In the sole proprietorship (sole trader) a key role has the owner, who often conducts his business and keeps up with the financial data. While the audit confirms the compliance of the financial statement with the regulations, for both the owner and external recipients (such as banks or the licensing authorities).

A particularly important aspect in the case of joint-stock companies is independent confirmation by the statutory auditor of the correctness of the data reported in the financial statement for the shareholders, as they can lay on the financial statement examining the financial standing of the company.

The basic principle in AUDITANCE is the direct participation of the statutory auditor at every stage of the audit.

Additionally, we pay special attention to proper reporting of any weaknesses in the internal control system. 

We put excellent communication and friendly cooperation in the first place. 

Posivite auditor’s assesment of the financial data of a limited liability company, apart from the benefits of the audit for the company itself, makes the corporate financial data more reliable for their shareholders and other exteranl recipients.

The audit of the financial statements by a statutory auditor is mandatory for:
1)  financial institutions;
2) joint-stock companies;
3) other entities which, in the previous financial year, met at least two of the following conditions:

• average annual employment converted to full-time jobs were at least 50 people,

• total assets of the balance sheet at the end of the financial year was the equivalent in Polish currency of at least 2,500,000 euro,

• net revenues from the sale of goods, products and financial operations for the financial year were the equivalent in Polish currency of at least 5,000,000 euro;

4) in certain situations (acquisitions, company formation, etc.).

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• independent confirmation of the correctness of the reported data;

• confirmation of the compliance of the financial statement with the applicable regulations and accounting standards;

• independent verification of the internal control system allowing to address the existing gaps and weaknesses;

• use of the sector knowledge and experience of the statutory auditor in the preparation of the financial statement;

• increasing the recipients' confidence in the financial statements.

Companies that are not subject to this obligation also often choose to perform voluntary audits due to the benefits of doing so.

Choosing an audit company and signing audit contract should take place in a timely manner in order to ensure participation of the statutory auditor in the inventory of significant assets.
Selection of an audit company is carried out by the body approving the entity's financial statements, unless the statute, contract or other legal provisions binding on the entity provide otherwise.