The expectations of the economy, fueled by the good signs of ending the hyperinflationary process when prices rise sharply and interest rates reach levels never seen before, begin to design an alternative for stabilization: the urgent execution of a serious fiscal adjustment.
The trends are visibly strong. Contractionary fiscal policy must play the role taken by monetary policy. In this sense, there will be cuts in expenses, without many options for revenue increases.
Currently, entrepreneurs need the largest possible amount of clear and objective information about the performance of their enterprise, and it is precisely at this point that the independent audit assumes an important role, helping the entrepreneur to choose the best way to enter the market, using corporate restructuring consultancy work. The company, using this expedient, will be able to put on the necessary solidity for the beginning of the operation and, consequently, the investors will have the necessary security to apply its material resource.
In this case, the auditor becomes useful to both the company and investors, who, through the analysis of the financial statements, duly accompanied by the opinion of the independent auditor, can safely choose the companies in whose shares they will invest their personal savings.
Since then, independent auditors have seen greater recognition of their role. Until some time ago, many companies considered hiring independent auditors a cost, never a benefit. Surrounded by the legal existence of hiring auditors (cases of publicly-held companies, among others), entrepreneurs, pressured by the economic crisis, were forced to use capital in an activity that, apparently, would not bring them any benefit. Nothing could be more wrong.
The auditor’s examination is a process that takes the independent professional on a real journey through the company, employing techniques that allow him to form a safe opinion about the adequacy of the financial statements (balance sheet, income statement, among others) and also include the company’s operational continuity. These are works carried out in the areas of treasury, purchases, sales, production costs, tax, legal and accounting, which allow the auditor to give an opinion on the company’s position through an opinion on its financial statements, so that they are worthy of public faith.
The responsibility of this work of total independence even reaches the possibility of the auditor to respond with his personal assets, in case he is sued for causing losses to third parties when the certified numbers of the audited company do not correspond to reality.
Another aspect to be emphasized regarding the independent auditor is the code of ethics that governs his work, and, according to the International Federation of Accountants (Ifac), confidentiality about the information obtained during their course is foreseen.
Such information cannot be disclosed without the express authorization of the service contractor, except, of course, with respect to its audit opinion. The duty to maintain confidentiality continues even after the end of the professional hiring period.
These conditions – independence, confidentiality, responsibility and professional training – place the auditor in an extremely privileged position regarding his participation and opinion on the company’s plans, and his involvement in meetings and committees can be productive for the company, including with regard to strategic plans, budgets, tax planning, etc. However, this position of the auditor has not been adequately explored by the client companies, which thus fail to obtain many of the benefits arising from the audit work.
