Audits are used to thoroughly examine the entire economic activity of any business structure in an objective manner. The process of auditing is conducted to serve as an independent and detailed assessment of business processes related to risk management and control.
The main goal of audits is to provide a valuable insight into the company’s weaknesses, to identify and prevent any type of potential problems even before they occur which helps improve the overall decision-making process in terms of reducing unnecessary costs and ensuring compliance. Shareholders, investors, business partners and creditors can also obtain credible and detailed information regarding a company’s financial status.
Auditing also serves as an efficient tool to reach certain business objectives, including the verification and management of compliance policies and programs in line with the Belgian legislation and international rules and regulations in case of cross-border businesses. Audits can also ensure a clear overview of the financial and non-financial controls conducted by the company’s management because they focus on emphasizing significant weak points during the said control processes and contribute to the increase of the company’s efficiency related to all its economic activities. In addition, financial and non-financial information that is part of the auditing process is verified in terms of adequacy and outlines the real economic status of a business structure.
Auditors are responsible with ensuring compliance with the legislation and data accuracy presented in financial statements, company accounts and balance sheets, as well as proper distribution of profits by the management.
All public limited liability companies, private limited liability companies, limited companies by shares and cooperatives are required to have audits conducted by a certified auditor, when they are considered large companies, according by Belgian legislation. Under the Belgian law, companies are considered large if it has more than 50 employees annually, if the annual revenues exceed 7.300.000 euros or if the balance sheet total exceeds 3.650.000 euros. Audits are also required for companies that have a works council, usually in the case of companies with more than 100 employees.
Audit firms and independent auditors operating in Belgium must be certified by the Belgian Institute of Registered Auditors (IBR-IRE).
Our team of authorized expert auditors provides various audit services such as:
- Ordinary audits, limited audits and revisions
- Financial revisions for capital increases or reductions and financial revision for start-ups
- Compliance in case of capital changes
- Compliance with the anti-money laundering law
- Revisions and tests after mergers, acquisitions and restructurings