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Audit
The audit, as defined in the Audit Law, represents independent examination of financial statements or consolidated statements and financial information, in order to express an opinion on their fairness and objectivity and the accordance with the ruling accounting framework.
Who can perform the audit?
According to the Audit Law, the audit can be performed by a company registered for audit or by a certified auditor – sole proprietor under conditions established by the Law and the Law on trade companies.
In order to perform the audit, each company registered for audit or certified auditor - sole proprietor must have a working license issued by the Ministry of finance of the Republic of Macedonia or by the Council for promotion of the accounting and auditing as it is prescribed by the latest Audit Law. The list of firms in Republic of Macedonia which have received such working license are published on the web site of the Institute of certified auditors of the Republic of Macedonia (IORRM).
Which companies are obliged to issue audited financial statements?
According to article 478 of the Law on trade companies (LTC) the following companies are obliged to issue audited financial statements:
- Large and middle size companies*) established as joint stock companies;
- Listed companies and
- Large and middle size companies established as companies with limited liability
*) Middle size companies are companies that during their last two periods, or in their first period of operation have fulfilled at least two out of three following criteria:
- The average employee number based on the working hours parameter up to 250 workers;
- Annual revenues larger than 2,000,000 Euro but not larger than 10,000,000 Euro, equivalent in MKD;
- Average value (at the begging and at the end of the period) of the total assets larger than 2,000,000 Euro but not larger than 11,000,000 Euro, equivalent in MKD.
*) large companies are companies that are not classified as micro, small or middle size companies, or companies with criteria above those for middle size companies.
The audit of the financial statements must be performed not later than one month prior to the annual shareholders assembly meeting.
All the companies obliged to issue audited financial statements according to LTC, not later than 30 days after their approval and not later than June 30, should deliver their financial statements together with the Auditors` report to the Central registry of RM. If this is not respected there are some penalties like money penalties for the company and the employee in charge, as well as some measures like suspension for operation during three months up to one year. |
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Other assurance services
According to client’s request, besides audit, the company provides other assurance services, such as review engagements, agreed-upon-procedures engagements and other. |
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Consulting services
Tax, financial and other consulting services to customers (except services to customers where the company performs audit, according to the Law on audit and the Code of ethics of professional accountants in public practice). |
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Equity Valuation
Performing services for valuation of equity or assets of companies (clients) based on demands of the clients themselves for different purposes (disposals, restructuring, establishing fair value and similar.) |
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Forensic accounting
Providing services for expert opinion either requested by the court, companies or people regarding different credit-debit disputes. |
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