AUDIT ACTIVITY

Auditing takes place through a set of procedures aimed at gathering the elements which consent the formulation of an independent professional opinion on a company's financial statement.

The evaluation of the degree of reliability of the internal control systems is an essential phase in determining the audit procedures to use.

The audit phases are:
Knowledge acquisition: understanding the activity of the Company, its organisational structure, operating characteristics and critical areas;
Preliminary and interim phase: analysis of administrative auditing procedures;
Final phase: audit of financial statements; analysis of critical matter and issue of the Auditor's opinion.


This activity is aimed at obtaining information about, and the analysis of, administrative procedures and internal control systems.

Such analyses are extremely useful for improving both the controls and internal organisation of the Company.

Furthermore, this activity enables the definition of issues by cause and proposes solutions.

Auditing services
> Auditing of trial balances, stand-alone and consolidated financial statements;
> limited review or agreed-upon pocedure audit;
> periodic review on book keeping;
> opinion on, and evaluation of the correctness of financial transactions and feasibility studies;
> monitoring of, and reporting on the conformity of projects with laws, including those funded from public funds.

The audit may be extended as required by articles 2409 and following of the Italian Civil Code.

Accounting services
> Study and evaluation of internal control systems;
> assistance in resolving technical - accounting problems;
> assistance in the preparation of stand alone and consolidated financial statement (both statutory and management);
> evaluation and planning of accounting and management procedures and of administrative control systems;
> analysis and evaluation of accounting principles used;
> analysis of the impact of transition to IAS / IFRS.

Transaction support
The Audit activity is often part of operations such as mergers, acquisitions, disinvestments, management buy - ins and buy - outs, leverage operations, company and debt restructuring.
In these situations, REVIPROF undertakes financial forecasts, preparation of pro-forma financial statements (over several years if required), highlighting the inherent risks present in the company's fields of operation, relations with banks and financial institutions, support and advice in negotiations.

Due Diligence
This activity includes an analysis of the characteristics of the business through the gathering of information from the management on: company strengths and weaknesses, financial and asset forecasts, position in the market with regard to competitors, and other useful information in the evaluation of the business.
It is also directed at an analysis of the financial and economic situation of the Company included in the final report.
At the end of the engagement a report is released containing details of the work carried out and REVIPROF's professional opinion

Agreed-upon procedures
The Client may require a specific audit on a specific area of the financial statement or of the internal control systems.
Although these procedures are limited to defined areas, the aim is to gather the necessary information to focus attention on significant issues. At the end of the engagement a report is released containing details of the work carried out and REVIPROF's professional opinion.