What is an audit of financial statements?

In short, an audit of financial statements is a process of examining financial statements that aims to provide an opinion on whether those statements objectively and truthfully, on all material matters, present the condition of assets, equity and liabilities, business results, cash flows and changes in equity in accordance with International Accounting Standards and International Financial Reporting Standards and other relevant regulations.

According to the current regulations, the financial statements of legal entities classified as “large” and “medium” in Federation of B&H are subject to mandatory audit, as well as the financial statements of legal entities whose securities are traded or prepared for their issuance on the organized stock exchange.

Of course, an audit can also be “voluntary”, because a well-done audit can indicate certain shortcomings of the accounting system and provide a basis for its improvement.

Radius has an audit license issued by the Ministry of Finance of the Federation of Bosnia and Herzegovina, and conducts audits in accordance with International Standards on Auditing.

Of course, in addition to the “classic” audit of financial statements, Radius has significant experience in other forms of audit such as:

• Audit of projects funded by the EU or other international organizations
• Audit of individual accounts or transactions
• Revision when merging, merging, splitting and reshaping