Auditing
Licensed audit support that keeps annual compliance organised
Precision Point Malta provides licensed audit and assurance services for companies in Malta and Gozo. We support Maltese companies, Gozo-based companies, owner-managed businesses, startups, foreign-owned Malta companies, holding companies, property companies, trading companies, and service businesses.
Structured audit support for companies in Malta
Audit should not feel like a rushed year-end exercise. With the right records, clear documentation, and structured communication, the annual audit process becomes easier to manage and less disruptive for directors, shareholders, and finance teams.
- Support with statutory audit, financial statement audit, audit preparation, audit queries, and audit-ready documentation.
- Practical coordination of supporting records, reconciliations, schedules, explanations, and financial statement audit evidence.
Audit work backed by clear records and professional coordination
Precision Point Malta is licensed to provide audit services. This means we can support companies that require a statutory audit in Malta, including the audit of annual financial statements and the review of supporting accounting records, reconciliations, schedules, and documentation.
Audit information requests
We structure audit information requests clearly so clients know what is needed, what each request relates to, and which documents remain outstanding.
Audit queries and follow up
Audit queries are raised clearly and tracked properly so directors and finance teams understand what still needs to be resolved.
Audit-ready documentation
We focus on the records and explanations that support the financial statements, not only on the audit work itself.
Audit preparation is easier when accounting records are organised before the audit begins
Our approach is practical and organised. We help clients understand what is needed, structure audit information requests clearly, raise audit queries in a way that can be followed, and coordinate the audit process professionally.
Statutory audit support for companies in Malta
Maltese companies commonly require annual audit support as part of their annual compliance cycle, unless a specific exemption applies.
For directors and shareholders, the audit is connected to several important areas: annual financial statements, accounting records, supporting documentation, year-end accounts, company compliance, and audit planning.
A statutory audit in Malta usually requires more than simply handing over a trial balance at year-end. The company should be able to support its balances with clear records, reconciliations, invoices, agreements, payroll information, VAT records, bank statements, and relevant explanations for material transactions.
What sits behind a smooth audit
Annual financial statements
The audit is closely linked to the annual financial statements, reporting framework, notes, disclosures, and supporting schedules.
Accounting records
Audit work depends on complete, reconciled, and properly supported accounting records.
Supporting evidence
Invoices, agreements, bank records, VAT records, payroll records, fixed asset schedules, and explanations for material transactions may all be relevant.
Clear coordination
We help clarify what documents are needed, review information provided, raise audit queries clearly, and coordinate the process through to finalisation.
A practical audit service without overloading the page or the process
Our audit and assurance services cover statutory audit, financial statement audit, planning, preparation, documentation requests, record review, audit queries, and follow-up coordination.
Statutory audit services
Audit services for Malta companies that require an annual audit, based on financial statements, accounting records, supporting documents, and applicable reporting requirements.
Financial statement audit
Review of figures, disclosures, supporting schedules, and audit evidence behind the annual accounts.
Audit planning
Understanding the company, its structure, activity, records, reporting framework, and any areas that may need additional audit attention.
Audit preparation guidance
Guidance on what should be prepared before audit work begins so delays are reduced and the process is clearer.
Audit documentation requests
Structured information requests so clients know what is needed, what each request relates to, and what remains outstanding.
Audit queries and coordination
Clear query tracking and follow-up coordination so directors and finance teams know what still needs to be provided or explained.
Audit work also covers the detailed areas behind the numbers
This may include trial balance review, accounting record review, bank reconciliations, customer and supplier balances, fixed asset schedules, payroll records where applicable, VAT records where applicable, director and shareholder loan accounts, GAPSME audit support, IFRS audit support, management letter points where relevant, and audit support for companies with delayed or disorganised records.
Audit is easier when records are prepared properly
The audit process becomes more efficient when records are organised before audit work begins. Audit is not only about the final review of financial statements. It depends on the quality of the records that support those financial statements.
Complete records
When records are complete, reconciled, and easy to follow, audit queries can be handled more efficiently.
Clear support
When records are missing or unclear, the audit process often becomes slower and more stressful.
Structured process
Our role is to help make the process structured, clear, and manageable.
A clear audit file reduces unnecessary back and forth
The exact documents required for an audit depend on the company, its activity, its size, its accounting records, and the financial statements being audited.
- Trial balance, general ledger, year-end schedules, annual accounts position, and accounting estimates where relevant.
- Bank statements, bank reconciliations, sales invoices, purchase invoices, receipts, customer balances, supplier balances, and supplier statements.
- Payroll reports, VAT returns, VAT workings, fixed asset registers, loan agreements, lease agreements, contracts, board minutes, resolutions, and support for material transactions.
Audit preparation and documentation
A clear audit file helps reduce back-and-forth communication. It also helps audit queries focus on the matters that require judgement, explanation, or further supporting evidence.
Accounting records
- Trial balance
- General ledger
- Year-end schedules
- Annual accounts position
- Accounting estimates where relevant
Transaction support
- Sales invoices
- Purchase invoices
- Supplier statements
- Customer aged receivables
- Supplier aged payables
Bank and compliance records
- Bank statements
- Bank reconciliations
- VAT returns and workings
- Payroll reports
- Fixed asset register
Agreements and approvals
- Loan agreements
- Lease agreements
- Contracts and major agreements
- Board minutes where relevant
- Resolutions where relevant
Balances requiring review
- Director balances
- Shareholder balances
- Customer balances
- Supplier balances
- Loan account movements
Audit focus areas
- Open audit queries
- Unresolved balances
- Pending year-end adjustments
- Missing support for material transactions
- Items requiring further explanation
Financial statements, GAPSME, and IFRS
Audit is closely linked to the company’s annual financial statements. A Malta company’s financial statements may be prepared under GAPSME or IFRS, depending on the company’s circumstances and applicable reporting requirements.
The audit process considers the annual financial statements, the reporting framework used, the accounting records behind the figures, and the supporting schedules and documents provided.
Directors remain responsible for the company’s financial statements and accounting records. Our role as auditor is to conduct the audit work independently and professionally based on the information and evidence available.
GAPSME reporting thresholds
| Threshold | Small Entities | Medium Entities |
|---|---|---|
| Balance Sheet Total | ≤ €4,000,000 | ≤ €20,000,000 |
| Total Revenue | ≤ €8,000,000 | ≤ €40,000,000 |
| Average number of employees | ≤ 50 | ≤ 250 |
Entities exceeding these thresholds are classified as large which, along with Public Interest Entities, are required to prepare financial statements in full compliance with IFRS as adopted by the EU.
What the financial statement audit may involve
The audit may involve reviewing Malta company accounts, annual financial statements, notes to the financial statements, trial balance and general ledger, year-end schedules, accounting estimates where relevant, director and shareholder balances, material transactions, supporting documentation, and the link between bookkeeping, annual accounts, and audit evidence.
Audit services for different types of clients
Different companies face different audit documentation needs. The service is designed to adapt to the company’s activity, structure, ownership, and level of audit preparation.
Companies in Malta and Gozo
Annual audit, financial statement audit, accounting record review, documentation requests, and audit coordination as part of the company compliance cycle.
Owner-managed businesses
Practical audit coordination and direct communication with directors to clarify documents needed, balances requiring support, and audit queries that remain open.
Foreign-owned Malta companies
Clear communication between overseas shareholders, local directors, finance teams, and Malta service providers.
Startups and growing companies
Support for companies preparing for a first audit, building better records early, and reducing unnecessary year-end pressure as activity increases.
Property, investment, holding, and trading companies
Audit documentation support for asset records, loan balances, investment records, contracts, supplier balances, customer balances, and year-end schedules.
Companies behind on preparation
Support to structure delayed, incomplete, or difficult records and identify what needs to be addressed before the audit can progress properly.
Companies that are behind on audit preparation
Not every company reaches audit stage with perfect records. Some companies are behind on bookkeeping. Others have unreconciled bank accounts, missing invoices, unresolved supplier balances, unclear customer balances, incomplete VAT records, missing payroll information, or director and shareholder loan accounts that have not been properly reviewed.
- Incomplete bookkeeping, unreconciled bank accounts, missing sales or purchase invoices, and unresolved supplier balances.
- Unclear customer balances, missing payroll records, missing VAT records, and incomplete fixed asset schedules.
- Unclear director or shareholder loan accounts, pending year-end adjustments, and missing support for material transactions.
A practical way to move the audit forward
If your company is behind on audit preparation, the next step is structure.
Precision Point Malta can help identify what is missing, prioritise the records that matter most, and work through the audit preparation process in a practical and organised way.
The aim is to create a clearer audit position, reduce unnecessary confusion, and help directors understand which records still need to be provided or explained.
Audit connects with bookkeeping, tax, VAT, payroll, and annual accounts
Audit does not sit in isolation. The quality of the audit process depends heavily on the records and compliance work completed throughout the year.
Bookkeeping records support the audit trail. VAT records may be relevant to sales, purchases, VAT balances, and specific transactions. Payroll records support employment costs and related balances. Annual accounts feed directly into the audit process. Tax computations may rely on audited financial information.
Bookkeeping
Organised ledgers, reconciled bank accounts, and complete records make audit queries easier to answer.
VAT records
VAT records may affect sales, purchases, VAT balances, and transaction testing.
Payroll records
Payroll reports support employment costs, payroll postings, and related financial statement balances.
Annual accounts and tax
Audited financial information often feeds into annual accounts, tax computations, and company compliance.
Wider support where needed
Where needed, Precision Point Malta can also support clients with bookkeeping, annual accounts, tax planning, VAT compliance, payroll, company registration, and business advisory.
How our audit process works
A clear process helps directors and finance teams understand what needs to happen, what documents are required, and how open points will be resolved.
Understand your company
We start by understanding your company, activity, ownership structure, reporting requirements, previous audit position, and specific audit issues.
Review records and accounts
We review the accounting records, trial balance, annual accounts position, and supporting documentation to understand what is ready.
Agree the request and timetable
We agree a structured audit information request and audit timetable based on records, deadlines, and level of preparation.
Conduct audit work
We carry out the audit work and raise audit queries clearly where more evidence or explanations are needed.
Coordinate finalisation
Once open points are resolved, we coordinate finalisation and reporting, with relevant recommendations where applicable.
Licensed audit support with practical business understanding
We combine licensed audit capability with practical communication, structured follow-up, and an understanding of the wider finance and compliance cycle.
Licensed audit services
Precision Point Malta is licensed to provide audit services and can support companies requiring statutory audit, financial statement audit, and audit and assurance services in Malta.
Practical and organised process
We approach audit work with clear planning, organised document requests, practical follow-up, and early identification of documentation issues.
Clear communication
Audit queries should be understandable. We explain what is needed, why it is being requested, and what remains outstanding.
Connected compliance view
Audit connects with bookkeeping, annual accounts, tax, VAT, payroll, and company compliance. Our wider experience helps us understand the full year-end picture.
Commercial understanding of how businesses operate
Audit is technical, but businesses are practical. We understand how business records are created, where documentation gaps usually appear, and how directors need to manage audit requests in real life.
Services that often connect with audit
Audit often sits beside bookkeeping, annual accounts, tax, VAT, payroll, company setup, and business advisory work. These related services help keep the wider compliance cycle aligned.
Frequently asked questions about audit services in Malta
Does a Malta company need an audit?
Maltese companies generally require an annual audit unless a specific exemption applies. Whether an exemption applies depends on the company’s circumstances, so directors should seek specific advice before assuming that an audit is not required.
Is Precision Point Malta licensed to provide audit services?
Yes. Precision Point Malta is licensed to provide audit services and can support companies with statutory audit, financial statement audit, audit preparation, audit queries, and audit-ready documentation.
What audit services does Precision Point Malta provide?
Precision Point Malta provides statutory audit services, financial statement audit, audit planning, audit preparation guidance, audit documentation requests, audit queries, follow-up coordination, and audit support for Malta and Gozo companies.
What is a statutory audit in Malta?
A statutory audit is an audit required under applicable company or regulatory requirements. For Malta companies, it is commonly connected to the annual financial statements, accounting records, directors’ responsibilities, and annual compliance cycle.
What documents are needed for an audit?
The exact documents depend on the company, but common audit documents include the trial balance, general ledger, bank statements, bank reconciliations, sales invoices, purchase invoices, payroll reports, VAT returns, fixed asset register, loan agreements, lease agreements, and supporting documents for material transactions.
How does bookkeeping affect the audit process?
Bookkeeping has a direct effect on the audit process. If accounting records are complete, reconciled, and properly supported, audit queries are usually easier to answer. If records are incomplete or disorganised, the audit process may take longer and require more follow-up.
Can you audit foreign-owned Malta companies?
Yes. We support foreign-owned Malta companies with statutory audit, financial statement audit, audit documentation, and communication with overseas shareholders, directors, or group finance teams where needed.
Can you help if my company is behind on audit preparation?
Yes. If your company is behind, we can help identify missing records, incomplete reconciliations, unresolved balances, and supporting documents needed for the audit process. The aim is to create a structured catch-up plan.
What is the difference between annual accounts and audit?
Annual accounts are the company’s financial statements and related schedules. The audit is the independent review process carried out on those financial statements and the supporting evidence behind them. The two are closely connected, but they are not the same thing.
Do you audit financial statements prepared under GAPSME or IFRS?
Yes. We can support audits of financial statements prepared under GAPSME or IFRS, depending on the company’s applicable reporting framework and circumstances.
Can you help with audit queries?
Yes. Audit queries are a normal part of the audit process. We raise queries clearly, explain what information is needed, and coordinate follow-up points with directors, accountants, or finance teams.
How does audit connect with tax and annual compliance?
Audit connects with tax and annual compliance because the audited financial statements often feed into wider company obligations. Tax computations, annual accounts, company compliance, and audit work are usually part of the same year-end cycle.
