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. At IAC-Audit, all our auditors are fully licensed and adhere to stringent professional and ethical standards.

Office Address

IAC Audit & Assurance B.V.2495 AJ Den Haag,Laan Van’s Gravenmade 74, The Netherlands

Phone Numbers

+31 70 2192770

Email

contact@iac-audit.com

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