Accounting Audit and Review: How to Know Your Books Are in Order
An independent assessment of the accounting and the accounting team's work
Go to the Voluntary Audit serviceChecked against the official source:
Owners usually learn about accounting problems at the worst moment — during a tax inspection or when the chief accountant leaves. An independent review lets you see the real state of affairs in advance and without conflict.
The work is carried out as a voluntary (initiative) audit under Article 36 of Law ZRU-677 "On Auditing Activity" — with a scope you agree to fit your task.
Accounting review vs mandatory audit
A mandatory audit (Article 35 of ZRU-677) is the annual audit of financial statements for JSCs, banks, large companies and others. A review of the books commissioned by the owner is a voluntary engagement (Article 36): the client defines the scope and areas (Article 38).
Owner's checklist
- reconciliation of settlements with the budget in the taxpayer's personal account — any arrears or overpayments;
- reconciliation statements with key counterparties;
- overdue receivables and advances;
- filing deadlines: VAT by the 20th, turnover tax and personal income tax by the 15th, annual financial statements by March 1;
- e-invoices (ESF): whether all incoming ones are accepted and all outgoing ones issued.
When it is worth reviewing the books
- The chief accountant is leaving or has just taken over
- One person has kept the books for a long time without external oversight
- Reports are filed late or constantly adjusted
- Accounting data differs from actual balances
- The company has moved to outsourcing and the handover point needs to be fixed
- There are doubts about the qualifications of the accounting team
What the review shows
- Compliance of the books with national accounting standards (NAS) and the company's accounting policy
- Correct calculation of taxes and completeness of their recording
- Existence of balances for cash, bank, inventories and settlements
- Timely and complete recording of primary documents
- Areas where the risk of error is systemic rather than one-off
Handover when the chief accountant changes
A separate, common task is to record the state of the books at the handover date. Without this, the new accountant answers for someone else's mistakes, and no claim can be made against the previous one. The review produces a document recording what was handed over and in what condition.
What to do with the findings
Errors found before inspectors arrive are corrected by the company itself. Afterwards it is too late: under Articles 136–143 of the Tax Code, inspection findings lead to additional assessments, and the tax authority may examine a period within the limitation period under Article 88.
Review the state of your books
We will define the review scope for your task and give you the timeline and fee before work starts.
Go to the Voluntary Audit serviceFrequently asked questions
Will the accountant know they are being reviewed?
The review requires access to the accounting database and primary documents, so it cannot be fully hidden. In practice it is usually framed as scheduled work decided by the owner.
How long does it take?
One to three weeks — depending on the volume of transactions, the number of areas and the state of the documents.
Can only one area be reviewed?
Yes. Reviews are often limited to taxes, settlements with counterparties or payroll — the scope is fixed in the contract.
How can I check my accountant's work myself?
Reconcile settlements with the budget in the personal account, check reconciliation statements with counterparties, filing deadlines and the status of e-invoices.
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