What is financial audit?

The audit business is carried out in the public interest; it plays a strategic role. Auditors certify companies' published results, or in other words they check that the accounts correspond to the financial reality of the company. This certification is essential to the financial markets and the economy in general. It contributes to the financial and economic security of the country.

Mazars believes that in order to carry out such tasks, an auditor must have natural curiosity and a rigorous approach. He or she must also have a well-developed sense of responsibility and an open mind, allowing a calm and independent approach.

Auditors carry out two main types of project:


Statutory audit

In France, control by an Auditor is mandatory for certain entities for various reasons: their form (Public company, Limited partnership...), their strength (Limited liability partnership, GIE or private law non trading corporate body exceeding two of the three following criteria: a balance sheet total of 1 million 550,000 euros, sales of 3 millions 100,000 euros excluding tax or an average staff of 50 employees), or their nature (associations receiving donations or subsidy exceeding 150,000 euros).

However, any entity or association under these thresholds may require the help of an Auditor.

The Auditor is mandated for six years. He has to provide an opinion on the trustworthiness of the company accounts which he analyses. He analyses accounts from the perspective of a determined reference (accounting standards) in a written document (the annual report).

Through an in-depth understanding of the company mechanisms allowed by a thorough review of its internal processes and in the light of the financial and/or accounting indicators, the auditors identify the apparent or potential weaknesses and provide an opinion on the level of risk faced by the company, its shareholders and partners. The goal is to provide each year a "financial health statement" for the client company.

In this case, their role is to provide an opinion. They are then allowed to certify the accounts and financial statements of their clients.

The team needs several visits to the client during the year to carry out these mandates.



Contractual audit: one-off mandates

These mandates are carried out in a contractual framework and are not linked to any legal obligation.

This is a different kind of involvement with the client. The goal is to analyse from an impartial and external point of view a part of the company which is not optimal (i.e. IT system audit, tax, financial or accounting audit, etc.). The auditors provide a diagnosis on part of the company's operations and propose recommendations to improve it after a thorough analysis.