Special-purpose audit

The subject of a special-purpose audit can be practically any part or indicator of the financial and economic activity.

The aim of a special-purpose audit is an expression of opinion about the accuracy of auditing part or the indicator of the auditee, as well as the compliance of its calculation forming of requirements of the legislation of the Republic of Belarus.

A special-purpose audit can be conducted:

• on the request of the owner, the executive body or a potential investor;
• at the changing of director or chief accountant;
• at the purchasing of an enterprise;
• at the reorganization (liquidation) of an enterprise.

Under terms of the contract on a special-purpose audit, there are can be rendered following services:

• the audit of the composition and value of the company as a property complex;
• audit of investor's financial condition;
• the audit of the actual formation of the statutory fund of the legal entity (foreign company, free economic zone (FEZ) resident);
• the audit of the internal control system and efficiency of its functioning;
• the audit of a joint venture, i.e. the joint project of several organizations is subject to the audit;
• the audit of securities, a foreign economic activity and other separate financial and economic operations;
• the audit on proper use of funds;
• the accuracy of salary accounting and salary payments, and social payments;
• the accuracy of accounting and forming of receivables and account payables;
• the analysis of labor resources, labour supply of the organization;
• the verification of staff discipline, and compliance with labour law;
• other special tasks that are necessary to the Client.

The content, type and volume of tasks, as well as the form of presentation of audit results are preliminary discussed in a requirements specification.

A requirements specification can provide for the execution of the following works:

• the audit of certain accounting items;
• the analysis of efficiency using of financial and material resources;
• a legal and economic analysis of contracts, regulating civil-law relations;
• the implementation of complex inspections of property and obligations;
• the analysis of the state of receivables and account payables.

The result of a special-purpose audit is drawn up, as a rule, as a report with a detailed description of the conducted audit procedures, detected defects (violations) and recommendations on their correction.