Audit of the Financial Statements

An audit of the financial statements provides assurance over the reliability of your financial reporting and the quality of your internal controls. For shareholders, lenders and other stakeholders, audited financial statements provide an important basis for confidence and decision making.

For medium sized and large companies, a financial statement audit is often a statutory requirement. Even when an audit is not mandatory, it can still provide value. For example, when obtaining financing, applying for supplier credit or when shareholders and other stakeholders require additional assurance over the company's financial position.

RSM performs independent financial statement audits for medium sized companies, private companies and internationally active organisations.

When is an audit of the financial statements mandatory?

For many legal entities, a statutory audit is required when they no longer qualify as a small legal entity. This is determined by assessing whether the company meets at least two of the following criteria for two consecutive financial years:

• revenue of more than €15 million
• total assets of more than €7.5 million
• an average of more than 50 employees

Even if your company is not subject to a statutory audit, an audit can still provide value. For example, when banks, investors or shareholders require additional assurance over the financial figures. Do you not yet require an audit but need additional assurance? Read more about a review of the financial statements.

Are you unsure whether your organisation is subject to a statutory audit? Our specialists are happy to advise you on your situation and what this means for your financial statements.

For which organisations is a financial statement audit relevant?

RSM audits the financial statements of organisations including:

• medium sized companies
• private companies
• family businesses
• companies with a director major shareholder or a limited group of shareholders
• subsidiaries of international groups
• companies with private equity shareholders

Our approach is particularly suited to organisations where shareholders, management and other stakeholders are closely involved in the business.

Our approach

During a financial statement audit, we assess whether the financial statements give a true and fair view of the financial position of your company. We look not only at the figures, but also at the processes and internal controls that underpin them.

We consider areas including:

• the design and operating effectiveness of internal controls
• areas of risk within the business
• the quality of financial processes
• potential areas for improvement within the organisation

Where relevant, we share our findings and recommendations to help strengthen processes and improve risk management.

Personal collaboration

We work with dedicated audit teams. This allows our team to develop a thorough understanding of your organisation and provides continuity throughout our collaboration. It contributes to an efficient audit, clear communication and a strong understanding of your business.

Need an audit of your financial statements?

Would you like to know whether your company is subject to a statutory audit or are you looking for a new auditor? Our Assurance specialists are happy to discuss your situation and advise you on the available options.

For more information, please contact: