Auditor Services Beyond the Annual Financial Statements

The scope of audit services in corporate practice extends far beyond the statutory audit of annual financial statements. Independent auditor’s reports, opinions or due diligence reviews may also be required in connection with certain transactions, transformations, licensing procedures, grant settlement processes or the fulfilment of financing conditions.

In addition to the audit of annual and consolidated financial statements, the audit practice of Niveus also provides support in the examination of, among others, liquidation accounts, interim balance sheets, opening balance sheets prepared in connection with changes in functional currency, IFRS transition reports, as well as opening balance sheets required upon re-entry into the scope of KATA/KIVA.

A key area is the performance of audit tasks related to corporate transformations, mergers, demergers and business combinations, particularly the review of draft asset balance sheets, draft asset inventories, final asset balance sheets and asset inventories.

Auditor involvement may also be relevant in numerous specific situations, for example in the verification of grant settlement, the examination of financial covenants for bank financing, the review of reports, or the verification of financial data provided to authorities, chambers or business partners.

In certain sectors -such as energy, transport or grant-funded activities- specific regulatory requirements may also arise that mandate auditor review of business plans, financial capability statements, unbundling reports or statements of grant utilisation.

It is important to note, however, that different audit assignments are subject to varying professional and independence requirements. Certain tasks may only be performed by the appointed auditor, while others must be carried out by an auditor independent of the standing auditor. It is therefore advisable to clarify already at the planning stage what type of auditor involvement is required for the given transaction, report or procedure.

Should your company face a transformation, change in functional currency, IFRS transition, grant settlement, financing-related data provision or any other transaction requiring a specific auditor’s report, the Niveus audit team would be pleased to assist.