Financial Statements Support and Audit Assistance
The necessary preparatory work and the preparation of financial statements themselves often represent a great burden for companies. These can be very time-consuming and resource-intensive due to comprehensive regulatory requirements. The preparation process must be designed effectively and actively controlled from the outset to avoid bottlenecks. The financial statements of medium-sized and large companies, as well as those of capital-market-oriented companies, must also be audited by a statutory auditor. The audit process is accompanied by a number of additional challenges in terms of capacity and content.
Support in the Preparation of Financial Statements
In addition to the annual financial statements under commercial law, it is often necessary to prepare financial statements or a reporting package in accordance with the International Financial Reporting Standards (IFRS). The first challenges to be mentioned are the differences between commercial law regulations (German Commercial Code (HGB)) and IFRS. In addition, the differences between the regulations under the German Commercial Code and IFRS and country-specific tax regulations play a key role in determining deferred taxes. New questions constantly arise due to the continuous change and ongoing development of standards. The interpretation of accounting options, whether under tax or commercial law or under IFRS, often opens up advantageous possibilities for balance sheet preparers. In order for these options to be interpreted and applied in the interests of the company, their effects must be carefully analyzed and weighed in advance.
Support during Audit of Financial Statements
The audit process is also challenging due to various possible areas of conflict with the engaged auditor. A frequent problem is the high workload of your employees, who not only have their day-to-day tasks, but must also deal with questions from auditors. Answering technical questions also often requires in-depth specialist knowledge and can be very time-consuming.
WTS Advisory as a Partner for the Preparation of Financial Statements and Audits
Our many years of experience in accounting let us support our clients in preparing and drawing up financial statements and all documents relevant to an audit. We also help design the preparation process effectively. Should it be necessary to bridge accounting bottlenecks, it is also possible to draw on support from the WTS Advisory & WTS network. We will also support you during the audit and ensure that all questions posed by the statutory auditor are answered satisfactorily and that the audit runs smoothly. Our experts are usually former auditors from large auditing firms. They have extensive insight into the auditing firms, processes and tools. Furthermore, our consultants have already assisted a large number of companies in the preparation of financial statements and the audit of them.
If you are interested or have any questions, please contact us.
