Audit & Assurance

Financial statement audits provide assurance over the information used by investors and other stakeholders. Our level of service translates numbers into accurate information, ensuring quality decision-making that meets stakeholders’ demands.

This is achieved through our core values of objectivity, independence, transparency, and technical excellence. We believe in continuous investment and improvement in our staff, tools, and technology to enhance audit quality for the benefit of all parties.

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Our expertise

Your trusted partner in audit excellence.

Our unique audit approach ensures that our clients comply with regulations while gaining a comprehensive view of their organisation. This enhances operational efficiency and effectiveness, helping clients succeed in today’s competitive and dynamic business environment.

The services being offered include:

Statutory financial statements audit
Statutory financial statements audit
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Special purpose financial statements audit
Special purpose financial statements audit
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Statutory financial statements audit

At Zampa Partners, our external audit services are built on independence, integrity, and industry-specific expertise. We assist businesses in meeting their statutory and regulatory obligations while providing valuable insights into their financial health and operational efficiency.

Our audit approach goes beyond compliance. We take the time to understand your business, tailoring our processes to reflect the realities of your industry and operations. This allows us to deliver a more focused, efficient, and insightful audit that supports your strategic goals.

We have vast experience across a wide range of sectors, with particular specialization in Financial Services, Gaming, Yachting, Retail, and Education, among others. Our team keeps up to date with evolving regulations and best practices, ensuring that your audit is not only thorough but also adds real value to your organization.

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Special purpose financial statements audit

We also provide audits of special purpose financial statements tailored to meet the specific reporting requirements of stakeholders. These audits are performed in accordance with applicable frameworks and are designed to provide assurance on financial information prepared for a defined purpose or audience. Whether it's financial statements prepared under a contractual agreement, regulatory mandate or consolidation requirement, our team ensures clarity, accuracy, and compliance throughout the audit process.

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Engagement quality

We specialise in enhancing audit excellence through customised training for audit staff on the latest standards including, but not limited to, ISQM 1 and ISA 315 (Revised).

We also provide comprehensive cold file reviews to identify relevant weaknesses in audit processes and procedures and propose improvements for audits going forward. Our team also provides tailored solutions to complex audit-related technical queries, ensuring audits meet the highest quality standards. Trust us to be your guide in the ever-evolving world of audit.

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Review of completed engagements

Embarking on the meticulous process of cold file reviews in the world of audit requires expertise, precision and a keen eye for detail – qualities that define our exceptional services at Zampa Partners. With our team of audit professionals, we specialise in conducting comprehensive cold file reviews. Our approach involves a thorough analysis of your audit files, ensuring such audits have been carried out in line with relevant auditing standards, while evaluating the effectiveness of audit methodologies used and identifying weaknesses within these files.

We also go beyond this – we provide actionable insights and recommendations to enhance the quality of your audits and ensure weaknesses are minimised going forward.

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Technical queries

The execution of an effective audit may require audit teams to handle complex audit-related technical matters. At Zampa Partners, our expert team of professionals are available to provide top-quality audit consultation services that are tailored to meet your specific needs. With a deep understanding of auditing standards and regulations, we specialise in resolving intricate technical queries that may arise during your audit process.

Our experts bring a wealth of experience and knowledge, ensuring accurate and insightful solutions to your most challenging audit-related questions.

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Learning & Development

Ongoing learning and development is essential for audit staff. As standards and regulations are continuously being revised and updated, keeping up to date with these changes can be challenging. Our training will equip your audit staff with the necessary tools and knowledge to conduct audits effectively and efficiently.

Training may include:

  • Audit training for new joiners.
  • Training on the new quality standard, ISQM 1 & ISQM 2.
  • Training on the revised ISA 315 standard.
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ISQM 1 assessment

The implementation of ISQM 1 in December 2022 affected both small and larger firms alike, creating the need for firms to establish a system of quality management designed and implemented in line with the standard. This new standard requires firms to customise the design, implementation and operation of the system of quality management based on the firms own circumstances and engagements. It also requires firms to have policies and procedures in place that address the system of quality management as a whole, and not as standalone elements, as was required by the previous quality standard, ISQC 1.

Our services can include, at a minimum:

  • Assisting firms with the drafting of their ISQM 1 manual
  • Review of the ISQM 1 manual
  • Assessment of firms risk assessment procedures, including respective quality objectives, quality risks and responses
  • Design and implementation of monitoring activities
  • Guidance on the annual requirement to carry out an evaluation of the firms system of quality management
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FAQs

Everything you need to know about Audit & Assurance
What is an audit?

An audit is an independent review of financial statements to ensure that these are presented fairly, in all material respects and give a true and fair view in accordance with the financial reporting framework.

Why does my business need an audit?

Audits may be required for statutory purposes but also build credibility, transparency and increase stakeholders’ confidence in the entity’s financial reports.

Is a statutory audit mandatory for my company?

A statutory audit is mandatory if a company exceeds two out of three of the below thresholds.

Table 1
Balance Sheet Total €46,600
Turnover €93,300
Average number of employees during the accounting period 2
What is the difference between an audit and a review?

The difference between an audit and a review lies in the level of assurance, scope of work, and depth of procedures performed. While an audit provides reasonable assurance, which is a high level of assurance, a review provides limited assurance and entails fewer procedures than are carried out in an audit.

What documents are usually required for an audit?

For an audit, the auditor will request a variety of documents to verify the accuracy and completeness of financial statements. These documents typically vary depending on the industry, size, and complexity of the company.

Do you offer audit services remotely?

Yes, at Zampa Partners we use secure data transfer tools to conduct audits both on-site and remotely, depending on the client requests.

What are the relevant deadlines for an audit to be carried out?

Statutory audits must be approved by the board of directors within 10 months following the financial year end and filed with the Malta Business Registry 42 days later. This does not include regulated entities that have different reporting deadlines as stipulated by the relevant authority.

Are there any standards that regulate audits in Malta?

Yes, audits in Malta must be carried out in compliance with International Standards on Auditing (ISAs) and in accordance with the Maltese Companies Act.

Get in touch

Reach out to us to discuss how our innovative solutions can help meet your Audit & Assurance needs. Our team of experts is ready to provide tailored strategies that enhance efficiency, streamline processes, and ultimately drive your business success. Let's explore how we can work together to achieve your financial goals!

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