Financial Audit
Overview
A financial audit is a crucial process that provides an independent and objective examination of a business’s financial statements, ensuring their accuracy, completeness, and compliance with applicable regulations. For companies and certain partnerships, undergoing a financial audit is not only a statutory requirement, but it also serves as a vital assurance to stakeholders that the financial information presented is trustworthy and reliable.
Our financial audit service focuses entirely on the audit process itself, examining the financial statements provided for audit in accordance with applicable standards. Through a thorough and systematic evaluation, we verify whether these statements fairly represent the financial position and performance of the business, in accordance with established accounting standards and legal requirements.
A properly conducted financial audit adds significant value beyond regulatory compliance. It enhances credibility with investors, lenders, regulators, and business partners, fosters confidence in management’s financial stewardship, and can help identify areas where internal controls and processes may be strengthened. By providing assurance on the accuracy of financial reporting, audits contribute directly to the transparency and integrity of a business’s financial affairs.
At Busuttil Assurance, our financial audit service is carried out by professionally qualified auditors who are fully licensed and regulated in accordance with Maltese law. We combine professional rigour with a supportive and collaborative attitude, working closely with management and those charged with governance throughout the audit process. While maintaining full independence, we keep open communication and deliver high-quality audits that meet regulatory expectations and provide meaningful insights to our clients.
Scope
Our financial audit service encompasses a comprehensive and detailed examination of a business’s financial statements and underlying records. In conducting an audit, we:
- review the financial statements and evaluate their compliance with applicable financial reporting standards,
- examine supporting documentation for material transactions and balances,
- assess the appropriateness of accounting policies and estimates used by management,
- evaluate the effectiveness of internal controls related to financial reporting,
- perform analytical procedures to identify unusual trends or inconsistencies,
- verify the existence and valuation of assets and liabilities, and
- assess the adequacy of disclosures included within the financial statements.
As part of the audit process, we undertake additional procedures to ensure the completeness and integrity of our findings. In doing so, we:
- conduct interviews with management and key personnel to obtain necessary explanations,
- perform risk assessments to identify areas requiring special audit focus,
- obtain external confirmations, evaluations, and searches from third parties, such as banks, professionals, and authorities,
- test samples of transactions to verify accuracy and proper documentation,
- review subsequent events and assess their impact on the financial statements, and
- communicate audit findings and recommendations to management and those charged with governance.
Our financial audit service is specifically designed for companies and certain partnerships, ensuring that the audit process fully addresses the legal, regulatory, and reporting requirements applicable to each entity type.
Benefit
An independent financial audit offers a wide range of benefits, supporting both compliance and the long-term success of a business. By engaging our financial audit service, you:
- provide assurance to shareholders, investors, lenders, and other stakeholders,
- enhance the credibility and transparency of financial reporting,
- identify weaknesses or risks in internal controls and accounting processes,
- strengthen confidence in management’s financial oversight,
- support the business in fulfilling statutory audit obligations,
- improve access to financing and investment opportunities,
- uncover potential errors or inconsistencies before they lead to larger issues, and
- reinforce the business’s reputation for sound financial governance.
Our clients gain the peace of mind that comes with knowing their financial reporting has been thoroughly reviewed by qualified, independent professionals who act with integrity and diligence.
Regulatory Compliance
In Malta, statutory audits are governed by strict legal and professional standards to ensure the integrity and reliability of financial information. Our financial audit service ensures full compliance with these requirements. In performing our duties, we:
- adhere to relevant legislation applicable to companies and partnerships,
- conduct audits in accordance with ISA,
- verify that financial statements comply with IFRS or GAPSME, as applicable,
- comply with ethical standards and independence requirements set out by regulatory bodies,
- maintain detailed documentation of audit procedures and findings,
- remain up to date with changes in auditing and reporting standards, and
- cooperate with regulatory authorities and professional bodies as necessary.
By ensuring strict compliance with regulatory requirements, we protect our clients from legal risks and help uphold the highest standards of financial transparency and accountability.
Related Services
In addition to our financial audit service, we offer several complementary services that support the broader financial and reporting framework of your business. These include:
- Accounting — recording, classifying, and maintaining all financial transactions to provide accurate financial records,
- Management Accounts — preparation of internal financial reports to aid management in monitoring performance and making strategic decisions, and
- Financial Statements — preparation of statutory financial statements in accordance with applicable reporting standards.
Through these related services, we help our clients maintain a strong and dependable financial framework that fully supports their ongoing compliance and business objectives.
More Information
If you would like to receive more information or get in touch with us, kindly contact us now.