance of financial statements with the relevant regulations, in addition to the expertise and continuous updating of its teams, RSM Società di Revisione e Organizzazione Contabile S.p.A. makes use of various IT tools, accompanied by state-of-the-art methodologies to provide a customized audit.
The main services offered in this area are:

Statutory audit
Voluntary audit
Audit of financial information for the purpose of consolidation
Conversion and implementation of IAS IFRS activities
Attestation and certification activities

The statutory audit

The objective of the Audit Team is to ensure, as the directive mentions, "the orderly functioning of markets and the improvement of the integrity and efficiency of published financial statements."
The process involved in financial statement auditing is subject to specific rules, constraints, and principles on the part of the auditor, principles outlined at the EU level by EC Directive 43/2006 later amended by EU Directive 56/2014: independence, integrity, objectivity, competence and diligence, confidentiality, professionalism, and compliance with technical principles.

Our approach to audit work, closely related to the most advanced technologies available, is based on:

Understanding of our customers' business
Strict internal procedures for quality assurance and independence
Deep technical and market knowledge

These elements are evaluated by experienced professionals, which is why we believe that the Member and the Assignment Manager must play a continuous and present role throughout the duration of the assignment. Our approach is based on an ongoing process of communication between the professionals, staff, and management of the company and knowledge of the control tools used to monitor company performance.

In carrying out our audit activities, we use the following:

The RSM Orb Auditing Methodology used by the RSM network in all countries of the world, which is in accordance with international auditing standards as well as the auditing standards applicable in the individual countries of reference
Augmented intelligence (AI) tools applied to financial statement audits
Revisya, the innovative software that guides the auditor through the entire corporate audit process

The voluntary audit

Voluntary audit covers all audit activities carried out outside the regulations set forth in Legislative Decree 39/2010. This activity includes, among others, voluntary full financial statement audits of financial statements, limited audits (reviews), audits of circumscribed financial statement items as well as agreed-upon procedures for audits of specific financial statement balances. The service also includes audits of social and sustainability budgets.

The RSM Orb methodology

In carrying out its audit activities, RSM uses the audit methodology developed through the coordinated work of all the teams in its global network and used in more than 100 countries: the RSM Orb methodology.

With RSM Orb, audit teams have at their disposal an innovative and powerful tool that supports them in providing high-quality service by:

A consistent approach, with any number of operations, in any jurisdiction, tailored to specific risks and circumstances
Innovative use of technology to improve the review experience and outcome
Reliability and the ability to identify areas that require closer examination and critical judgment, thus enabling value-added analysis and in-depth assessments
Reliability, our teams are based on an efficient methodological platform

Augmented intelligence in the service of auditing

At RSM we have developed proprietary audit software that enables us to operate with a highly innovative, even revolutionary approach. The audit process is thus completely digitized while ensuring paperless management of activities.

ARTIFICIAL INTELLIGENCE APPLIED TO AUDITING

IN-DEPTH AND FOCUSED AUDITS

Thanks to the advanced analysis tools and Artificial Intelligence with which our system is equipped, we have the ability to conduct in-depth and targeted audits, modeled on the needs of the client and the characteristics of the activity carried out, taking into account the parameters of the relevant industry.
In addition, the Artificial Intelligence component is able to model the work of our Audit Teams in applying the RSM Orb methodology used by the entire RSM international network, detect anomalies, thanks to advanced fraud detection algorithms, and propose innovative cycle testing functions.

MORE STREAMLINED AND TECHNOLOGICALLY ADVANCED PROCEDURES

Our software makes it easier and faster to execute audit processes through more streamlined and technologically advanced procedures, gives audit teams the opportunity to work simultaneously on the same assignment, optimizes results, and promptly resolves significant issues or questions that have arisen during audits. In addition, the software enables the creation and maintenance of a privileged communication channel with the client, who will have access to a restricted user area through which they will have the ability to:

Consult a detailed analysis of its economic, asset and financial situation, thereby obtaining an initial screening assessment of its performance
Verify the requests of the review team
Exchanging information with auditors and uploading documentation needed to perform activities

Communications, information and documentation collected from the customer and data contained in work papers are acquired and stored in full compliance with European data protection and privacy standards as the software features a web architecture with the best data encryption security measures.

QUALITY ASSURANCE, INDEPENDENCE AND DATA SECURITY

HIGH QUALITY STANDARDS

Strict internal quality control and external monitoring are carried out by our auditing bodies to ensure the highest quality standards of auditing: in fact, RSM is subject to quality controls by CONSOB, the Ministry of Economy and Finance (MEF) and RSM International.

ETHICS AND INDEPENDENCE

RSM has prepared an ethics manual that serves as guidance for employees, who regularly participate in refresher courses.
In addition, the entire RSM network uses the Global Relationship Tracker, to be sure to identify potential conflicts and thus be able to ensure their independence in audit activities.
Inoltre, tutto il network RSM utilizza il Global Relationship Tracker, per essere certi di individuare potenziali conflitti e potere così garantire la propria indipendenza nelle attività di revisione contabile.

SECURITY OF DATA PROCESSING

All RSM companies adhere to the data privacy and security standards set by the relevant jurisdictions.

METHODOLOGICAL METAMORPHOSIS AND PROFESSIONAL RENEWAL IN REVISION

In RSM At RSM, we firmly believe in the methodological metamorphosis of auditing, which entails changes to the work of auditors that are challenging in day-to-day operations but very beneficial in perspective. The new methodological approach to auditing allows us at RSM to better structure our Audit teams with a smooth and effective organizational flow, this allows our clients to receive an articulate and authentically customized audit output.
The augmented intelligence injected into the audit profession fits perfectly into the profession's evolution and renewal process. The new generation of auditors are no longer concerned with the ticking off of invoices and their bank reconciliation. They are expert analysts of various business sectors, moving from a role comparable to a commodity to one connoted as a specialty, from serial-counter to specialist, from auditor to integral consultant.
Without prejudice to the crucial institutional role of auditing financial statements, the auditor's role changes when the business owner sees him or her no longer merely as a possible censor, but as a competent professional to be used when making and sharing crucial decisions for the future of the business.