Handling Statutory Audit

All Audits are conducted in accordance with International Standards on Auditing. These standards require that the Audit is carried out in accordance with ethical requirements and is performed to obtain reasonable assurance of whether the Financial Statements are correct. Eltoma Corporate Services can provide a full range of boutique audit services through our associates in order to ensure full compliance.

Important considerations with regards to Audit:

What is involved in the Audit Process?

The major factor that is of upmost importance is the accuracy of Balance Sheet accounts. Bank Balances at year end have to be correct, basically this means that the balance of your Bank Statement should be reconciled with the balance in your books.

To comply with this, we ensure that the balance is certified in writing by the bank. Additionally, we require that Directors sign a declaration identifying any indebtedness to or from the company.

Quarterly Reporting:

Eltoma Corporate Services can provide any kind of tailored made financial management reports, either monthly or quarterly. For example, we can produce budgets which project financial results into the future based on customer feedback. Eltoma Corporate Services can also provide Feasibility Studies for launching a new business or project. These in turn can be used for obtaining bank loans or for approaching investors for funding.

Proper bookkeeping can serve as a powerful management tool. It can facilitate the production of timely and accurate management reports that provide decision makers with the data they require and therefore helps businesses become more efficient and improve their profitability as well as cash flow management.

Eltoma Corporate Services therefore strives to fully understand the nature of the clients business in order to provide exactly what they require. This is done by setting up an accounting structure that is not only suitable for compliance with the various reporting authorities but also is able to provide valuable business data that will assist the client in running the business.

Eltoma Corporate Services can provide the following services:

  • Maintenance of statutory books and records
  • Preparation of financial statements in accordance with IFRS (International Financial Reporting Standards)
  • Preparation of management accounting reports
  • Assistance in setting up computerized accounting systems for clients including training of staff in maintaining proper records and ongoing assistance on a consultancy basis
  • Preparation of annual tax computations
  • Preparation and submission of provisional tax declarations and payment of taxes
  • Preparation, submission and maintenance of VAT, VIES and Intrastat services
  • Preparation of budgets
  • Feasibility Studies
  • Payroll services including preparation and processing of monthly payroll, management payments of tax and social insurance contributions, submission of periodic tax returns.