19.04.2022
An audit is a type of assurance that is carried out by an independent auditor who is no way connected to the company and is requested to give an independent opinion on the financial statements of the company. Maltese companies are required to appoint independent auditors registered with the local Accountancy Board and the audit needs to be performed in accordance with International Auditing Standards.
In Malta, audited financial statements are a statutory and regulatory requirement for Malta companies, and must be approved by the company’s directors and filed with the Registrar of Companies within 42 days from the end of the period for submitting annual financial statements to the general meeting.
During an audit, the auditor will do various checking on the accounts of the company and will then ultimately express an independent opinion on the financial statements, pointing out whether such financial statements give a true and fair view of the financial situation of the company.
An audit will ultimately give you an overview of the financial health of your company, so apart from being a statutory requirements one can see the positive side of conducting an audit such as using the audit as a tool to improve efficiency in the business operations and increase financial reliability and integrity.
Generally, an auditor is committed to provide an exceptional audit process for your business, making the audit process a simplified one which is collaborative and comprehensive.
For further information about accounting, bookkeeping and management accounts do not hesitate to contact our Director, Mr Conrad Meli on cmeli@accoutningservices.com.mt.
