Audit Malta 2021 | Griffiths + Associates

Audit and Assurance in Malta

Are you looking for the best Audit Services in Malta? Discover them at Griffiths + Associates Ltd.

Griffiths + Associates Ltd is a leading international tax, advisory and audit firm in Malta which is registered with the Malta Accountancy Board. Our firm has decades of experience in auditing small to medium sized companies and groups of companies, whether operating in or outside Malta, involved in a wide range of businesses such as gaming, hospitality and leisure, wholes and retail sales, shipping, pharmaceutical, manufacturing and financial services.

We understand the expectation gap between what an auditor is providing in terms of his engagement and what the client expects from the audit. We thrive to bridge this gap and provide value through our audit services, satisfying client expectations with the completeness and accuracy of information contained in a company’s financial statements.

Based on the company’s needs, we offer dedicated assurance and audit services in Malta.

Audit services:

Statutory External Audit Malta:
annual statutory, consolidated and liquidation audits

Considered as “external” / obligatory audit, it is required by law and ensures that a company’s financial statements give a true and fair view of the financial position and performance of the entity. Despite being a statutory requirement, the overall purpose of a financial audit in to bring financial discipline to business: uncover weaknesses in company’s internal controls and/or its accounting practices.

An external audit also enhances the degree of confidence of intended users in the Company’s Financial Statements and provides a greater level of assurance to banks when assessing applications for credit facilities.

The first steps to an external audit are that of appointing an independent external auditor, and presenting financial accounts and extended trial balances by the client’s management team to the auditor. The auditor then sets the audit plan and requests missing documentation. Here at Griffiths + Associates we undertake to complete audits within one to two months from the date upon which the deliverables are presented to us as independent auditors.

Financial Reporting

Companies registered in Malta shall submit Tax Returns on an annual basis which are based on audited Financial Statements. The annual audited Financial Statements prepared under IFRS/GAPSME are submitted at the MBR annually within the terms of the Companies Act 1995.

We specialize in preparing Financial Statements in terms of International Financial Reporting Standards (“IFRS”) and, when necessary, in terms of the Generally Accepted Principles for Smaller and Medium-sized Enterprises (“GAPSME”).

Due to the ever-changing requirements of the latter standards which evolve over time, we have the relative expertise in-house to be able to prepare basic or advanced financial statements in terms of the respective standards.

Contractual Internal Audit Malta

“Task-based” audits that are non-statutory by nature, aimed to address specific issues initiated by the stake holders and/or senior management of the business.
Usually this includes:

—   Business Risk Reviews and Risk Management (to all types of organizations, whether private or public). With these services we help clients to extrapolate business trends and enhance the decision-making process, as our goal in this case is to provide clients with insight on how they can enhance the efficiency and effectiveness of the business.

—   Uncovering internal control weaknesses to reduce potential fraud. With proper internal controls, you can grow and focus more on your core competences, as internal control tests help to provide more peace of mind both to the management team, but also the external auditor, who may choose to rely on some of these internal control results.When we are engaged as internal auditors to find weaknesses in internal controls, we work hand in hand with our clients to understand the processes and cycles of their business, and we then implement control mechanisms and standard operating procedures which in turn help to create a level of control within their environment.

—   Assurance Services & Expert Reviews; they are mainly targeted to obtain an independent expert opinion to provide company shareholders with assurance over the financial results, to facilitate the sale of a business, to provide assurance to the tax authorities and those financing the business such as banks or government’s agencies providing incentive schemes for enterprise. At times to avail of the benefits of government incentive schemes, the Companies are required to obtain an Audited Expenditure Statement from a qualified auditor. We conduct an audit of your expenditure statement in accordance with the applicable guidelines and IFRS.

Assurance services:

Valuations

A valuation of a company is a science and an art. Whilst it is submitted that there are no set valuation methodologies that are universally accepted as providing the finite value of a business concern, our understanding of this process enables us to provide an expert’s insight.

This extends to the type of industry which relates to the company being valued, together with geographical and socio-political factors which might effect the overall valuation methodology.

Due Diligence

Our audit team is comprised of experienced and knowledgeable Certified Public Accountants  who are experiencing in handling ad hoc due diligence requests for companies, including groups of companies, in various industries.

This specialisation includes also forensic analysis pursuant to specific transactions or events that would require the directors or shareholders of a company to need specialist advice on the viability of certain transactions or courses of action.

Review Engagements

Certain engagements, at times, are not focused on a fully-fledged audit but a review of the relative financial statements. Such reviews require the auditor to be aware of his duties and brief in order to be able to provide such services as efficiently and effectively as possible.

Our firm has experience in carrying out audit reviews in terms of International Standards on Auditing and has been engaged by various international clients to provide such services.

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© By Olga Saliba

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Alexander Micallef - Audit Director
Alexander Micallef - Audit Director

Full array of Assurance, Reporting and Audit services in Malta.

We love our job and we put a big focus on having a high-quality service – excellence through passion is our motto.

    Our company’s mission – to provide quality financial services to our esteemed local and international clients, keeping their needs at the centre of our ethos; going the extra mile to efficiently and effectively assist them in growing and fulfilling their business and personal needs.

    Peter Griffiths – Managing and Tax Director
    Peter Griffiths
    Managing and Tax Director, Griffiths + Associates
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