According to the definition, audit is an independent examination of financial reports or financial information related to a profit or non-profit entity, regardless of its size or legal form, in the event such examination was initiated with the aim of expressing an opinion on the extent to which financial reports were misstated.

Regarding authorities conducting an audit, audit can be:
- eksternal and
- internal.

Regarding the audit's subject, it is divided into:
- audit of financial reports and
- audit of business operations.

Regarding the examination field, we distinguish between:
- commercial and
- public (state) audit.

Audit is conducted in line with auditing standards, auditors' code of professional ethics and statutory provisions.

Criteria for conducting an audit are compatibility of financial information with accounting principles, adopted accounting policies and statutory provisions.


1. Audit of financial reports
Audit of financial reports in line with the Croatian accounting regulations and the International Financial Reporting Standards or the US GAAPs.

Audit means systematic and objective examination of accounts and statements that are used in financial report compilation and which are the audit's subject. The audit's aim is to confirm whether financial reports, in an accurate and objective manner and in all significant aspects, reflect financial position, results of business operations, cash flows and changes of capital in line with the International Financial Reporting Standards or the US GAAPs.

2. Review
Review differs from audit regarding the obtained level of assurance.

The review's aim is to obtain a limited level of assurance, whereby a reviewer does not express an opinion on accuracy and objectivity of financial reports in all significant aspects, but expresses the review's results through the so called "negative assurance". Negative insurance means that the reviewing procedure did not find significant compatibilities that should be performed in order for the financial reports to be in line with the International Financial Reporting Standards. Procedures conducted during a review are usually limited to interviews of particular persons and other limited activities that are considered sufficient to express such negative assurance.

3. Compilation
Composing or help in composing financial reports without providing assurance of their accuracy and objectivity i.e. compatibility with the International Financial Reporting Standards is called compilation.

4. Agreed procedures
Our support to clients may include the performance of particular procedures agreed to in detail. Such agreed procedures can refer to particular parts of financial reports or parts of business operations depending on specific circumstances and clients' needs. The aim of such procedures is very often a verification of certain data and their transformation into meaningful and useful information with the aim of ensuring a quality basis for reaching business decisions.