Audit

Grant Thornton commits to rigorous quality procedures in order to meet the shareholders' demand for a robust and independent audit. Internal and external quality control reviews as well as regular compliance monitoring through partners within the network of Grant Thornton International put the effectiveness of our quality control procedures to the test.

International group audits require that the group auditor and the auditors of subsidiaries around the world cooperate effectively across language barriers and cultural differences because they are guided by the same approach to methodology, processes and documentation. For this reason, all member firms of Grant Thornton International apply the uniform global audit approach Grant Thornton HorizonTM, whereby the audit strategy is developed based on the particular risk factors of the audit client.

As a member firm of Grant Thornton International we are required to comply with the IFAC Code of Ethics and ISA. Our audits are therefore in line with both Austrian auditing standards and International Standards on Auditing.

Our audit and assurance services practice offers the following range of services:

• Audit of financial statements according to Austrian GAAP
• Audit of financial statements according to International Financial Reporting Standards (IFRS)
• Audit of financial statements according to United States Generally Accepted Accounting Principles (US-GAAP)
• Audit or review of interim financial statements of public interest entities

Special audits are partly mandatory as for example in connection with company formation or takeover procedures. Voluntary special audits are independent evaluations with a specific agreed-upon objective such as the examination of prospective financial information or fraud investigation services etc.

Beyond financial audits we offer the following assurance services:

• Letters to underwriters in connection with a public offering, transaction related audits
• Audits in connection with mergers, spin-offs, changes in legal form and company formation
• Systems and Process Assurance
• Fraud investigation services

Assurance related advisory services are based on the knowledge and expertise that are the staff of life of our auditors. For reasons of independence they must however not be provided to audit clients and are therefore considered as a separate category.

These are:

• Development of internal audit and risk management methodologies
• Internal audit outsourcing services
• IFRS or US-GAAP transition
• Consulting on changes in International Financial Reporting Standards
• Consolidation support and compilation of group accounts
• Assistance in the compilation of accounting manuals