AUDIT
At Auditaxes Panama, we have trained personnel to conduct financial statement audits, review reports and compilations, agreed-upon audit procedures, limited reviews of financial statements, and internal audits, based on a review and analysis methodology of the assignment in accordance with International Audit Standards (IAS) and quality, identification, risk management, and compliance with current legislation for the activity, communication procedures with stakeholders, and proper documentation of the internal control assessment, tests performed during the engagement, and respective working papers that meet quality standards.
Financial statements audit
The objective is to provide an independent audit opinion, aimed at promoting credibility in the financial statements. The audit service can go further and provide value by integrating the audit of the financial statements with other high-quality professional services.
Review reports
A review primarily consists of inquiries made with management and company personnel and analytical procedures applied to financial data, which provides a reasonable basis to express with limited certainty that no substantial modifications need to be made to the financial statements for them to be presented in accordance with International Financial Reporting Standards and Generally Accepted Accounting Principles.
Compiled financial statements
These services do not constitute a financial statement audit in accordance with international auditing standards. A compilation is limited to presenting, in the form of financial statements, information that constitutes the representation of Management.
Limited reviews of financial statements
A review primarily consists of inquiries made with management and company personnel, along with analytical procedures applied to financial data, providing a reasonable basis to express with limited certainty that no substantial modifications to the financial statements are necessary for them to be presented in accordance with International Financial Reporting Standards and Generally Accepted Accounting Principles.
Previously agreed audit procedures
This service consists of the performance of specific audit procedures previously agreed upon with management. The objective of a work with agreed procedures is for the auditor to carry out audit procedures of a nature that have been agreed upon by the auditor, the entity, and any appropriate third parties, reporting on the results.
Internal audit
Being able to keep track of everything related to process and risk management in companies is the mission of internal auditing; likewise, to serve as a control instrument for financial activities.
