There are four types of financial audit missions which are:
Legal or contractual financial audit :
It is a mission at the end of which the auditor expresses an opinion with high but not absolute assurance as to the qualifiers of a regular, sincere, and faithful image of the accounts presented.
The objective of a limited review mission is to enable the auditor to conclude, on the basis of procedures, with a moderate level of assurance, that no significant facts have been identified which would lead him/her to believe that summary statements have not been established, in all material respects, in accordance with the primary basis of accounting identified.
Review mission on the basis of agreed procedures:
In a review mission on the basis of agreed procedures, an auditor shall implement mutually agreed audit procedures between the auditor, the entity, and all relevant third parties to communicate the findings of their work. The report recipients draw conclusions from the auditor’s work. This report is intended exclusively for parties who have agreed on the implementation of procedures, as third parties, who ignore the reasons behind these procedures, may misinterpret the results. No level of assurance is required from the auditor.
In a compilation engagement, the professional uses his/her accounting skills, and not those of an auditor, to collect, classify, and consolidate financial information. This usually leads to the synthesis of detailed information in an understandable and usable form without being bound by the obligation to monitor the statements on which the information is based. The applied procedures are not designed and intended to enable the Professional to provide assurance on this financial information. However, the users of this information benefit from the intervention of a professional who has brought the necessary skills and care for their elaboration.
No level of assurance is required from the auditor.
Why Should you Hire OAC?
To carry out its audit tasks, OAC uses its audit manual, that is based to a large extent on International Standards on Auditing (ISA) which were developed by the International Auditing and Assurance Standards Board (IAASB) and the International Federation of Accountants (IFAC).
They form a standard adopted by the European Union and many countries for the certification of annual accounts and consolidated accounts of companies and by certain international organizations for the certification of their annual accounts.
Why is OAC the best option for you?
OAC offers integrated audit services (financial audit, financial due diligence, internal audit) about the information contained in the financial or non-financial statements. We are also valued by our members for the technical knowledge that we provide, for the autonomy of our consultants, as well as for the support provided to companies in the sense of improving their work and their internal controls. We are required to provide suggestions that allow our partners’ business to increase profitability by lowering costs, including reducing the number of errors and fraud and improving operational efficiency.