Audit

Audit guarantees the legality of business operations and error-free financial statements. It reviews the company's accounting, financial statement, other documents and administration for each financial period separately. An auditor approved by the Patent and Registration Office (PRH) carries out the audit and prepares an audit report at the end of it.

We recommend that you choose an auditor in time if you estimate that your company will grow quickly and exceed the limits of the audit obligation. Tietotili Audit Oy is an Auditing Society registered by the authority. Therefore, our KHT, HT and KRT auditors meet the requirements of the Auditing Act and are approved by the PRH, so you can confidently choose us as your auditors.

Why choose an auditor?

An auditor produces an audit report at the end of the audit. The purpose of this is to provide assurance that the financial statements of the company as a whole are free from mistakes or shortcomings, whether due to human error or fraud.

In addition, a quality audit is relevant in different financing situations. For example, banks, credit card companies, leasing companies, suppliers and other stakeholders use financial statements in their decision-making.

An auditor is not only needed to audit the financial statements. Their statements and certificates are needed in a wide range of situations, including share issues, takeovers, mergers, divisions, changes of company form, the removal of negative equity entries or project audits.

Although it is a legal requirement, an audit can also be useful in developing a company's finances, as it provides an objective and external view. Tietotili Audit can help you by identifying potential areas for improvement in your business. We help you to identify and manage potential risks and find practical solutions.

Photo by Scott Graham on Unsplash
Photo by Scott Graham on Unsplash

When must an auditor be selected?

An audit covers the whole financial year, but the number of audits during the financial year depends on the scope of the mandate. In the lightest cases, the financial statements and administration are audited in a single audit at the end of the financial year. In the most extensive cases, the audit process is year-round, with audits being carried out not only on the financial statements but also throughout the financial year.

Chapter 2 of the Auditing Act (TTL) defines regulations on the selection of an auditor. In general, all entities and foundations with accounting obligations choose an auditor according to the Accounting Act. The exception to this are the smallest bookkeeping-obligated businesses, who are exempted from mandatory auditing by law with certain exceptions.

An auditor is not necessary when at most one of the following conditions is met in both the completed and the preceding financial period:

The balance sheet total exceeds 100,000 €

Turnover or equivalent income exceeds 200,000 € or

On average, there are more than three people working for the company

Even if a company does not meet these conditions, it may still be obliged to appoint an auditor, e.g. under its articles of association, statutes, partnership agreement, financial terms or other law.

Tietotili Audit ensures a high-quality audit

The demands of different stakeholders for reliable and transparent financial information and operations are constantly changing and growing as the business environment and regulations change. Tietotili Audit will handle your audit and ensure that your business is able to meet growing demands, so you don't have to worry about the increasingly regulated world.

Tietotili Audit auditors offer quality, responsibility and independence. Our auditors ensure that your company's financial information, including financial statements and reporting, meets legal requirements, and is in the best interests of stakeholders. We also take into account the requirements of international auditing standards.

We are also constantly improving our processes to provide the best possible services to our customers. We combine our skilled and experienced specialists with constantly evolving technology to make our work more efficient and maintain or even improve the quality of our services. So you can choose us as your auditors with confidence.

In addition to the statutory audit, Tietotili Audit also wants to support our clients' business as a whole. We do this by offering advisory services, tax services and corporate law services.

Photo by Scott Graham on Unsplash
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