Auditing of financial statements

We deliver tailor made solutions for audit of financial statement

Auditing financial statements is an important part of financial reporting. Investors, creditors, customers, suppliers and government agencies are important users of financial statements and need to be able to trust the statements. With us as auditor you will receive this.

We have developed an audit method where we familiarise ourselves with the business processes and appraise these, at the same time focus on the areas where there is greater risk of errors in the financial statement. This gives us an effective audit as well as giving you as customer constructive feedback to improve your internal audit.

 

Audit creates added value

At PwC we are concerned that the audit shall provide added value for our customers through close collaboration and effective knowledge sharing. Added value is created by:

  • Increased trust in the market
  • Increased competence
  • Focus on risk and risk management
  • Improved management and leadership control

Planning of audit is mainly about understanding the risk of a financial statement being incorrect and to develop an audit plan.

In order to understand the risk we familiarise ourselves with:

  • In what industry do you operate
  • How are you positioned in the market
  • Who are your customers 
  • Who are the competitors 
  • What is your strategy
  • What are your value drivers
  • What capital structure do you have
  • How is the internal control organised
  • What owner- and management structure is in place

The above allows us identify and assess the risk of errors in the accounts, and at the same time adjust the audit making it as cost effective as possible.

 

Once risks are identified and assessed, a plan for the completion of the audit can be made. In this phase extensive testing, interviews and analysis are conducted. The aim is to accomplish an effective audit that will give trust in your financial reporting, to enter into a dialogue with the client about the quality of internal controls efforts, and ownership and management structures.

The result being that we can provide constructive feedback to improve the internal control of the company and thus increased value creation for you.

The audit of the financial statement is a continuation of the work we did in the interim phase. In this phase we, to a greater degree, emphasize on for instance the value of assets in the balance, and a final decision is made to whether the figures in the financial statement gives a true and fair view of the business over the past year. The phase is recognised by a constructive dialogue with management about the reasons for, and documentation of the various items in the financial statement.

The work results in a conclusion where the auditor gives his or her opinion on whether the contents of the final annual report are in accordance with relevant laws, regulations and standards.

Contact us

Eli  Moe-Helgesen

Eli Moe-Helgesen

Partner | National Leader Assurance , Leader Assurance Region East, PwC Norway

Tel: +47 952 60 113

Eivind Nilsen

Eivind Nilsen

Partner | Assurance, PwC Norway

Tel: +47 952 60 832

Magne Sem

Magne Sem

Partner | Assurance, PwC Norway

Tel: +47 952 60 578

Jon Haugervåg

Jon Haugervåg

Partner | Leader of Assurance Region West, PwC Norway

Tel: +47 952 61 300