Assurance services
Audit
Molnár & Partners Könyvvizsgáló Kft. uses its own methodology (the Unified Audit Methodology (EAM)), which aims to provide its audit services to its partners with the appropriate expertise and security. Our methodology was developed taking into account the requirements of the Hungarian National Auditing Standard (MNKS) and the International Standards on Auditing (ISA).
We place a strong emphasis on hiring and developing highly skilled professionals and on gaining a full understanding of the industry. We build our audit teams considering these values in our audits.
In designing the EAM, particular emphasis has been placed on addressing security concerns, based on the management of confidentiality agreements and related access. We have the most secure data collection channels available. In addition, our company even controls access for its own employees, so they only have access to the data they are assigned in predefined plannning.
In order to improve the efficiency of our Audit Services, we perform dynamic audits, which are carried out by our own digital data processing department (Audit Back Office -ABO). ABO performs many automated analyses during our audits. The audit tools we develop help you to process large amount of data in a short time. We work with completely raw digital data, so less time is required for clients to provide data, increasing audit efficiency.
Steps of the Molnár & Partners Unified Audit Methodology (EAM)
1. Acceptance of assignment and scheduling
The completion of the administrative tasks related to our Client (conclusion of the contract, identification of the Client, registration of the Company in our systems) is a prerequisite for the preparation of the planning. After the administration, we determine the audit schedule, the exact time of the pre- and official audit, as well as the deadlines for the preparation of the audit opinion and the group report, according to our client's needs in the scheduling phase.
2. Defining risk areas
Our main objective during the pre-audit is to get to know the operation of the company, the controls built into the given processes and to identify the risk areas. The results of these tests have a great impact on the extent of the official audits. During the pre-audit, we seek to analyse the economic transactions which took place or are in progress in the early period of the financial year, thus we are able to remind the company of the possible risks. Based on the risk assessment activities, we prepare the planning documentation which defines the areas that are the main audit points of a given year.
3. Auditing processes and tests
During the examination of the annual accounts, our staff are already involved in the process of compiling the accounts to help prevent questions and problems arising during the closing process. The methods, procedures and techniques used in the audit work are based primarily on Hungarian auditing standards and international and financial auditing standards. Effective testing is based on the use of computer-based data analysis techniques. In the event that discrepancies or inconsistencies are identified, we will report them to the Company and, if necessary, extend our audit with additional tests.
4. Conclusions
Based on the evidence of the audit, we form our opinion and develop the independent audit report.
We also come to a conclusion in some highlighted areas such as legal and law-cases, risk of fraud and taxation-related questions.
If some weaknesses or shortcomings are discovered in the internal controlling and accounting system during our audits, we remind the company on these risks in a management letter, and we try to contribute to the development of the company’s internal processes by offering some constructive proposals.
Thanks to the continuous training of our experts and our quality assurance system, we guarantee that the audit is in accordance with the professional standards and high-standard.
Contact:
Péter Gulyás
Partner