Audit

We review your financial statements with our innovative approach

When reviewing financial statements, an accountant must provide an opinion on the reliability of the information presented in the financial statements. To provide assurance, the submitted information must be thoroughly reviewed. The accountant delves into the business processes and gathers additional information to document everything accurately. This requires the accountant to ask more questions, gain more access to documents (than before), and obtain insights into all automated systems. As a result, reviewing financial statements takes more time than compiling them.

To protect the public economic interest, it is legally required that companies meeting the audit threshold must have their financial statements reviewed. As a business, you must have your financial statements reviewed by an accountant if your company meets two of the following three criteria for two consecutive fiscal years:

The balance sheet total exceeds €7,500,000
Your net turnover exceeds €15,000,000
You employ an average of 50 or more full-time employees

Improving and enhancing traditional audit processes

In the business sector, data analysis plays an increasingly crucial role in improving various business processes, including the auditing of financial statements. Typically, financial statements are audited through sampling and manual checks. This was a time-consuming and error-prone process. At FACET, we have long believed that traditional audit processes can be improved and enhanced through the use of data. That's why in 2012, we developed an innovative approach based on data analysis. Thanks to our data(-driven) approach, we can audit your financial statements in an innovative way. This allows us to efficiently and accurately analyze large volumes of financial data, quickly identifying potential errors and discrepancies.

What can our IT tools do for your organization?

First, we will explore with you what essential information you need to map out your business model (canvas) and risks. Then, we will help you filter the desired information from the available data, using data analysis and process mining. By leveraging these methods, we can quickly conduct in-depth analyses from large amounts of data, both financially and operationally. This allows you to track every step within your business processes (who and when), and identify exceptions. This makes the bottlenecks, discrepancies, and correlations in your business processes visible. Based on this information, you can implement improvements where they are truly needed. And all of this is achieved using data that is already available within your organization's automated environment. We also use this information to audit the financial statements.

Would you like to have your financial statements audited by FACET Audit?

Experience shows that we can't make such a shift in the audit approach in just one day. It requires a different way of thinking and working. We will embark on this growth process together, and it will require an investment from both parties. However, this investment will certainly pay off, for example, through the availability of monthly analyses. Together, we will achieve the desired outcome.

Thomas Boeren

Director | Accountant

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