Delivering Confidence, Value, and Transparency
Our financial audits provide a true and fair view of your company's affairs. By deeply understanding the businesses we audit, we offer insights that enhance decision-making, ensuring compliance, value, and transparency. We strive to deliver exceptional client service, regardless of the size, scope, or sector of your business.
What do our services entail?
As regulations tighten and the business landscape evolves with digital transformation and increased competition, companies must adapt their business models and invest in new technologies. The complexity of audits and financial reporting has also grown, requiring more detailed disclosures and heightened professional judgment. TAG Consultancy understands that stakeholders demand greater assurance and value from audits. Our commitment to exceptional client service ensures that we provide trusted insights to aid decision-making for businesses of all sizes, sectors, and structures.Who needs an Audit?
- All "medium" or "large" private limited companies
- Public limited companies
- Companies licensed by the GFSC or regulated by other local agencies
- Companies whose turnover is equal to or above £1.75M (as defined by the Income Tax Act 2024)
Audit Benefits
What are the key benefits of an Audit?
Government Compliance
An external auditor can help identify areas where accounting practices are no longer in compliance with regulatory requirements. An external audit can also help pinpoint where compliance efforts may be lacking. Auditors are required to be independent and as such, provide an independent and objective opinion.
Control Weaknesses & Process Improvement
As part of our audit procedures, TAG Consultancy will understand your business model and the internal controls governing your processes. As such, we will be able to make recommendations for improving governance processes and certain process controls.
Credibility
An audit will provide users of the financial statements with confidence that the financial statements faithfully represent the financial performance and position of the Company. This means that business owners, investors, employees, lenders and other stakeholders can rely on the information presented in order to make informed decision making.
Discovers Material Errors
Errors in accounting information may prohibit business owners from the best decision-making. External audits will help business owners in correcting any material financial transactions and errors according to Gibraltar Generally Accepted Accounting Principles.
Tax Consulting
Incorrect accounting information can increase a company’s tax liability. Typical examples occur when accidently overstating income, inventory value or other assets which significantly increase the amount of taxes owed by the company.
True and fair view
This means that the financial statements faithfully represent the financial performance and position of the Company in accordance with applicable law in Gibraltar and Gibraltar Financial Reporting Standards, and that they are free from material misstatement, whether due to fraud or error.
Gibraltar Financial Services Commission (GFSC)
What authorities regulate statutory auditors in Gibraltar?
The Gibraltar Financial Services Commission (GFSC) is the competent authority for statutory auditors conducting statutory audits in Gibraltar as designated in the Financial Services Act 2019 (the Act).
The GFSC is responsible for the following statutory objectives:
- The promotion of market confidence
- The reduction of systemic risk
- The promotion of public awareness
- The protection of the good reputation of Gibraltar
- The protection of consumers
- The reduction of financial crime
All of our objectives are relevant to our regulation of statutory auditors. A statutory audit is a legally required review of financial records. The purpose of a statutory audit is to certify the financial statements of companies or public entities. An audit provides stakeholders such as investors and shareholders with an independent opinion on companies’ accounts. As a result, statutory audits contribute to the orderly functioning of markets by improving the confidence in the integrity of financial statements.
Whilst the primary responsibility for delivering financial information rests with the management of the audited entities, statutory auditors and audit firms play an important role in providing their independent opinion of the financial statements.
Statutory auditors are required to follow certain accounting and auditing standards as well as ethical requirements. When it comes to the regulation of statutory auditors the prime focus is on a high quality audit. In order to improve audit quality, it is important that the professional scepticism exercised by statutory auditors and audit firms in relation to the audited entity be reinforced. Statutory auditors and audit firms should recognise the possibility that a material misstatement due to fraud or error could exist, notwithstanding the auditor's past experience of the honesty and integrity of the audited entity's management.
Ensure Confidence and Transparency in Your Financials
At TAG, we provide robust financial audits that deliver a true and fair view of your company’s affairs while offering valuable insights for informed decision-making. Our expert team ensures compliance with evolving regulations, tailored to businesses of all sizes. With our services, you gain credibility and the assurance needed to navigate today’s complex business landscape.
Ready to enhance your financial oversight? Contact us today to discover how we can support your business!
