Malta Audit Coordination

Malta audit coordination is a crucial aspect of running a business in Malta. Essentially, companies must prepare their accounts following international standards and comply with the Malta Companies Act. Therefore, it is essential that statutory audits are coordinated and that the required financial statements are drafted accordingly.

Endevio works with businesses of all sizes, from start-ups to large corporations, and can tailor our services to meet your needs. Specifically, we can assist you in audit coordination by providing a centralised point of contact, scheduling and coordinating audit matters, ensuring that you have the necessary information and documents, reviewing and consolidating audit findings, and developing an action plan to address any areas of concern.

Learn more about:

• Preparation, Audit, and Submission of Financial Statements
• GAPSME and IFRSs Compliance
• Company Audit Coordination

Malta Audit Coordination Services include:

1. Preparation, Audit, and Submission of Financial Statements

The audit is a critical step in any company’s financial statement process. Notably, every limited liability company based in Malta must undergo an annual review. The review is done by qualified accountants following Maltese laws and international accounting standards. Audited financial statements must be filed with the Registrar of Companies. Fundamentally, proper preparation and audit of financial statements are essential in identifying areas needing improvement and making the necessary changes.

2. GAPSME and IFRSs Compliance

Financial statements of Small and Medium Entities (SMEs) must comply with the General Accounting Principles for Small and Medium Entities (GAPSME). Additionally, SMEs may also prepare financial statements according to the International Financial Reporting Standards (IFRSs) adopted by the European Union. Primarily, the company’s Board of Directors must pass a resolution so the SME can prepare financial statements according to the IFRSs.

GAPSME is only applicable to entities that meet two out of three of the following eligibility criteria:

Large and public interest entities (PIEs) must prepare their financial statements according to the IFRSs since the GAPSME does not apply to them.

Presentation and Disclosure Requirements for SMEs

Small and medium-sized entities are required to present and disclose the following documents pertinent to their financial statements.

For Small Entities:

1. Balance Sheet
2. Income Statement
3. Notes to Financial Statements

For Medium Entities:

1. Balance Sheet
2. Income Statement
3. Notes to Financial Statements
4. Directors’ Report
5. Statement of Changes in Equity
6. Statement of Cash Flow

3. Company Audit Coordination

The audit can be a tedious process, especially if the process is not adequately planned and executed. Essentially, coordination between auditors and management is essential to ensure that the audit process runs smoothly. Furthermore, effective communication with all auditors, management, and staff is critical to managing audit coordination effectively in Malta. Moreover, expectations and deliverables from all stakeholders must be established. Finally, a timeline and action plans are necessary to keep the audit process on track.

In conclusion, from the initial stages of preparing your financial statements to ensuring that the audit process is in line with regulatory and international standards, we want to make the Malta audit coordination process as smooth and efficient as possible. Endevio strives to streamline the audit process, making it less time-consuming and more manageable for our clients.

Learn about Malta IT Auditing and Assurance for your business.