GCS Malta’s audit and assurance related services include
Required for regulatory, legal, or other purposes
Audit of liquidations
Carried out from the date when a company is put in dissolution until the date when the scheme of distribution is drawn up.
Assurance engagements and reviews
‘Lesser audits’ still providing a degree of assurance provider by the reviewer.
Due diligence reviews
Normally carried out for the purpose of confirming accounts provided to a buyer prior to a transfer of ownership.
Consisting of specific investigations, rather than periodic reviews. In the case of an impromptu event, an entity can call a company to determine what is not working properly in the company and what can be improved.
Concerning the examination, monitoring and analysis of activities related to a company’s operation, including its structure, employee behaviour and information system. Such audits are designed to review the company’s activities in order to identify potential threats to the organisation’s health and profitability, as well as to make suggestions for mitigating the risk associated with those threats in order to minimise costs.
Certification of government / EU / UN projects
Involves the audits or reviews of project expenditure.
Concerns the preparation and/or audit of group consolidated accounts and financial statements.
Assistance in IFRS reporting
Provides for a set of accounting standards, which are developed and maintained by the IASB (International Accounting Standards Board) in order to ensure standards are applied on a global scale.
The audit-related services, normally provided on statutory audit assignments, are the following:
- Auditing of the accounts, in accordance with International Standards on Auditing (ISA); and
- Assistance in compilation / review of the full set of Financial Statements, in line with International Financial Reporting Standards (IFRS) as adopted by the EU or in compliance with GAPSE (and of Abridged Accounts, where required), in harmonisation with the Companies Act.
All professionals within GCS Malta follow a risk-based audit approach, in all of audit services which are carried out.