24iValue is a tool to check not only in subsidiaries, but also to groups of companies! Thanks to financial controllers groups not only Polish but also from abroad, will be able to independently verify the credibility of the reporting of their subsidiaries.

The Group consists of a parent and its subsidiaries, and therefore commercial companies or other entities, incorporated and existing under the provisions of foreign law companies, are controlled by the parent.

In practice, it is not uncommon that if the subsidiary is not subject to compulsory audit of financial statements and its subsidiaries are not group instruction, which refers to the obligatory audit or a limited review, they do not decide for the audit, and the group does not have confidence that the subsidiaries? reporting is reliable.

However, there is a way by which group may verify the reporting! And it does not have to be a forced imposition of subsidiaries study. Thanks 24iValue anybody can perform ?limited financial-audit? providing the controller with the group independent external evidence of the reasonableness of the income tax, correct provisioning for holidays or warranty, correct accounting treatment of finance leases and finally calculate the cash flows. What\'s more, this \"self-audit\" is not limited to the above-mentioned areas of accounting, but also helps in the analysis of such external evidence of impairment of assets and determining the allowances fixed assets, accounts receivable and inventories.

The essence of this system boils down to the fact that the controller gets the system 24iValue conclusion that the calculation made by that entities? financial data  are not significantly distorted. In this case, the division of responsibilities to organize is important so that the accountants of the subsidiaries themselves fill the input data into the 24iValue system and they are automatically assessed as to the significance of any error included in them. The only thing is that the group controller has to familiarize with the conclusion and possibly randomly verify the accuracy of the input data, which are attached to the report from 24iValue.

Another option is that the group controller manually enters the data received from a subsidiary to verify the credibility and integrity shown by the subsidiary financial statements. For example, verification of cash flow with the help of 24iValue takes about 40 minutes - so besides giving credibility to unaudited statements of the Capital Group all will save time so far spent by the auditors to verify the calculations made by the subsidiaries.

The consolidated financial statements of the Group are prepared by the parent company, and it consists of the consolidated balance sheet, income statement, cash flow statement, statement of changes in equity and notes. If one of the elements included in the consolidated financial statements will be distorted, the whole report is unreliable and untrustworthy, and therefore illegal balance sheet. When the group consists of the parent company and 10 subsidiaries, none of which, or even half does not examine the financial statements, there is a high risk that the reporting of subsidiaries is wrong, which will, in turn, on the erroneous financial statements, the distortion of the financial result.

24iValue will help the international capital groups as it is based on the International Financial Reporting Standards (IFRS).

So why risk the incredibility image of a group when you can completely independently verify the accuracy of reporting of subsidiaries - even without an auditor!

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