Auditing a foreign company is a key element of financial and regulatory oversight, ensuring that financial statements and accounting practices comply with the legislation of the relevant jurisdiction. We provide support at every stage of the audit process: from preparing documentation in accordance with international and local standards, to liaising with licensed auditors and protecting the company’s interests before tax authorities. All audits are conducted in full compliance with regulatory requirements.
Does your business operate in multiple countries? We ensure full compliance of financial reporting and audits with both local and international requirements – from document preparation to representation before regulators.
Accounting services include maintaining records of a company’s business transactions, organising and overseeing document workflows, and preparing and processing primary accounting documents. This also covers the systematic storage and archiving of accounting records with the possibility of providing them upon request. When necessary, advisory support is provided on accounting policies and the application of relevant standards.
Financial statements present a company's financial position and are essential for management decision-making, securing investment, and regulatory reporting to government authorities.
These statements can be prepared in accordance with either national accounting standards or International Financial Reporting Standards (IFRS).
National accounting standards are generally based on formal rules, historical cost, and close alignment with local tax regulations, with financial information typically presented in the local currency. In contrast, IFRS focuses on the economic substance of transactions rather than their legal form, applies the concept of functional currency, and allows for the use of fair value and professional judgment. As a result, the same assets, liabilities, or income may be recognised and measured differently under national accounting standards and IFRS, which can significantly affect the presentation of a company’s financial position and financial results.
For corporate groups, preparing consolidated or combined financial statements is relevant, allowing the aggregation of financial results from all entities under common control into a single report.
In cases where no activity has occurred, nil reports are submitted to confirm the absence of transactions during the reporting period.
Financial statements are often translated into foreign languages for business and regulatory purposes. In particular, tax authorities in many jurisdictions require translated financial statements of controlled foreign companies (CFCs) when such statements are issued in a foreign language.
An audit confirms the reliability of financial information and enhances confidence among shareholders, investors, and financial institutions. Statutory audits are conducted in cases prescribed by law, whereas voluntary audits are initiated at the discretion of the company’s owners or management to obtain an independent assessment of the business’s financial condition.
Audit engagements may be performed in accordance with International Standards on Auditing (ISA), which are applied in most jurisdictions, or under national audit standards, such as the US PCAOB (Public Company Accounting Oversight Board) standards.
Audits are particularly important when preparing for an IPO (Initial Public Offering) or during mergers and acquisitions (M&A) transactions, where due diligence is required – a comprehensive review of a company’s financial position and risk exposure.
Tax reporting reflects a company’s obligations to the state and includes the preparation of corporate income tax returns, VAT filings, and transfer pricing documentation. Tax optimisation within the framework of applicable legislation helps reduce the tax burden and improve the overall efficiency of business operations.
Companies may also benefit from tax audit support services, which include protecting the client’s interests and ensuring proper interaction with tax authorities throughout the audit process.
Administrative and regulatory support covers services related to tax compliance, registration procedures, and the legal structuring of a company’s operations. This includes the preparation and filing of tax returns, including VAT, VIES, and INTRASTAT filings, required to meet statutory obligations.
In certain cases, companies require a tax ruling, which allows the applicable tax treatment to be determined in advance, as well as a tax residency certificate to confirm their tax status abroad.
Registration services include VAT registration, OSS (Union One-Stop Shop) registration, obtaining an EORI (Economic Operators Registration and Identification) number for foreign trade activities, and registration in the VIES system.
Audits of financial statements are conducted by independent professionals or audit firms that hold the appropriate licence or registration in the jurisdiction where the audit is performed, in compliance with national or international standards.
Although international standards form the basis for regulating financial reporting and audit requirements, their application is not uniform across jurisdictions. Some countries adopt these standards without modification, while others adapt them to their national legal and economic frameworks. As a result, requirements may vary depending on the size of the company, its public or private status, and the industry sector.
|
Jurisdiction
|
Reporting standards
|
Audit standards
|
Key features
|
|
Seychelles
|
IFRS, Seychelles GAAP
|
ISA
|
Financial statements and audit are not mandatory; however, accounting records must be maintained. Large companies are required to submit an annual financial summary.
|
|
BVI
|
IFRS
|
ISA
|
Financial statements and audit are not mandatory; however, accounting records must be maintained. Commercial companies are required to submit an annual financial return to the registered agent.
|
|
Jurisdiction
|
Reporting standards
|
Audit standards
|
Key features
|
|
United Kingdom
|
IFRS, UK GAAP
|
ISA (UK)
|
Financial reporting is mandatory for all companies. Audit is required for all companies except dormant and small entities.
|
|
Germany
|
IFRS (public companies), HGB (SMEs)
|
IDW, ISA
|
Financial reporting is mandatory for all companies. Audit is mandatory for medium-sized and large enterprises.
|
|
USA
|
IFRS (foreign public companies), US GAAP (public companies; optional for private entities)
|
PCAOB
|
Financial reporting and audit are mandatory for public companies and for certain private entities operating in regulated industries.
|
|
Jurisdiction
|
Reporting standards
|
Audit standards
|
Key features
|
|
Cyprus
|
IFRS
|
ISA
|
Financial reporting and audit are mandatory for all companies.
|
|
Hongkong
|
HKFRS
|
HKSA
|
Financial reporting and audit are mandatory for all companies. Only dormant companies are exempt from audit.
|
|
Singapore
|
SFRS
|
SSA
|
Financial reporting and audit are mandatory for all companies. Exceptions apply to small companies, dormant companies, and exempt private companies.
|
The preparation and audit of financial statements are carried out through several key steps, ensuring compliance with standards, completeness of information, and transparency for regulators and investors.
At this stage, the jurisdictions in which the company operates are reviewed, along with the applicable reporting and audit standards. The scope of work is defined, taking into account regulatory requirements and industry-specific characteristics.
Primary documents are collected, including balance sheets, profit and loss statements, cash flow statements, contracts, bank statements, and other documents supporting financial transactions. The objective is to assemble a complete and reliable dataset for the preparation of financial statements and the audit process.
Based on the collected data, financial statements are prepared in accordance with the applicable national or international standards. The reporting is structured to accurately reflect the company’s financial position and to comply with relevant standards and regulatory requirements.
An independent review of the prepared financial statements is conducted by qualified auditors. The audit verifies the accuracy of financial data, the correctness of accounting methods applied, and compliance with the relevant standards. Based on this examination, the auditor issues a formal opinion on the financial statements.
The finalised financial statements and audit reports are submitted to the relevant authorities, including tax authorities, commercial registries, or banks. This stage ensures that submission deadlines and formatting requirements are met.
After the audit is completed, a consultation is provided to explain the findings and offer recommendations for accounting optimisation and improved compliance.
The cost and duration of auditing a foreign company are individualised and depend on a variety of factors, including jurisdiction, business specifics, company turnover, and the scope of work required. Each company receives a tailored approach suited to its structure and regulatory requirements. Audits may take anywhere from 2 weeks to 3 months.
BVI, Cayman Islands, Belize, Seychelles
|
Financial statement preparation and audit
|
100 – 200 USD/hour (up to 400 USD/hour for complex cases)
|
|
Preparation and filing of nil returns
|
550 USD (BVI, Seychelles)
|
|
IFRS financial statement translation
|
100 USD
|
|
Audit opinion under Seychelles GAAP
|
from 3,500 USD
|
|
Consulting services
|
200 – 300 USD/hour
|
United Kingdom, Germany, Cyprus, Switzerland, Netherlands, Georgia
|
Financial statement preparation and audit
|
100 – 400 EUR/hour
|
|
Preparation and filing of nil returns
|
1,250 USD (UK)
1,350 EUR (Cyprus) |
|
Consulting on legal, tax, and accounting matters
|
100 – 400 EUR/hour
|
Hong Kong, Singapore, UAE
|
Financial statement preparation and audit
|
100 – 400 USD/hour
|
|
Preparation and filing of nil returns
|
1,750 USD (Hong Kong)
1,650 EUR (Singapore) 2,200 USD (UAE) |
|
Consulting on legal, tax, and accounting matters
|
100 – 400 USD USD/hour (Hong Kong)
100 – 400 EUR/hour (Singapore) 300 – 400 USD/hour (UAE) |
USA, Canada, Australia, New Zealand
|
Financial statement preparation and audit
|
100 – 400 USD/hour
|
|
Preparation and filing of nil returns
|
from 5 000 USD
|
|
Preparation of management financial statements (for banks)
|
from 770 USD (USA)
|
|
Consulting services
|
100 – 400 USD/hour
|
A foreign company audit is an independent examination of a company’s financial statements conducted by qualified auditors to verify the accuracy of the data and ensure compliance with accounting standards.
An audit confirms the reliability of financial information, reduces risks for investors and creditors, ensures compliance with international or local standards, and supports transactions such as M&A, IPOs, or regulatory reporting.
Financial statement preparation involves collecting and presenting a company’s financial data in accordance with applicable standards and can be performed by internal accountants or external specialists. An audit, on the other hand, is an independent review of the prepared financial statements by third-party auditors to confirm their accuracy and compliance with standards.
Обязательность аудита зависит от юрисдикции, размера компании и ее статуса. Он может быть предусмотрен законом для публичных или крупных компаний, а также проводиться по запросу инвесторов, кредиторов или по внутренним требованиям организации.
Audit requirements depend on the country of incorporation and the company type. In most offshore jurisdictions, audits are not mandatory for regular companies but may be required for public companies, large organizations, or at the request of banks (e.g., when opening an EU account), investors, or business partners to verify the accuracy of financial information.
Yes, in most jurisdictions, companies must file nil returns even if no transactions occurred. This formally confirms the absence of activity and prevents regulatory or tax authorities from raising concerns about tax evasion or concealment of company operations.
Deadlines vary depending on jurisdiction, company type, and applicable accounting standards. In most countries, financial statements are submitted annually after the end of the fiscal or tax year, according to legal or regulatory timelines. Typically, for non-public companies, the deadline is approximately 4–6 months after the fiscal year-end.
In most countries, including Russia, China, Germany, and France, the fiscal year aligns with the calendar year (January 1 – December 31). In the UK, the fiscal year starts on April 1; this date has been adopted by several former British-influenced countries, including India, Hong Kong, Japan, and South Africa. In Australia, the fiscal year runs from July 1. In some jurisdictions, the fiscal year-end can be flexible, coinciding with the company’s incorporation date or set in agreement with the regulator.
Failure to submit financial statements may result in fines, administrative penalties, restrictions on banking and partner operations, and reputational damage. The longer a company delays, the higher the penalties. Repeated violations may lead to temporary suspension of activities or initiation of liquidation proceedings, and may reduce investor confidence and complicate dealings with counterparties.
To minimize the risk of fines, restrictions, or forced liquidation, it is essential to submit financial and tax statements on time and, if necessary, involve specialists who can ensure proper documentation and compliance with deadlines. If reports were not submitted on time, the company should promptly file all missing statements and typically pay any accrued fines to restore compliance.
We can correct the documents, liaise with tax authorities on your behalf, provide consultations, and develop an optimal reporting and filing strategy.
Companies in “white list” jurisdictions must file an annual report containing information about their registered address, directors, and shareholders. Financial statements, audits, and tax filings are required only in specific cases, such as when mandated by law or when there is actual business activity.
Formally, a company can prepare and submit its own statements if the management or staff have sufficient knowledge of accounting, applicable standards (e.g., national or IFRS), and tax law requirements. However, independent preparation demands deep expertise and carries a higher risk of errors, so companies usually engage specialists to ensure accuracy and compliance with deadlines. Nil returns are an exception, as they are simpler, but local filing rules must still be observed.
In some jurisdictions, yes, but prior approval from the regulator may be required.
