The statutory audit or the legal audit implies the examination performed by a competent and independent professional accountant of the financial statements of an entity in view of expressing a justified opinion on the true, clear and complete view of the financial position and standing as well as of the performances thereof.

The auditing services shall be provided according to the International Standards on Auditing and shall include such tests on transactions and/or concerning the existence, ownership and valuation method of assets and liabilities that the Provider deems necessary. The Provider shall analyze the accounting and the internal financial control systems so as to determine if they are suitable for use as basis for drafting the financial statements and whether the Beneficiary did the bookkeeping accordingly.

The audit includes the valuation of significant estimates and of management decisions in drafting the financial statements and in order to determine whether the accounting policies fit the circumstances of the Beneficiary, if they are applied consistently and are duly presented. The Provider shall also value the general presentation of information in the financial statements in order to reach an opinion.

The Provider shall draw up an auditor’s report, based on the auditing results, which may include a qualified, unqualified, contrary opinion or the impossibility of expressing an opinion. The Provider may also conclude that the issuance of an auditor’s report is not possible.

The analysis of accounting and internal control systems of the Beneficiary is only conducted to the extent necessary in order to express an opinion on the Beneficiary’s financial statements, therefore the Provider’s comments on such systems cannot identify all the improvements which might be suggested further to a minute special analysis.