Prva revizija d.o.o. - Belgrade

Prva revizija d.o.o. Belgrade provides its clients with the following audit services:

Audit of financial statements is our core business that adjusts client's specifics in the way of work and deadlines. Through the audit of the financial statements, we are familiarized with all aspects of the client's business, analyzing all the strategic issues that the management faces and pointing to the possible negative consequences that a client can encounter in his business. In addition, with the audit as a standardized business process we analyze critical areas of business and work together to improve them. Our goal is to improve the operations of the client with the audit of the financial statements, and thus, through its progress, we will realize our development. Based on our previous experience, we have proven that only through active and comprehensive knowledge of all aspects of our clients' business we can contribute to the success that the client valued, and it is a confirmation of a good business relationship.

Audit methodology

The audit process begins with a planning phase that includes the following procedures:

1. introduction with the client, his organization and business;
2. examination and assessment of the functioning of the internal control system;
3. presence of the annual stock inventory;
4. assessment of the inherent, control and detection risk based on the information collected;
5. defining the audit strategy and the method of collecting audit evidence depending on the scope and complexity of the transactions being carried out, the use of information technologies and the services of other organizations

The audit performance includes the combined use of analytical procedures and detailed testing of financial reporting positions that were identified as significant in the pre-audit phase. The aim is for the auditor to collect the appropriate amount of evidence, which is determined by statistical methods, so that with a certain degree of assurance it can form the basis for expressing the auditor's opinion on the following:

1. Does the asset or liability really exist on a particular day?
2. whether a transaction or a business event relating to a client arises in a period that includes accounting records;
3. are there unregistered assets, liabilities, business changes or undisclosure items;
4. whether the asset or liability is booked at the appropriate value in the correct amount, and the income and expenditure allocated to the correct period;
5. whether each item in the balance sheet is disclosed and classified in accordance with financial reporting framework.

By analyzing the results of the performed tests, the auditor assesses their effect on the financial statements taken as a whole. It is important to note that the audit opinion is formed on the basis of a reasonable but not complete assurance of the truthfulness and objectivity of the financial statements as a result of sample-based testing.

The reporting phase involves the creation and submission of a draft audit report and discussion with the client's management, followed by the issuance of a final audit report.

The auditor's opinion, depending on the audit findings, can be unqualified, qualified, adverse and disclaimer of opinion. We suggest to our clients discussion of potentially disputable issues before concluding a ledger as a minimum the implementation of a part of the audit procedures. In case of identifying the weaknesses in the internal control system, we will prepare the management's letter with recommendations for removing the identified deficiencies.

Since our auditor is our client for the whole year, our business relationship does not end with the issuance of the Auditor's Report and the Letters to the management, but it continues to monitor the elimination of the deficiency that we detected during the audit and advice to the management of the company