Ad Hoc Audit
There exist inspections carried out in line with special audit engagements after which a special opinion, the content and procedure of which differs from general audit opinions, is issued.
In such cases the audit procedure is regulated by the Rule (standard) “Opinion of the auditing organisation on special audit engagements”’, approved by the Audit Commission under the President of the Russian Federation on 20 October 1999. (Minutes No.6).
An ad hoc audit may only be carried out upon an initiative, at any time, in volumes agreed upon in the Statement of Works.
When do you need ad hoc audit?
Our specialists provide assistance to companies in cases where it is necessary to check particular areas of the company’s financial activity.
What is ad hoc audit for?
Objectives of the audit may vary, for example:
- Assessment of accuracy of accounting of particular business transactions (security transactions, international economic activities, etc).
- Audit of one of the elements of financial statements.
- Tax risk assessment.
- Inventory (audit) of accounts receivables and accounts payable, other particular areas of accounting.
Where do we record the ad hoc audit results?
Following the results of an audit the client receives expert opinion and an analytical report containing the necessary analysis, findings and recommendations of the auditor in accordance with the SOW and inspection objectives.
Quality of Ad Hoc Audit by Sterngoff Audit
Following the results of the inspection carried out our company issues a detailed, accurate and comprehensive report:
- Opinion on finding upon inspection of separate items of financial statements. Here the auditor expresses an opinion on one or several items of financial statements. In the course of this special audit engagement an item(s) of financial statements are investigated more carefully than the same item(s) during the audit of reliability of financial statements as a whole. An opinion of our company's auditor and other information provides a reference to a regulation, which he/she was guided when evaluating items of financial statements, and the conclusion on compliance of the assessment methods and the accounting procedure with the relevant regulation.
- Opinion on the results of legal and economic expert examination of civil law contracts. The opinions issued contain findings on whether accounting records, principles of assessment, taxation procedure and forms of liabilities under contracts are correct; on financial and legal implications of contracts associated with investing in real estate, securities, etc.; on whether a legal person fulfils specific contractual conditions.
- Opinion on financial statements generated in accordance with accounting principles which differ from the Russian accountancy requirements. Our company can prepare financial statements for specific purposes in accordance with accounting principles other than Russian or international accounting standards (e.g. national). An opinion issued upon completion of the inspection of financial information prepared in accordance with accounting principles other than Russian or international principles contains information about the applied accounting principles or an item of financial statements that contains such reference.
- Opinion on a report prepared over the number of successive years. This opinion is a generalized data on annual accounting reports for several successive years to inform users interested in core data on the organization activity and its results. The opinion contains a reference to financial statements on the basis of which it was prepared.