Audits
Audits are a mandatory requirement for many organisations, and they are part of the exercise of sticking to regulations and financial reporting standards. Maltese businesses must meet the criteria set by the Malta Financial Services Authority (MFSA) and other applicable bodies. Our firm, Pauliana Said Accountancy and Tax Consultancy, is highly experienced in these statutory audits. Audits are an intrinsic part of examining the business’s financial health and are relevant to the investors, stakeholders and government authorities. Such audits ensure the firm complies with Malta tax authorities’ rules and helps avoid non-compliance pitfalls. Following a rigorous assessment, our auditors will provide detailed and transparent reports that meet the legal requirements and maintain the trust of different stakeholders.
Apart from statutory audits, we also provide financial audit services. Such services are requested when an independent review of the organisation is needed. In such cases, the focus is on offering an unbiased assessment of the firm’s position, covering aspects related to the financial health, and flagging any discrepancies, errors, or potential risks while suggesting areas ripe for improvement. This helps business owners and stakeholders make more confident decisions, especially in situations such as when the business is being sold or seeking new funding.
Similarly, internal audits are an essential mechanism for evaluating a company’s internal operations. Internal audits are particularly important for bigger organisations and help the business identify weaknesses and inefficiencies while ensuring that internal compliance is being met. This, in turn, helps reduce the risk of financial losses and improve overall business performance.
At Pauliana Said Accountancy and Tax Consultancy, we also conduct audits for startups and SMEs, which often face unique challenges when it comes to acquiring the trust of banking institutions and investors. Our assistance to such firms is tailored to their needs and helps them to establish sound financial practices, ensure proper bookkeeping, and identify key metrics to provide a solid foundation. Such audits are especially important when a firm seeks growth and needs to secure external financing or partnerships.
Audit reports and recommendations are only helpful if they are presented correctly to the client. Our detailed reports are prepared to be in the correct format for submission to respective authorities or parties, and they are also clear, thorough, and actionable so that the client can focus on addressing any issues. We pride ourselves on always being ready to make constructive suggestions that will help the bottom line directly by boosting profitability.
Finally, some firms need to focus more on risk management. These could be financial or operational risks that can affect the business. Our risk management report will investigate and highlight vulnerabilities and weaknesses such as limited cash flow, liquidity, mismanagement of assets, and even weak governance or fraud. Once these are identified, we will focus on helping the business find ways to mitigate the risk and handle it accordingly if it arises.