Services · Audit and assurance
Audit and assurance services
The result of the audit conducted by BeeWise in accordance with international best practices ensures the reliability of relevant information for stakeholders in the decision-making process.
Assurance
Audit · ISA
Engagement progress
68%
Scope
What the service includes
Financial statement audit
Preparation of the independent auditor's report based on the financial statement audit conducted in accordance with ISAs; and issuing a management letter highlighting control deficiencies identified during the audit process, along with relevant recommendations.
Agreed-upon procedures and other related services
Performing agreed-upon procedures in accordance with International Standard on Related Services (ISRS) 4400 (Revised), "Engagements to Perform Agreed-Upon Procedures," and reporting the findings, specifically the factual results of the performed agreed-upon procedures. Additionally, conducting a compilation engagement to assist company management in preparing and presenting financial information for prior periods.
Review engagements
Conducting a review of historical financial statements in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised).
Other assurance engagements
Performing assurance engagements other than audits or reviews of historical financial information in accordance with International Standard on Assurance Engagements (ISAE) 3000 (Revised).
Who this service is for
- Entities for which an audit is mandatory by law (first and second category entities and public interest entities)
- Companies whose bank, investor, donor or foreign parent requires an audit
- Owners who want an independent view of the financial position and controls of their business
- Organisations that need a financial examination before a transaction or restructuring
How we work
- 1
Planning and risk assessment
We get to know the business, assess significant risks and set the audit strategy and timeline.
- 2
Controls testing
We test how the internal control system works and how far it can be relied upon.
- 3
Substantive procedures
We perform detailed tests and analytical procedures and examine material items.
- 4
Report and recommendations
We present the auditor's report and a management letter with specific, actionable recommendations.
FAQ
Frequently asked questions
Who is required to have an audit in Georgia?
Under the Law of Georgia on Accounting, Reporting and Auditing, a financial statement audit is mandatory for public interest entities and for first and second category entities. The category is determined by thresholds for assets, revenue and number of employees. For other entities an audit is voluntary.
What is the difference between an audit and a review?
The objective of an audit is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. Unlike a full audit, a review is primarily based on inquiry (with management and other personnel) and analytical procedures, rather than detailed testing.
How long does an audit take?
The timeline depends on the size of the company, the state of the records and the readiness of documents.
Can BeeWise keep our books and audit them at the same time?
No. Independence requirements prohibit providing bookkeeping and auditing the resulting financial statements for the same company. If BeeWise keeps your books, the audit is performed by another independent auditor, and we help you prepare for it.
How should we prepare for an audit?
The most important things are closed and reconciled records, inventory count reports, contracts and bank statements, and a responsible person to communicate with the auditor. At the planning stage we provide a full list of the documents required.
One hub
Other services
Tax management
- Tax Disputes
- Tax Advisory
- Tax Compliance
- Transfer Pricing
- Transactions related consultation
Finance and accounting
- Accounting Outsource
- CFO Outsource
ERP implementation and support
- Business Process Analysis and Optimization
- ERP Project Scoping and Requirements Definition
- Odoo Licenses, Implementation and Support
Need independent assurance?
Tell us about your reporting requirements and we will propose the right engagement.