Why Audit Matters?

Although, pressing demands for transparency and risk management in a globally competitive market warrant the need for a meticulous audit, yet, reliable financial reporting isn't just about compliance — it's about offering insights into your business processes, risks, strategies, building credibility with stakeholders and ensuring the overall longevity of your organization.

At IAC-Audit & Assurance, we believe in the power of assurance to safeguard the integrity and reliability of your financial reporting. Our firm is committed to providing assurance that goes beyond numbers, giving you the confidence to make informed decisions and navigate business challenges with clarity. We are dedicated to delivering precision audits customized to meet the specific requirements of your organization, instilling clarity and assurance every step of the way.

Why Do Businesses Need An Audit?

Auditing is more than just catering to regulatory requirements. It serves as a strategic tool for businesses to enhance their financial operations and overall performance:

Supports Business Ambitions

Auditing supports the realization of global business ambitions by providing valuable insights for better decision making through accurate financial planning and budgeting. It improves a business’ competitiveness and long-term sustainability in the market.

Improves Resource Optimization

Audits involve meticulous examination of financial records and processes which helps businesses manage their operations efficiently. By identifying areas of inefficiency or weakness, audits empower the management to implement improvements driving operational excellence and facilitating continuous growth.

Improves Financial Discipline

Audits play a crucial role in monitoring cash outflow and ensuring financial discipline within the organization. By scrutinizing financial transactions and controls, audits help detect irregularities or discrepancies, prompting corrective actions and internal controls to mitigate risks and prevent financial losses due to fraud or embezzlement.

Preserves Company's Reputation

This proactive approach safeguards the company's assets and preserves its reputation in the market and maintains the credibility of business among investors.

Investors Requirements

Investors, Financial institutions and Lenders often demand transparent and audited financial statements of the company, to get a holistic overview of the company’s real financial standing before financially engaging with the company.

FAQs

What is audit?

An audit is an independent examination of financial information of any entity, whether profit-oriented or not, irrespective of its size or legal form. It aims to provide an unbiased assessment of the financial statements to ensure they are accurate, complete, and in compliance with accounting standards and regulations.

What is assurance?

Assurance encompasses a broader spectrum of services beyond traditional financial audits. Assurance services are independent professional services that improve the quality or context of information for decision-makers. It involves providing stakeholders with confidence and credibility regarding various aspects of an organization's operations, including financial reporting, risk management, compliance with regulations, and effectiveness of internal controls. Assurance services may include reviews, compilations, agreed-upon procedures, and other engagements tailored to meet the specific needs of clients.

Why carry out an audit of financial statements?

Conducting an audit of financial statements provides credibility and reliability to the financial information presented by a business. It helps detect and prevent errors or fraud, ensures compliance with regulatory requirements, and enhances stakeholder confidence, which is crucial for securing investment, loans, and maintaining a positive business reputation.

What is a statutory audit?

In the Netherlands, a statutory audit is a legally mandated review of the accuracy of a company's financial records and statements. This type of audit is required by law for certain companies based on their size, industry, or other criteria. It ensures that the financial statements give a true and fair view of the company's financial position and performance, in accordance with Dutch law and international accounting standards.

When are you obliged to carry out an audit inspection?

In the Netherlands, companies are required to carry out an audit inspection if they meet any two of the following three criteria for two consecutive years:

A balance sheet total exceeding €6 million,
Net turnover exceeding €12 million,
An average number of employees exceeding 50.

This obligation ensures that medium and large-sized companies maintain transparency and reliability in their financial reporting.

How long does an audit take?

The duration of an audit can vary depending on the size and complexity of the organization. Generally, a standard audit process can take anywhere from a few weeks to several months. At IAC-Audit, we ensure a thorough and efficient audit process tailored to meet the specific needs of your business without compromising on quality.

How does IAC-Audit differentiate from other service providers?

IAC-Audit sets itself apart through our deep industry expertise, commitment to personalized service, and the use of cutting-edge audit technologies. Our team of certified professionals brings extensive experience across various industries, ensuring insightful, actionable recommendations. We prioritize building long-term relationships with our clients, offering tailored solutions that go beyond compliance to add real value to your business.

What license is required to perform an audit?

In the Netherlands, auditors must hold a license from the Authority for the Financial Markets (AFM) to perform statutory audits. This ensures that only qualified and regulated professionals can conduct audits, maintaining high standards of quality and reliability in financial reporting. Our team is fully licensed and adheres to stringent professional and ethical standards