Audit and assurance services

In today’s dynamic tendencies in global economy, and world overall, providing the confidential information is of the crucial importance. Timely identification of the business risks and managing them on an appropriate manner is a prerequisite for efficient operations and business success. Audited financial statements contribute to the reliability and confidentially of the financial information.

In order to reduce the information asymmetry between Company’s management, on the one side, and stakeholders (investors, creditors, etc.) on the other side, the audit takes vital role in the financial reporting.

High quality financial reporting is essential to the effective and efficient decision-making process and reliability of the disclosed financial information. AGM contributes to the aforementioned goal through its tailored audit approach, performed by the independent and experienced professionals, verifying that your accounting and financial information are maintained in accordance with the applicable reporting framework.

Because of the audit's importance, AGM aims to provide distinctive audit and financial services to the local and international companies as well as reliable and confident information to the market and the public. We are here to support you and help you make right business decisions.

We provide a range of audit, reporting, corporate governance and risk management services.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements by examination of supporting accounting and other records with the purpose of expressing an opinion of the independent auditor, i.e. whether the financial statements present fairly, in all material respects, the financial position of the entity, its financial performance and its cash flows for the certain period, in accordance with the applicable reporting framework.

AGM audit approach, for both mandatory and voluntary audits, is based on the International Standards on Auditing (‘ISA’), which require auditors to plan and perform the audit in a manner to obtain reasonable assurance that the financial statements are free from material misstatement.

In addition to the expressed auditor’s opinion, we believe that the audit of financial statements has multiple significances in terms of identifying weaknesses in company’s internal controls, as well as methods to resolve them, recommendations for improving internal processes and procedures, and in terms of contribution to improvement of company’s internal accounting control procedures, which further increases the quality of financial information.

Auditor's report provides a high degree of confidence in the disclosed financial statements, which, as such, represents reliable basis for decision making.

Through the Report on review of financial statements, we provide the conclusion on the contractually agreed financial information and/or matters, which represents the limited assurance for users of the report. The review procedures refer mainly to inquiry of the personnel in charge, including management, and various analyses and comparisons of financial and non-financial data.

The Report on review of financial statements can help you to identify main risks before the period end, and consequently, to prevent the occurrence of significant misstatements in the annual reports. Also, it can be used in all circumstances when one is not required to perform an exhaustive audit engagement but still interested in a brief financial overview of the business operations.

AGM can support you in compilation and presentation of complex financial statements, in accordance with the internal or external reporting frameworks.

Engagements to perform agreed-upon procedures refer to specific engagements, where the auditor and the client enter into an agreement which prescribes, in advance, procedures to be performed and to report on factual findings from these procedures. Those procedures are similar to audit in their nature and is essential to obtain mutual understanding why these procedures have been agreed, in order to avoid misinterpretation of reported factual findings.

The auditor reports on the results of the engagement through the Report on Factual Findings which provides the facts related to the performed agreed procedures, whereas the intended users of the report are free to draw their own conclusions from the listed factual findings. Accordingly, by issuing the Report on Factual Findings, the auditor does not express any opinion, conclusion or assurance.

The audit of the project’s financial statements (expenditure verification), is usually required in case of the funds (grants) provided by the domestic or international donors, whereby certain institutions (state or private) are responsible for implementation of project activities and realization of overall and specific project goals related to the funds made available by the donors.

The objective of the audit is to enable the auditor to express an opinion on the Project’s financial statements (expenditures incurred) during the grant period, i.e. whether the grant have been used in accordance with the terms and conditions of the grant contract, and whether other contractual liabilities have been respected.

These types of engagement, which could result in limited or reasonable assurance, include a wide range of services that leverage on auditing skills and techniques for projects other than audits or reviews of historical financial statements, such as: expertise for the purposes of legal proceedings in respect of accounting, tax and other related matters; expressing a professional opinion; examination of prospective financial information; reports relating to the control of service organizations; reports on pro-forma financial statements included into prospects compilation, reports on beneficiaries’ fulfillment of obligations established in the agreements on granting incentives, etc.

AGM can help you in identifying weaknesses of internal controls systems and provide you with recommendations to resolve them, in order to make sure that the business processes within your organization run more efficiently.

Transparency report for FY 2019 of AGM Audit d.o.o can be found here.

Izveštaj o transparentnosti za AGM Audit d.o.o. za 2019. godinu možete preuzeti ovde.