Audit

The aim of both the legally required as well as the voluntary audit is the submission of an auditing opinion as to whether the financial statements comply with legal requirements and to provide as accurately as possible an indication of the situation as regards assets, finances and revenue. Further, it is to be ascertained whether the review of the situation corresponds with the annual financial statements.

The audits of your annual financial statements and consolidated financial statements are executed in accordance with national and international standards for all types of companies, of all sizes, irrespective of the sector.

Our audits are carried out in accordance with a risk-oriented audit approach, which is based on national and international rules and principles of proper auditing. Our audits include the investigation of operational procedures and the controls implemented and installed therein as regards the effects on an efficient internal control system.

We can carry out the following audits for you:

• Volontary audit in accordance with Croatian Financial Reporting Standards („CFRS“)
• Obligatory audit in accordance with CFRS
• Volontary audit in accordance with International Financial Reporting Standards („IFRS“)
• Obligatory audit in accordance with IFRS
• Obligatory audit in accordance with IFRS and HANFA requirements 
• Audit of Group reporting package in accordance with Group accounting guidelines
• Audit of non profit organisations
• Audit of financing received from Funds
• Audit of the capital increase
• Audit of merger
• Audit of demerger
• Audit of incorporation of the company
• Agreed upon procedures
• Internal audit
• Limited review in accordance with CFRS
• Limited review in accordance with IFRS
• Audits of the Internal Control System (ICS), of the Risk Management System (RMS) or the Compliance Management Systems (CMS)

Our auditors can offer you the following services in group accounting and in accordance with national (CFRS) and international (IFRS/US-GAAP) accounting principles:  

• Preparation of consolidated financial statements including reporting system
• Setting up of groups reporting
• Compilation of Reporting Packages
• Preparation of internal handbooks (Group Accounting Manuals)
• Special questions relating to consolidation

Compliance (also conformity to rules) is, in business terms, used to describe compliance with laws and guidelines but also with voluntary codes of practice.
The topic of compliance is nowadays not only a hot topic due to the numerous corporate scandals but also presents management bodies with great challenges. One can assume that the legal requirements will increase and become less transparent.
Our auditors will assess your regulations on corporate governance and compliance and will advice you regarding the sett up and improvement of your corporate governance.

We can provide the following services:  

• Development of a Compliance Management System
• Realisation recommendations
• Optimisation of the Compliance Management System
• Development of control procedures and communication processes

There are many diverse reasons to evaluate a company. In the majority of cases, it serves to convey purchase or sale prices of companies. However, also within the framework of value oriented corporate management (shareholder value) and for (international) accounting, there is nowadays an increased demand for and execution of corporate evaluations.

We offer evaluations for the following requirements:  

• Sale and Purchase of a Company or Part thereof
• Initial Public Offerings
• Partner withdrawal from a Partnership
• Determination of Exchange Ratios in the case of Mergers
• Exclusion of Members from a Company with Limited Liability with Financial Settlement
• Proportional or Disproportional De-Mergers with Financial Settlement
• Valuation of Shares in the case of Contractual Termination of a Limited Liability Company or the Exercise of a Contractual Acquisition Right

Every company can be affected by fraud, bribery and corruption. Financial losses and a great damage to one’s reputation and image can follow.
Our Fraud Investigation & Forensic Audit Team offer (discreet) investigations in cases of suspicion or damage and can help you to prevent the damage.

We can offer you the following:  

• Forensic special investigations
• Forensic data analyses
• Recommendations for the optimisation of your organisation
• Implementation of preventative measure and control systems

The term „Due Diligence“ describes the careful, systematic and detailed investigation, examination and analysis of the data of an investment, take-over or merger candidate or the disclosure of information by the target object itself. Due Diligence extends far beyond the formal audit of, for example, the annual financial statements or the trading books.

Our support includes the following activities:

• Analysis of the financial situation
• Valuation of important accounting documents in terms of assessment changes and accounting changes
• Examination of contracts concluded with customers, suppliers and employees with a view to their effect on the assets, finances and revenue of the target company
• Derivation of purchase price relevant results e.g. EBITDA or EBIT
• Analysis of the sales revenues and margins according to company sectors
• Examination of existing financial forecasts and establishment of alternatives
• Audit of the mathematical accuracy of the integrated planning

Further services:

• Determination of possible deal breakers
• Analysis of the company to identify important value drivers and the decisive success and risk factors
• Advice on the form of the deal (acquisition structuring)
• Valuation of the target
• Support in the establishment and negotiation of the purchase price