To measure is to know...
... the saying goes. But every analysis stands or falls, of course, with correct and complete figures. In order to obtain them, you need an approved auditor. Audits are mandatory for larger organisations, but even as a small association or family business you gain assurance and comfort with an audit.
Let's talk audit!
What is an audit?
Auditing is checking your organisation or a specific part of it. You can hire an external auditor for a completely independent audit of your business operations and processes.
Read more about the added value an audit can offer your company in this blog post.
Auditor: a quality label
Registered auditors operate on the basis of internationally established regulations. Only persons or entities (e.g. audit firms) affiliated to the Institute of Registered Auditors may carry out revision assignments. With 15 registered auditors and more than 500 audit mandates, we are one of the largest audit players in Belgium.
Read more about the functions of an auditor in this blog post.
Our auditor always prepares the audits at the office with his team. Afterwards, his employees come on site and carry out sample checks. I am always impressed by the precision with which they work
What does a registered auditor do?
You can hire a registered auditor for various forms of financial auditing:
In a statutory audit, your annual accounts are audited and attested by a commissioner, a company auditor who is mandated to carry out this task in your company.
After his audit, he reports his findings in the audit report. At VGD you will also receive a management letter that will be discussed during a closing meeting.
The management letter is a report:
- provides recommendations to avoid or reduce risks or errors,
- proposes corrections if material errors are found,
- provide insight into the financial performance of your company (e.g. KPIs, gross margin, EBITDA, actual tax rate, cash flow, various ratios, etc.).
Read more about the added advantages of a statutory audit in this blog post.
You can also call in our auditors for:
- a limited review: a limited review of your financial statements
- instruction to carry out agreed upon specific activities ('agreed upon procedures')
- contribution in kind
- the splitting of a company
- due diligence
- financial analyses and feasibility studies
- financial consolidations (whether or not in accordance with IFRS)
- internal audits
- risk management
VGD's strong sector and business knowledge is invaluable to us. Nathalie and Peter always draw the right conclusions. We understand each other extremely well. The fact that VGD, just like ECS2XL, is a company with a family character probably largely explains the click we have
More than an auditor
An auditor may be independent, but he is so much more than an 'auditor'. Our auditors also serve as your sounding board and sparring partner for financial issues. Their analyses help you make business decisions and give direction to the further growth of your company.
Our auditors have experience in all types of companies and associations. They are always supported by VGD specialists in the field of tax, legal, environment, subsidies, VAT, HR and IT.
The family-owned electrical goods chain Eldi chose VGD as its audit partner a few years ago. “VGD is well and truly at home in the SME sector”, says director Steven Vermeeren. “That’s a big plus for a company such as ours”.
The Council of Ministers decided on 20 March that force majeure will be accepted for all employers affected by the coronavirus.
For large organisations, the audit of the financial statements is part of life. By contrast, many SMEs are not required to bring in an auditor, and only a minority do so, in fact. Unknown is unloved, it would seem.
When the auditor performs an audit engagement, he tests the information that is provided to him against a number of criteria. He then makes a pronouncement about its reliability. The audit report has a fixed structure that is established by law.
Based in West Flanders, the family business Koddaert has grown over the decades into a global player in the steel trade. The steel producer has been using the services of the same auditor for years to audit its stock and its accounts. ‘Even when the evaluation is positive, we receive new points for improvement.’
An external company auditor reviews a certain aspect of your business operations and then reports on it. For many organisations, the annual audit of the financial statements is required by law, but auditors are also called in by other businesses for their expertise.