Audit and review of financial statements and consolidation packages

• Audit obligation

According to the Polish accounting act, the following financial statements are subject to statutory audit (see art. 64 of the Accounting Act for details):

- the annual consolidated financial statements
- the annual single-entity financial statements

• Review obligation

If an entity is listed or its prospectus has been approved by the Securities Commission, its mid-year financial statements, both stand-alone and consolidated must be reviewed by the certified auditor. This obligation also relates to consolidated and stand-alone financial statements of banks, insurers, and other entities subject to separate regulations.

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• Non-obligatory audits and reviews.

This category covers any situation other than these discussed above. The example would be the audit of financial statements prepared when a bank is asked for substantial loan in light of a large takeover transaction.
The financial statements, reporting package and other financial information may be prepared in accordance with valuation and presentation criteria of the Polish accounting act or other financial reporting framework, such as International Financial Reporting Standards or US GAAP. They may also be drawn up according to the instructions of the parent entity, for example, HBII accounts prepared in accordance with HGB are often required by German investors.

Our offer

The primary deliverables of audit and review are the auditor’s opinion and the review report, respectively. In the course of the audit we may also prepare other reports, and observations and recommendations for management.