Audit of Financial Statements

Audit of Financial Statements as an answer to Transparency Needs

The Financial Statements (consolidated) auditing can be exerted both in compliance with the provisions of Law and in voluntary form, as a result of specific requirements by clients.

Article 2409-bis and followings of the Civil Code, obliges the S.p.A. to have audit controls which are divided in two specific control activities:

  • periodic check (every three months) of the right financial statement activities;
  • audit controls of the final financial statements and, if present, of the consolidated statements.

Article 2447 of the Civil Code obliges also the S.r.l. companies which exceed fixed quantitative conditions to have audit controls. Naturally, the same audit rules can be completely or partially adopted by the companies which have lower quantitative parameters, but want to present themselves in the national and international market with high qualitative standards.

The Financial Statements (consolidated) auditing is substantially expressed by a set of control procedures aimed at collecting elements which allow the expression of an independent professional opinion on the reliability of the corporate assets, economic and financial standing of the enterprise (or of the group).

The intervention also involves the analysis and evaluation of the reliability degree of the accounting-administrative system and of the procedures of internal audit, which are necessary in order to assure:

  • completeness of financial information;
  • precise spreadsheet data;
  • safeguard of corporate assets.

The evaluation of the reliability degree of internal auditing is a critical phase in order to be able to define the procedures to be carried out during the phase of analysis of spreadsheet items.

The Financial Statements (consolidated) auditing does not express any opinion concerning managerial decisions on enterprise life (or the group), but an independent professional opinion on the financial position and on the results of the company (or the group) operations as a whole and not on any single administrative act.