An audit of financial statements is today not only an obligation, but a real protection for the management board and partners against errors and liability. At the EFEKTA accounting office, we coordinate the audit of financial statements in cooperation with the auditing firm savaPartners sp. z o.o., combining solid accounting with the work of an experienced statutory auditor.

Looking for a statutory auditor? You’ve come to the right place!

Choosing the right accounting office is the key to your company’s success. We offer an individual approach to every business entity, regardless of the size of net revenues or the scope of activity. From maintaining accounting accounts to detailed reporting – we support our clients at every stage. Entrust us with running your company, and you will see that full accounting can be simple and hassle-free.

Most important benefits of auditing financial statements with EFEKTA and savaPartners

Effects for your company

The most important effects for your company:

• peace of mind for the management board and partners – independent confirmation of the reliability of the report,
• lower risk of disputes with supervisory authorities, banks, investors, and contractors,
• better image in the eyes of financing institutions and the capital group,
• support in organizing the books before the audit – EFEKTA prepares, savaPartners audits,
• predictable process and deadlines – a clear schedule of actions and required documents,
• access to the knowledge of a statutory auditor – identification of risks and areas requiring improvements,
• handling of both Polish regulations and IFRS/IAS.

Audit of a financial statement – what does it consist of and why is it done?

An audit of a financial statement is an independent verification of whether the statement reliably and clearly shows the property and financial situation as well as the result of the company.

A statutory auditor checks the compliance of the statement with the Accounting Act, the adopted accounting policy and – if applicable – IFRS/IAS.

In practice, this means an analysis of:

• accounting books and entries,
• source documents and contracts,
• valuations, provisions, disclosures in the additional information,
• key financial processes and the business environment.

The goal of the audit is not “catching errors,” but assessing whether the financial statement is reliable for owners, banks, investors, contractors, and supervisory institutions. At the end, the statutory auditor issues an opinion from the audit of the financial statement.

Benefits of cooperation with EFEKTA

1. Security and peace of mind
   With us, you do not have to worry about errors or changing regulations. A dedicated accountant will take care of every detail, eliminating the risk of penalties and audits.
2. Time for business development
   We take over all accounting duties, which allows you to focus on developing your company.
3. Individual approach
   Every client is a priority for us. We offer solutions tailored to your industry, scale of activity, and specific needs.
4. Cost optimization
   Our services are a cheaper and more effective alternative to hiring an internal accounting department.

Who has the obligation to audit financial statements?

Obowiązek badania sprawozdań finansowych dotyczy m.in. określonych w ustawie spółek kapitałowych, The obligation to audit financial statements applies, among others, to capital companies specified in the act, financial institutions, and entities meeting the statutory size thresholds.

Primarily taken into account are the total assets, sales revenues, and average annual employment.

As a rule, the following are subject to audit, among others:

• annual consolidated financial statements of capital groups,
• statements of banks, insurance companies, and other entities from the financial sector,
• statements of banks, insurance companies, and other entities from the financial sector,

Supervision over the quality of audits of financial statements in Poland is exercised by the Polish Audit Supervision Agency (PANA) – a public institution responsible for supervision over the audit market: [Polish Audit Supervision Agency – PANA]

Are you not sure if your company must subject its statement to an audit? We will analyze your data and regulations – we will clearly tell you whether the obligation to audit financial statements applies to your company.

Voluntary audit of a financial statement – when is it worth it?

It is also worth commissioning an audit of financial statements voluntarily, even when the company does not exceed the statutory thresholds.

It is a simple way to increase credibility and organize finances before important business decisions.

A voluntary audit of financial statements is particularly beneficial when:

• the company is growing rapidly, and the management wants to be sure that accounting and control processes are keeping up with the scale of the business,
• you plan to obtain bank financing or an issue of bonds,
• you are preparing the sale of shares or the entire company,
• you report data to a dominant entity in a capital group.

The statutory auditor as a partner of the management board, not just a controller

A professional statutory auditor is a consulting partner of the management board – they indicate risks and suggest improvements instead of focusing exclusively on formal control.

Cooperation between EFEKTA and savaPartners is based on a dialogue with the management, and not on “hunting for errors.”

In the course of the audit, the statutory auditor:

• analyzes numbers, but also the business environment of the company,
• assesses the quality of financial and control processes,
• draws attention to areas that may generate tax, legal, or image risks,
• formulates practical recommendations – instead of general conclusions.

Thanks to this, the audit of financial statements can realistically support the management board in making decisions regarding investments, financing, organizational changes, or the implementation of additional internal controls.

Scope of statutory auditor services – what can we do for your company?

EFEKTA’s partner – savaPartners sp. z o.o. – is an auditing firm offering a full range of statutory auditor services. The audit of financial statements is only part of our joint offer.

Wojciech Barańczuk is an experienced statutory auditor and expert in the field of audit and financial consultancy. A graduate of the Warsaw School of Economics in the field of Finance and Banking, he has been involved in the audit industry since 2006. He worked in the audit and consulting departments of firms belonging to the so-called “Big Four” (KPMG, Deloitte), where he performed audits and reviews of financial statements of companies and capital groups reporting in accordance with national and international accounting standards.

He has many years of experience in conducting due diligence projects, valuations, and financial analyses. For 3 years he worked in the reporting department of the listed company Cyfrowy Polsat S.A., and for nearly 2 years he served as a specialist in the accounting services center of the Maersk Group. He was also a co-founder and member of the management board of the accounting office Warsaw Business Consulting.

Since 2016, he has served as a member of the Management Board at SavaPartners Sp. z o.o., with which Efekta cooperates in the scope of advisory and audit projects. He is fluent in English.

As part of the EFEKTA & savaPartners cooperation, we propose, among others:

• audits and reviews of individual and consolidated financial statements (Accounting Act and IFRS/IAS),
• audit of the plan for transformation, merger, and division of companies,
• verification of historical data for prospectuses,
• other assurance services related to the introduction of financial instruments into trading,
• audit of valuations of contributions in kind to fair value,
• audits of EU projects and programs,
• projects in the field of internal financial and operational audit,
• other services reserved and not reserved to the exclusive competence of a statutory auditor, designed for your needs. Want to see how an audit fits into broader accounting service? Check our Accounting Service.

Want to see how an audit fits into broader accounting service? Check our Accounting Service.

What does the process of auditing a financial statement look like step by step?

The process of auditing financial statements is organized and predictable – from planning, through tests, to a report with conclusions.

EFEKTA takes care of data preparation and operational contact, and savaPartners is responsible for the substantive audit as a statutory auditor.

Typical course of the audit:

1. Setting the scope and schedule – we discuss the company’s specifics, risk areas, work dates, and the list of required documents.
2. Preliminary review – analysis of the statement, the entity’s structure, accounting policy, contracts, and internal control.
3. Actual audit – detailed tests, confirmations of balances, analysis of transactions, verification of valuations and provisions, review of disclosures.
4. Communication with the management – passing on comments, discussing irregularities, proposals for corrections.
5. Opinion from the audit of the financial statement – and, if necessary, a letter to the management with recommendations for improvements.

Want to know what this process would look like in your company? Contact us – we will show an example schedule and a list of data we will need.

Most common problems revealed during the audit of financial statements

An audit of financial statements often reveals recurring errors in the books and gaps in procedures.

The earlier they are identified, the easier it is to limit their financial and organizational effects.

Most common problems detected by a statutory auditor:

• incorrect classification of leases, credits, and loans,
• errors in recognizing revenues and costs (e.g., in long-term contracts),
• incorrectly established provisions (e.g., for disputes, employee benefits, deferred tax),
• gaps in documentation of valuation of inventories, fixed assets, and intangible assets,
• incomplete disclosures in the additional information,
• accounting policy inconsistent with regulations or the company’s actual way of operating.

Such irregularities may result in corrections of the statement, tax risk, or loss of trust from financing institutions. Auditing the financial statement allows them to be caught and organized with appropriate lead time.

Most common concerns of the management board before auditing the financial statement

Many managers fear that auditing financial statements will block the work of the accounting department or “discover too many problems.”

In reality, a well-planned audit helps organize processes without paralyzing current activities.

Most common doubts and our answers:

• “The auditor will be on the side of the office, not ours” – the statutory auditor is independent, but their role is not reporting to the authorities, but a reliable assessment of the statement.
• “We don’t have perfect order in the documents” – that is exactly why it is worth starting cooperation; we will help organize the books before the audit.
• “It is just an additional cost” – auditing the financial statement reduces the risk of much higher costs: corrections, penalties, loss of financing, or investor trust.

Want to talk about your situation and real risks? Call us – we will look at your numbers and procedures from the perspective of a statutory auditor.

Why EFEKTA and savaPartners – how do we work with the Client?

EFEKTA maintains the accounting and prepares the financial statements, and savaPartners – as a statutory auditor – conducts their audit. You have one point of contact and a team that understands both daily accounting and audit requirements.

---

---

Clients value us for:

• consistency between accounting and the audit – we work so that the statement is “ready for audit,”
• contact with one supervisor in EFEKTA, who coordinates the cooperation with the statutory auditor,
• practical approach to auditing financial statements – we focus on significant risks, not on minor formalities,
• experience in serving LLCs (spółka z o.o.), JSCs (S.A.), PJSCs (PSA), family firms, and entities reporting according to IFRS/IAS.

Do you want to commission us with the coordination of the audit of the financial statement of your LLC or JSC?

Write to: biuro@efekta.waw.pl
or call us: +48 22 403 40 98, +48 604 501 507.

When to commission the audit of financial statements and how long does it take?

It is worth signing the contract for the audit of financial statements with a statutory auditor before the end of the financial year or at its beginning.

Thanks to this, you can calmly prepare the data, avoid rush, and book a convenient audit date.

The duration of the audit depends on:

• the size and complexity of the activity,
• the state and completeness of documentation,
• the number of locations and systems,
• the scope of additional work (e.g., audits of projects, verification of valuations of contributions in kind).

Constant cooperation with EFEKTA means that we solve most accounting issues even before the auditor enters – the audit of the financial statement itself then proceeds much more efficiently.

How much does an audit of financial statements cost?

The cost of auditing financial statements depends on individual parameters – the scale of the business, the complexity of transactions, and the scope of expected work. The valuation is always prepared individually, after a short conversation and getting acquainted with the basic data about the company.

When determining the price, we take into account:

• the number of entities and locations,
• the financial and accounting systems you use,
• specific requirements (e.g., group reporting, prospectuses, project audits),
• completion deadlines (standard or accelerated).

Want to know the approximate cost of auditing a financial statement in your company? Write us a few words about the scale of the activity – we will prepare a proposal of scope and price.

---

---

---

---

---