Audits of financial statements - Ernst & Young - Poland

Our associates are top specialists having all the required qualifications and extensive experience of conducting audits and reviews of non-consolidated and consolidated financial statements prepared in accordance with the Polish Accounting Principles laid down in the Accounting Act of 29 September 1994 (Journal of Laws of 2002 No. 76, item 694 as amended).

Our asset is our experienced team of over 400 professionals, comprising several dozen registered auditors entered in the list of entities authorized to audit financial statements by the Polish National Council of Statutory Auditors.

We carry out audits and reviews in accordance with the standards governing the profession of the registered auditor issued by the National Council of Statutory Auditors.

We have many years' experience of working with public companies listed on the Warsaw Stock Exchange.

Our experience in auditing and reviewing financial statements prepared in accordance with the International Accounting Standards translates into being able to provide professional advice on implementation of solutions required or permitted under the new Accounting Act.

International Reporting Standards

Beginning in 2009, a number of changes to the International Financial Reporting Standards (IFRS) will come into effect. The new and revised standards and interpretations amount to over 500 pages of regulations which need to be analysed. At the same time, the Accounting Act has been amended.

In that year, listed companies will be required to analyse all changes which will affect their accounting and reporting systems.

Moreover, deadlines for submitting semi-annual and annual reports have been shortened. The new regulations imposed on parent companies a requirement to file the single entity and consolidated statement at the same time - for the first half of the year by 31 August at the latest.