An audit is an independent and systematic examination of accounts, books, documents, statutory records and vouchers of a company to ascertain that the financial statements and non-financial disclosures present a fair and true view as well as maintained as required by law. Audits provide an assurance by the third party that the subject matter does not contain a material misstatement. While the term is most frequently used to evaluate the financial information of a legal entity, there are various other areas that are commonly audited: internal controls, secretarial and compliance audit, quality management, water and energy management and conservation as well as project management. As a result, various stakeholders can effectively evaluate and, if necessary, improve the effectiveness of risk management, governance and control processes of the legal entity.
Organization of an audit Most companies receive an audit once a year, while some, usually large corporations, can receive audits even on a monthly basis. Often, audit is a legal requirement in order to eliminate the intentional misstatements of financial information in an attempt to commit fraud. For some companies, especially publicly traded ones, audits are used to evaluate the effectiveness of internal control measurements. During the process of auditing, auditors are required to follow auditing standards set by the government body. The process is usually organized in six steps:
Requesting documents – auditor requests certain documents listed on the preliminary checklist. These documents may include a previous audit report, bank statements, receipts and ledgers as well as organizational charts, bylaws and standing rules and copies of the board and committee minutes. Preparing an audit plan – after the auditor has received all required documents, an audit plan is drafted. During this stage, a risk workshop might be conducted in order to identify possible problems. Scheduling an open meeting – senior management together with key administrative staff are invited to a meeting during which a scope of the audit is explained. Other details, such as time frames, scheduled vacations and interviews with the auditors are discussed. Conducting fieldwork – auditors are speaking with staff members, reviewing processes and procedures, testing compliance with laws and policies, evaluating internal controls as well as discussing possible problems with the organization. Drafting a report – auditor prepares a report with detailed findings of the audit. Such details as posting problems, mathematical errors, payments that are authorized and not paid along with other discrepancies and concerns are listed. Finally, the auditor writes a commentary about the findings of the audit and possible solutions for the found problems. Setting up a closing meeting – management of the audited company discusses the highlighted problems and describes the action plan to address them along with projected completion date. Finally, the management indicates whether it agrees with the problems pointed out by the auditors. It is important to point out that auditors seek to provide only a reasonable assurance that the audited information is free from material error. Which means that they do not check every figure in the financial statements; they also do not look at every transaction that is carried out by the organization. Auditors do not judge the appropriateness of the business activities, strategies or decisions made by the company’s management. Types of auditors There are generally three types of auditors:
Internal auditors – employed by the company for whom they are performing the audit. They provide information to the management of the company about the accuracy of their books and the efficiency of their internal control system. Consultant auditors – performing the same function as internal auditors, but are not employed by the company. External auditors – follow a set of generally accepted set of standards to evaluate the financial reporting and possible misstatements of the company. Legally required audits need to be performed by external auditors.
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Estonia. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates, tax laws, and fees vary depending on the specific country in which you are investing; careful research and strategic financial moves could result in significant portfolio growth.
When considering opening a bank account in Estonia, one must enlist the help of international experts to guide them through the process.
Legal structures in Estonia Every international jurisdiction abides by a different set of legal structures for taxation and banking. Confidus Solutions helps you to understand the nuances of each country's legal structures. To do business in Estonia, it will be critical for you to have a firm grasp on the financial and legal implications.
Initial investments The vast majority of bank accounts in Estonia will require an initial financial outlay to secure account opening. This value differs from bank to bank and also depends on variable rates of currency exchange. An international finance expert will help to navigate these conversions as well as the assorted fees and minimums involved in sustaining a bank account. Be sure to understand interest and growth rates associated with any potential international bank account so that you are able to maximize your earnings while minimizing risk.
Tax structures in Estonia For best results and to avoid bureaucratic and legal pitfalls, enlist the support of an expert in international finance and economics. This initial investment in proper processes and research will help to avoid a litany of long-term costs and fees associated with unforeseen errors and legal miscues. Language expertise, financial knowhow, and bureaucratic experience will ensure that your account opening is handled smoothly and without unintended consequences.
Wealth management involves providing advice as well as executing investment transactions on behalf of the client. Typically, wealth managers provide also other financial services to their clients, such as management of client’s securities’ portfolio, financial and tax planning. From the client’s perspective, wealth management is a process of enhancing the financial situation while achieving client’s short as well as long-term financial goals. Private wealth management is typically developed to serve private individuals, who are usually high net worth individuals.
Essence of wealth management services Often, wealthy private individuals lack the knowledge and time to successfully manage their finances, therefore, they seek the consultation of wealth managers who are educated to manage the funds of private individuals and are experienced in solving different financial problems as well as enhancing the overall financial status of the client.
Usually, a wealth management advisor meets with a private individual, have a comprehensive discussion about client’s financial goals, his or her ability and willingness to risk as well as any other restriction and stipulation the client could have regarding the investment of his or her wealth. Later on, the wealth manager composes an investment strategy that allows the client to achieve his or her goals while being the most suitable for the client taking into account all the information discussed during the meeting. The wealth management advisor then continues to manage the private individual’s funds while utilizing various investment products.
While wealth managers typically cannot offer their clients the same concierge-like and specialised services as private bankers, they spend a great deal of time to understand the client’s needs and developing the most suitable investment strategy for the client. For example, wealth managers cannot open a bank account for the client, but they can assist them in determining which bank account would be the most suitable for the client’s needs.
Services provided by wealth managers include:
fund allocation to suitable investment ideas; retirement planning; coordination with accountants and attorneys; trust planning; insurance and risk requirements. Wealth management is usually one division of banking institutions or non-banking financial institutions specialising in providing services to high net worth clients.
Benefits of wealth management services While you may be extremely knowledgeable in your own area of expertise, you may not be an expert in investing and financial markets. This is completely acceptable and you do not have to spend your time and energy to acquire sufficient knowledge of financial markets to feel comfortable investing on your own. Very often there are simple tricks to know and mistakes to avoid, which are only known by professionals familiar with the financial markets.
Professional wealth managers will guide you through the confusing processes, as well as advise on the good and bad investment ideas and partners.
Another benefit of professional wealth managers is their multi-disciplinary set of skills that will be used in your favour. Wealth manager skills are not limited to being good at allocating assets; professional wealth managers will also be able to help you with tax optimization, legal requirements, retirement and savings goals as well as passing your wealth to the next generations.
The third benefit of acquiring wealth management services is to use the manager as a filter for your investments. If you are a high net worth individual, most likely you are receiving numerous requests and prayers to invest in different business ideas and projects. In these cases, you are able to redirect all such request to your wealth manager and not deal with them. If a genuinely good investment idea will show up, your wealth manager will spot it and present it to you.
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Spain. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates, tax laws, and fees vary depending on the specific country in which you are investing; careful research and strategic financial moves could result in significant portfolio growth.
Asia has a very rich cultural heritage that has been carefully nurtured through centuries of history. Today Asia is very attractive to international investors due to the fact that it has several large economic areas as well as several special areas with a thriving economy and favorable tax systems. Below is our top list of jurisdictions for international investing in Asia.
Hong Kong
Modern Hong Kong can offer a free market economy that relies heavily on international trade, the financial sector, the extent of export / import, including a fairly large proportion of re-exports. Hong Kong does not impose tariffs on imported items. Also, there are only four groups of goods subject to excise duty: high alcohol beverages, tobacco, hydrocarbon oil, and methyl-based alcohol. Currently, Hong Kong does not have any import / export quotas for anything. The Hong Kong government continues to peg the local currency (Hong Kong dollar) tightly to the US dollar, in support of an agreement signed in 1983.
The local government is actively developing the Special Administrative Region (SAR) to make it a desirable destination for mainland China Renminbi to achieve their internationalization in the business community. Residents are allowed to open savings accounts in RMB currency; In addition, Hong Kong public and Chinese government bonds were issued in RMB currency; as well as currently in the private and public sectors, RMB agreements are permitted. The Hong Kong government is working really hard right now to increase the additional use of RMB in Hong Kong's financial markets and is looking for an opportunity to increase the RMB ratio significantly.
Macau
Since establishing its local casino industry hotspot in 2001, Macau has attracted tens of billions of dollars in international investment, completely transforming the area into one of the largest global gambling hotspots. The Macau gambling and tourism industries have been heavily influenced by China's decision to relax travel restrictions on Chinese nationals looking for an opportunity to visit Macau. In 2016, Macau gambling taxes estimated over 76% of total household revenue. Macau's economy suffered quite a bit in 2009. It was a consequence of a global economic crisis, but the rapid economic growth continued somewhere until 2013. In 2015, Macau was home to approximately 31 million tourists, with an urban population of 646,800. About 68% came from mainland China. The services offered, mainly gambling, have boosted Macau's economic performance several times. Recently, however, the anti-corruption campaign carried out by the Chinese government has suffered slightly for the Macau gaming industry.
Singapore
Singapore is currently having a prosperous, well-developed free-market-oriented economy. Singapore government has hardly worked on and achieved an open and nearly 100% corruption-free government and business environment as well as strong economy, and quite high competitive (even by the Western standards) per capita GDP. Employment rates are extremely high, while the Singapore budget mostly relies on exports, specifically of consumer goods and electronics, IT & software, medical technology and devices, pharmaceuticals as well as on lively business, banking and financial industries.
Singapore is a famous destination for many international investors and entrepreneurs, especially in certain industries. According to financial analytics data it will continue to develop and evolve into Pacific Asia’s major business and high-tech hotspot. Singapore is a proud member of the 12-nation Trans-Pacific Partnership free trade agreement. It is also a part of the Regional Comprehensive Economic Partnership agreement. Back in year 2015, Singapore has established, along with the rest of the ASEAN participants, the ASEAN Economic Community.
China
Starting back in the late 70s, China has been working on it’s economy and market, rapidly going from internal government controlled closed market, to more liberal, open government planned system with profoundly internal market-oriented economy, leading to an increase of China’s impact on the global market. By year 2010, China has turned into the largest global exporter. Changes and reforms have started with slowly abandoning collectively planned agriculture, developing to introduce free-market pricing, decentralizing taxation, granting more autonomy for government-owned companies, expansions of the private sector, fast development of stock markets and introduction of a modern banking system as well as China’s access to international trade and investment.
China did undergo a number of reforms lately. During last few decades, Chinese government has renewed its support for government-owned companies in industries, which are strategic for country’s security and development. Such decision was made specifically to boost certain industries and make them more competitive on a global market. Such change of economy and the following benefits have dramatically impacted to a China’s GDP making more than ten times increase since year 1978.
Taiwan
Modern Taiwan has a prosperous free-market economy with overall decreasing government control over international investment and trade industries. Strategic production industries, such as production of electronics, machinery and petrochemicals, have given the major boost and factors necessary for rapid growth of economy. However, such factors as Taiwan’s diplomatic isolation, extremely low birth rate, and quickly aging population are several major long-term challenges that Taiwan’s government needs to face and solve.
Whether you have a private bank account or a corporate bank account for your business needs, it is essential to have convenient access to your funds and constant control over your account. However, sometimes you may be too busy to monitor your bank account, or you may be travelling, making your funds inaccessible when you need to make an urgent transfer... Fear not, for there are a number of different account management tools available that allow you to choose and create the most efficient and convenient account management model, no matter where you are.
The three most common types of tools used to access and manage your bank account are:
Online banking Using a personal banker Authorising someone to manage your bank account for you Confidus' professional team of banking experts and agents can provide you with full information about each of these options, as different tools will be more convenient in different situations.
Costa Rica's Logistics Performance Index is 2.7. It indicates satisfactory performance - in general, traffic is handled well, some shortcomings in certain areas are possible, but overall the logistics system is reliable and ready to handle predictable traffic volumes.
Inch performance is rated at 2.39. This indicates mediocre performance - although somewhat ineffective, clearing processes do not unduly deter international business activity, occasionally required fees and/or documents required can be unpredictable, long clearing times can also be an issue.
The infrastructure quality in Costa Rica is rated at 2.43. It indicates mediocre quality - roads, railways, ports and other facilities are capable of handling some significant traffic, but not enough to ensure smooth transit at all times.
International shipping quality is 2.63. It indicates satisfactory performance - the services are reasonable and the prices are not too high and usually correspond exactly to the quality, although there is still room for improvement.
The competence of logistics service providers is rated at 2.86. The providers are competent - they ensure a good quality of their services and almost always maintain this level; Deficiencies, while still possible, are usually minor and do not discourage further use by providers.
Tracking options for shipments are rated at 2.83. It indicates satisfactory performance - the tracking systems provide all the basic information, as well as additional data about shipments; Mostly it also has a well-established cooperation with foreign and international tracking systems and usually offers information in several languages.
Tracking options for shipments are rated at 3.04. This indicates satisfactory performance - most shipments arrive on time and within scheduled time frames; late arrivals are still possible, albeit uncommon.
In Costa Rica, 99.5% of the population has access to electricity. Costa Rica has 161 airports nationwide. There are 147,258 internet hosts in Costa Rica. The number of road motor vehicles per 1000 inhabitants in Costa Rica is 20.
Road network The total road length in Costa Rica is 39,018 km (24,250 miles). Of these, 77 km (48 miles) of roads are classified as freeways, dual carriageways, or freeways.
Gas price On average, a liter of gasoline costs $1.44 in Costa Rica. A liter of diesel would cost $0.81.
Today Canada is the seventh largest economy. Many companies are owned by private entities, but the government participates in the healthcare system and oversees some services, such as public transport and the utility industry. The Canadian economy is very diverse and quite well developed.
Most of Canada's economy is international trade and export. Currently, the US is Canada's largest trading partner. In Canada, international trade accounts for almost 45% of GDP considering that free trade agreements between Canada and the US have dramatically increased trade by eliminating tariffs. Despite its relatively small population, Canada's economy is currently one of the most prosperous in the world.
All strategic industries of the country are very well developed. Although the agricultural sector is small, it takes advantage of Canada's numerous natural resources, which are scattered across the country. In view of this, Canada is an attractive destination for global businessmen and corporations. Canada's flexible tax legislation leaves room for the use of holding structures: the country is home to several large holding companies.
ATCO Group ATCO Group is one of Canada's largest holding companies with large net sales and assets. Today this company employs almost 7 000 specialists of various professions. The holding's subsidiaries are diverse, but most of them are active in either the gas/electricity or construction sectors.
ATCO was founded in 1947 by S. Don Southern, who gave his son Ron Southern a minority interest under the name Alberta Trailer Hire and leased fifteen commercial trailers in the Calgary area. As the company's business grew, they also began selling trailers, becoming first the Alberta Trailer Company, then ATCO. By the early 1960s the company had operations throughout North America and Australia.
In 2004, with deregulation of the retail energy industry in Alberta, ATCO sold ATCO Gas and ATCO Electric retail operations to Direct Energy Marketing Ltd.; ATCO Gas and ATCO Electric continue to operate as distributors (they own and operate the infrastructure that supplies natural gas or electricity in their service areas) but are no longer active in the retail market. As part of the sale to DEML, DEML contracted call center and billing services from ATCO I-Tek.
DRI capital DRI Capital Inc. is a Toronto-based Canadian healthcare royalty fund manager, a type of private fund. The holding company's remit includes the purchase of robust and predictable royalty payments from existing pharmaceutical medicines, thereby providing investors with consistent returns.
The holding was founded in 1992. In its first year in business, it quickly went public on the Toronto Stock Exchange and acquired a licensing interest in the innovative British biotechnology development company.
Great West Lifeco Great-West Lifeco is primarily an insurance-focused Canadian holding company operating in territories of North America, Europe and Asia with 5 local subsidiaries around the world. Most of the companies that Great-West Lifeco controls indirectly are part of its largest subsidiary: The Great-West Life Assurance Company; the rest is handled by the US-based subsidiary.
Onex Corporation Onex Corporation is a privately held venture capital and holding company based near Toronto, Ontario, Canada. In 2016, the company had an estimated net worth of $22 billion under its stewardship. The company is headquartered in Brookfield Place, Toronto, with multiple offices in New York City, New Jersey and London.
The company invests in a variety of industries. Onex Corporation has previously shown a particular interest in acquiring equity stakes in high-cost manufacturing companies and then converting them into cheap, low-cost suppliers.
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