AUDIT REPORTS

Our financial audits deliver a true & fair view of your company’s affairs.

Through our comprehensive understanding of the businesses we audit, we can provide confidence, value and transparency, together with the delivery of an exceptional client service.

Explore our Audit Offerings

What do our services entail?

With regulation evolving and becoming tighter than ever before, together with digital transformation and increased competition, business owners are having to become more attuned, invest in new technologies and adapt their business models.

Equally, the nature of the audit and financial reporting also continues to evolve alongside this and as such is becoming ever more complex, with the need for additional disclosure requirements and increased reliance placed on professional scepticism and judgment.

TAG Consultancy recognise that stakeholders will require greater levels of assurance and value from the audit. The reliance placed on the audit and our insights offered as trusted and professional advisors will help from several perspectives that help with decision making.

We strive to provide exceptional client service to every client, regardless of size, scope, structure or sector.


AUDIT REQUIREMENTS

Who needs an Audit?

  • All “medium” or “large” private limited companies (as defined in the Gibraltar Companies Act);
  • Public limited companies (PLC’s);
  • Companies licensed by the Gibraltar Financial Services Commission or regulated by another local regulatory agency; and
  • Companies whose turnover is equal to or above the threshold as defined by the Income Tax Act (2020: £1.25M).

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) – AUDITORS

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:

a) The promotion of market confidence;

b) The reduction of systemic risk;

c) The promotion of public awareness;

d) The protection of the good reputation of Gibraltar;

e) The protection of consumers; and

f) 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.