Audit Assistance Services in Malta

What Our Audit Assistance Service Includes

The statutory audit process can be demanding on a business, requiring extensive documentation, reconciliations and management time. At Said Accounting, Steve Said provides comprehensive audit assistance services that prepare your company thoroughly for the audit, minimise disruption to your operations and ensure the process is completed as efficiently as possible. While we do not perform audits ourselves, maintaining our independence as your accountant, we work closely with your appointed auditors to facilitate a smooth and timely audit engagement.

Our audit assistance service covers every aspect of audit preparation. We begin by compiling and organising all the documentation your auditors will need, including the complete financial statements, trial balance, detailed account schedules, bank reconciliations, fixed asset registers, aged debtor and creditor listings, stock records, payroll summaries and tax computations. Each document is prepared to a standard that auditors expect, reducing the number of follow-up queries and the overall duration of the audit.

We also prepare detailed working papers that support every significant balance and transaction in the financial statements. These working papers include reconciliations of all bank accounts, schedules of accruals and prepayments, depreciation calculations, intercompany transaction summaries and related party disclosures. By providing comprehensive working papers upfront, we help the auditors complete their work more quickly and cost-effectively, which often translates to lower audit fees for you.

Throughout the audit process, Steve acts as the primary point of contact for your auditors. He handles audit queries, provides additional information as requested and resolves any issues that arise during fieldwork. This single-point-of-contact approach ensures clear communication and prevents the confusion that can occur when auditors are directed to multiple people within the organisation for different queries.

Who This Service Is For

Our audit assistance service is designed for any Maltese company that is subject to a statutory audit. Under the Companies Act (Cap. 386), most companies in Malta are required to have their financial statements audited by an independent registered auditor, although certain small companies may qualify for an audit exemption based on size criteria. If your company exceeds the thresholds for turnover, total assets or average number of employees, or if it operates in a regulated industry, an audit is mandatory.

This service is particularly valuable for companies that do not have an in-house finance team or whose finance staff lack the time or expertise to manage the audit preparation process. Small and medium-sized enterprises often find that the audit creates a significant workload burden on their limited administrative resources. By engaging Said Accounting, you effectively outsource the entire audit preparation function to an experienced ACCA-qualified professional who understands exactly what auditors need.

We also assist companies that have experienced difficulties with previous audits, whether due to delays, excessive audit fees, qualification of the audit opinion or strained relationships with auditors. Steve's experience on both sides of the accounting and audit relationship means he understands what drives these problems and how to prevent them. A well-prepared audit file is the single most effective way to ensure a smooth, timely and cost-effective audit.

Companies in regulated sectors, including financial services, insurance and iGaming, face additional audit requirements and regulatory reporting obligations. Steve has experience in these sectors and understands the specific documentation and disclosures that auditors and regulators expect. This sector knowledge enables us to prepare audit files that address regulatory requirements from the outset, reducing the risk of additional audit procedures or regulatory queries.

Why Choose Said Accounting for Audit Assistance

Steve Said's ACCA qualification includes extensive training in audit principles, International Standards on Auditing and internal controls. This means he understands the audit process from the auditor's perspective, which is invaluable when preparing documentation and responding to audit queries. He knows what auditors look for, what constitutes sufficient and appropriate audit evidence, and how to present information in a way that facilitates the audit process rather than creating additional work.

Our commitment to quality is reflected in the thoroughness of our audit preparation work. We do not simply hand over a box of invoices and bank statements. Every balance is reconciled, every schedule is cross-referenced, and every supporting document is organised and indexed. This level of preparation is unusual in the Maltese market and is consistently appreciated by auditors, who can complete their work more efficiently as a result.

We also provide honest, proactive communication about potential audit issues. If we identify any matters during the accounts preparation process that may be queried by auditors, such as unusual transactions, related party dealings, going concern considerations or accounting policy changes, we discuss these with you in advance and agree on the appropriate treatment and disclosure. This prevents surprises during the audit and allows you to address any concerns before the auditors raise them.

Cost management is another important benefit. A well-prepared audit file typically results in fewer audit hours, fewer queries and lower audit fees. Many of our clients report significant reductions in their audit costs after engaging Said Accounting for audit preparation, more than offsetting the cost of our services. The time savings for your management team are an additional benefit that is often even more valuable than the direct fee savings.

How the Process Works

Step 1 - Pre-Audit Planning: Steve coordinates with your appointed auditors to understand their specific requirements, timing and areas of focus for the upcoming audit. He also reviews the prior year's audit findings and management letter points to ensure any previously raised issues have been addressed.

Step 2 - Documentation Preparation: We compile and organise all required documentation, including financial statements, supporting schedules, reconciliations, contracts, agreements and correspondence. Every document is properly indexed and referenced to the relevant financial statement item.

Step 3 - Working Papers: Steve prepares detailed working papers for all material balances and transactions. These include analytical procedures, variance explanations, substantive evidence and management representations. The working papers are presented in a format that aligns with standard audit methodologies.

Step 4 - Pre-Audit Review: Before the auditors begin their fieldwork, Steve conducts a final review of the complete audit file to ensure everything is in order. Any gaps or inconsistencies are identified and resolved at this stage, preventing delays during the audit itself.

Step 5 - Audit Liaison: During the audit fieldwork, Steve serves as the primary contact for the audit team. He responds to queries, provides additional documentation, discusses any issues that arise and facilitates the resolution of audit findings. This centralised approach ensures consistent, accurate and timely communication.

Step 6 - Post-Audit Support: After the audit is completed, Steve reviews the auditor's management letter, discusses the findings with you and assists in implementing any recommended improvements to your accounting systems, internal controls or reporting processes.

Understanding Audit Requirements in Malta

Under Maltese company law, the default requirement is that all companies must have their annual accounts audited by an independent registered auditor. However, small companies that meet at least two of the following three criteria may qualify for an audit exemption: annual turnover not exceeding a specified threshold, total assets not exceeding a specified threshold, and average number of employees not exceeding a specified number. These thresholds are updated periodically, and Steve can advise you on whether your company currently qualifies for the exemption.

Even if your company qualifies for an audit exemption, there may be reasons to voluntarily undergo an audit. These include satisfying the requirements of banks or other lenders, providing assurance to minority shareholders, meeting the expectations of business partners or customers, and supporting applications for government grants or incentives. Steve can help you weigh the costs and benefits of a voluntary audit and make an informed decision.