Financial statements are audited so as to enable an external, independent auditor to express his opinion on the appropriateness of the audited company’s financial statements. This opinion is signed by the auditor and is attached to the financial statements of the audited entity.
The purpose of the audit is defined by the Israel Association of Accountants as follows:
“To enable the auditor to express his opinion as to whether the financial statements reflect fairly, in accordance with generally accepted auditing standards, from all material aspects, the audited company’s financial position, the results of its operations, the changes in its equity capital and its cash flows.”
VBIR possesses extensive professional know-how and many years of experience in providing auditing services, in preparing financial and other statements, in accounting consulting and in its ability to apply accounting standards – both local (Israeli GAAP) and international – (IFRS).
VBIR is a member of the Geneva Group International, which gives it professional access to both international and local accounting in every country where there is a member of the Group.
For many years we have served as the auditors of private and public corporations, investee companies of public corporations, private companies, public entities (such as: statutory corporations, non-profit organizations) and international corporations, in a range of industries throughout the economy.
Basic principles applied by VBIR in the auditing of financial statements:
- Implementing advanced work methods, with the goal of complying with the requirements of accounting standards in Israel and worldwide.
- Implementing work methods which make it possible to make a full assessment of the client’s business from the accounting aspect, with sensitivity to weak points in the system.
- The auditing work is performed by collecting information on the control systems in the client’s business and often makes it possible to recommend improvements in the organization’s internal control systems.
- In the auditing work vis-à-vis private and other companies, at the client’s request the audit will take account of tax issues and tax optimization for the audited entity.
VBIR’s quality control system is based on detailed work procedures, covering everything connected with the firm’s provision of auditing services (entering into a contract with the client, professional conduct, professional skill and capability, professional training and, of course, supervision and monitoring) and the full auditing process.
Upon completing the audit, the conclusions drawn from it are transferred to the audited entity and will be monitored in the course of the next reporting period.