Audit Malta
No fees. No obligations.
Access to fully warranted auditors
Wide range of audit services
Trusted by Leading Maltese Businesses
International Expertise
Commitment to transparency and integrity
Audit Services That Stand Out
The importance of audit quality has reached unprecedented levels in today’s business world, and it is crucial to have the right audit partner by your side.
An annual audit of financial statements is a statutory requirement in Malta, and at Borg Galea & Associates, we go beyond merely meeting this obligation by delivering a thorough audit process that adds significant value to our clients.
Auditing is one of our core areas of expertise, and we provide a broad range of audit services across diverse industries and specialised sectors. Our team brings international experience, deep industry knowledge, and a strong commitment to excellence, ensuring that you receive the detailed attention and hands-on approach you require and deserve.
Our Audit Services
Statutory Audits in Malta
Independent review of your company’s financial statements, a legal requirement for nearly all companies registered in Malta.
Your Benefits
– Hands-on and tailored approach from our firm
– Direct access to our entire audit team, including senior members
– Full compliance with all legal and financial reporting requirements
– Insights into your systems, controls, internal reporting and team
– Enhanced credibility with readers of your financial statements
What is Included
– Thorough understanding of your business and identification of key risk areas
– Review and assessment of all accounting records and internal controls
– Testing of all financial transactions and balances to verify reliability
– Audit opinion in accordance with International Standards on Auditing
– Preparation and submission of the annual tax return
Financial Statements Audits in Malta
Examination to determine whether your company maintains proper bookkeeping and complies with the relevant accounting standards required by law.
Your Benefits
– Full compliance with all legal requirements
– Adherence to relevant accounting standards
– Identification of potential efficiencies and improvements within your business
– Enhanced confidence and trust amongst investors, banks and suppliers
– Minimal business disruptions through an efficient audit process
What is Included
– Continuous expert guidance from our experienced audit team
– IFRS or GAPSME implementation
– Pre-audit support including initial accounting system set-up assistance
– Preparation of financial statements in accordance with IFRS or GAPSME
– Actual filing of the financial statements with the Malta Business Registry
Large Company Audits in Malta
Complex audit services for large multinational companies with elaborate organisational structures, operations and geographic areas of operation.
our Benefits
– Full compliance with all legal requirements
– Identification and resolution of key risk areas within your business
– Maintained reliability within your financial reporting
– Strengthened decision-making through enhanced clarity in audited financial statements
– Minimised probability of misstatements, errors or fraud
What is Included
– Continuous expert guidance from our experienced audit team
– Timely collaboration between your finance team and our auditors
– IFRS implementation
– Preparation of financial statements in accordance with IFRS
– Actual filing of the financial statements with the Malta Business Registry
Holding Company Audits in Malta
Audit services for holding companies fulfilling strategic roles, whether managing equity holdings, acting as finance vehicles, or holding intellectual property.
Your Benefits
– Hands-on and tailored approach from our firm
– Direct access to our entire audit team, including senior members
– Full compliance with all legal and financial reporting requirements
– Insights into your systems, controls, internal reporting and team
– Enhanced credibility with readers of your financial statements
What is Included
– Continuous expert guidance from our experienced audit team
– IFRS or GAPSME implementation
– Assistance with consolidations whenever necessary
– Preparation of financial statements in accordance with IFRS or GAPSME
– Actual filing of the financial statements with the Malta Business Registry
Group Audits in Malta
Audit of consolidated financial statements combining financial information of multiple entities within a group, presenting the group’s overall financial position.
Your Benefits
– Full compliance with all legal requirements
– Simplified consolidation process
– Identification and resolution of key risk areas within your Group
– Maximised benefits of consolidations in Malta, particularly those aligned with tax efficiency
– Minimised probability of misstatements, errors or fraud
What is Included
– Continuous expert guidance from our experienced audit team
– Timely collaboration between your finance team and our auditors
– IFRS or GAPSME implementation
– Preparation of Group consolidated financial statements in accordance with IFRS or GAPSME
– Actual filing of the financial statements with the Malta Business Registry
IFRS Audits
Audit services for larger Maltese entities exceeding size thresholds, requiring financial statements prepared in accordance with International Financial Reporting Standards.
Your Benefits
– Full compliance with all statutory obligations
– Help navigating the complexity of IFRS
– Increased clarity and quality of your financial data
– Direct access to our IFRS team for implementation guidance
– Enhanced access to credit for business expansion through improved financial reporting
What is Included
– Guidance on selecting the correct accounting framework
– Full IFRS implementation
– Timely collaboration between your finance team and our auditors
– Preparation of financial statements in accordance with IFRS
– Actual filing of the financial statements with the Malta Business Registry
GAPSME Audits
Audit services for smaller and medium-sized entities eligible for simplified reporting under General Accounting Principles for Small and Medium-Sized Entities.
Your Benefits
– Full compliance with all statutory obligations
– Assurance that you are not disclosing more than what is required
– Direct access to our GAPSME team for implementation guidance
– Protection of sensitive business information from competitors
– Simplified reporting obligations compared to IFRS
What is Included
– Guidance on selecting the correct accounting framework
– GAPSME implementation
– Preparation of financial statements in accordance with GAPSME
– Preparation and submission of the annual tax return
– Actual filing of the financial statements with the Malta Business Registry
Why Choose Borg Galea for Audit Services?
At Borg Galea & Associates, we understand that selecting the right auditor is a critical decision for your business. Your auditor becomes a long-term partner whose insights play an essential role in supporting your organisation’s success.
Client-focused approach
We develop clear strategies built on careful planning, solid understanding of your business, and thorough risk assessment.
Clear Communication
We prioritise transparent dialogue throughout the audit process, ensuring it remains straightforward and efficient.
Timely Delivery
We respect deadlines and deliver services on agreed timelines, helping you meet compliance obligations without stress.
Experience & Qualifications
Our team undergoes rigorous authorisation and holds the required professional qualifications to conduct audits.
Proactive Support
We remain available year-round, providing timely assistance with questions and guidance whenever needed.
Customised Solutions
Audit services tailored to your specific business requirements, size and the industry in which you operate.
Easy Administration
Streamlined processes and digital tools minimise the administrative burden on your team.
Smooth Integration
Our services integrate smoothly with your existing financial systems, causing minimal disruption to operations.
Data Protection
Robust security measures protect your sensitive financial information with strict confidentiality protocols.
Practical Approach
We provide practical, actionable recommendations ensuring our services deliver tangible value to your business.
Accurate Reporting
Independent opinions prepared in accordance with International Standards on Auditing (ISAs).
Data-Driven
We use data as the foundation for deeper analysis, identifying potential risks early and assessing control effectiveness.
Our Audit Process
Every audit is unique, however, the audit process is predominantly similar in most cases. Below is a step-by-step guide outlining our approach, which typically encompasses the following four distinct stages and the essential steps in each stage:
01
Planning
We establish clear objectives and define the scope of our work, determining which areas of your business will be reviewed and preparing a detailed audit programme.
During the planning stage, we notify you of the audit and consult with your senior management to discuss scope and objectives. We conduct an initial meeting with key stakeholders, gather information on important processes, and evaluate existing controls. Our team uses appropriate tools and techniques to gather and analyse information about your operations. The review of internal controls helps us determine the areas of highest risk and design tests to be performed in the fieldwork section. This phase concludes with the preparation of an audit programme outlining the fieldwork necessary to achieve the audit objectives.
Fieldwork
We concentrate on transaction testing and informal communications, determining whether the controls identified during planning are operating properly.
After completing the preliminary review, we perform a variety of audit procedures to evaluate your company’s internal controls and ensure adherence with accounting standards. Our testing may include sampling transactions in line with our risk-based methodology to verify accuracy or reviewing policies and procedures to assess adherence. As the fieldwork progresses, we discuss any significant findings with you and collaborate together to resolve the issues identified. Our goal is not to create surprises. Upon completion of the fieldwork, we summarise the audit findings, conclusions, and recommendations necessary for the audit report. Working papers support the audit opinion and connect your accounting records to our conclusions.
We also review your company’s internal control structure, a process which is usually time-consuming. In doing this, we use a variety of tools and techniques to gather and analyse information about your operations. The review of internal controls helps us determine the areas of highest risk and design tests to be performed in the fieldwork section.
Audit Report
We express our opinions, present audit findings, and discuss recommendations for improvements through a structured review process with your management.
At the conclusion of fieldwork, we draft the report for your management’s review before the exit conference. When you have approved the discussion draft, we meet with your management team to discuss the findings, recommendations, and text of the draft. At this meeting, you comment on the draft and we work together to reach agreement on the audit findings. We then prepare a formal draft taking into account any revisions resulting from the exit conference and other discussions. The final report is distributed to your management team. You have the opportunity to respond to the audit findings prior to issuance, and your response can be included or attached to our final report.
Audit Follow-Up
Within approximately one year of the final report, we perform a follow-up review to verify the resolution of the report findings.
Your response letter is reviewed and the actions taken to resolve the audit report findings may be tested to ensure that the desired results were achieved. All unresolved findings will be discussed in the follow-up report, which lists the actions taken to resolve the original report findings. Unresolved findings will include a brief description of the finding, the original audit recommendation, your response, the current condition, and the continued exposure to the identified risks. A discussion draft of each report with unresolved findings is circulated to you before the report is issued. The follow-up review results will be circulated to the original report recipients and other officials as deemed appropriate.
Discuss Your Service Needs With One of Our Experts
What Our Clients Say About Working With Us
At Borg Galea & Associates, we are proud to support clients from a wide range of industries and even prouder when they share their experience with us. Discover what they value most about working with our team.
Trusted Partner for All Financial Matters
“I have been a client of Borg Galea & Associates for 5 years and have always found their services to be extremely professional and approachable. They support me through many financial tasks, both on a personal level and in respect of my company. They also enlist the help of other professionals to ensure that informed decisions are made. I highly recommend their services.”
Daniel Cutajar
Dino’s Motors
Outstanding Service Quality, Always On Time
“Borg Galea & Associates have always managed to exceed our expectations in terms of quality of service. Very professional, friendly team who is always there to help. Reliable, meticulous in their work, and deliver on time. Highly recommended.”
Natalie Vella Wright,
Director – Billboard Connection
Long-Term Collaboration Built on Trust
“Borg Galea & Associates has been successfully supporting us in annual audits for several years. During our collaboration, we have only had positive experiences. In particular, the support from Nathaniel Borg was always characterized by quick and unbureaucratic help. Furthermore, a strong relationship of trust has built up, which ensures long-term cooperation.”
Matthias Keck
CEO & Founder – Devrock Ltd
Understanding Business Challenges Like No Other
“Working with Borg Galea & Associates has transformed the way we carry out our business activities, making our lives easier. The team helped us to understand our business, the challenges we faced and also assisted with how we can enhance our daily operations. We are pleased with their services in auditing, taxation and professional advisory, as well as their professional approach and high level of responsiveness. For sure we recommend the use of their services, and we are grateful to have Borg Galea & Associates to support us with our business growth.”
Renata Rukstelyte
Finance Executive - Sorens Aero
More Personal Than Other Larger Providers Out There
“I really enjoyed the process with Borg Galea & Associates, of whom I have been a client for the past few years. They work one-to-one with you to make sure your business receives the attention it requires. The whole team has always been prompt, professional and highly responsive. I would recommend anyone to use their services as it feels more personal than other larger providers out there. Big thanks and looking forward to keep on working with you in the future.”
Marcel Jaeger
Director - Infinium Digital Holdings
FAQ
Which companies must prepare a statutory audit in Malta?
The preparation of an annual statutory audit is a requirement for nearly all companies registered in Malta, unless your company qualifies for an exemption as outlined under the Companies Act. The exemption criteria are based on specific size thresholds, and our team can assist you in determining whether your company qualifies for any exemptions available under the law.
What is the role of an auditor?
Auditors are responsible for conducting an independent review of the financial statements and issuing an auditors’ report, which typically accompanies the audited financial statements upon filing submission. More specifically, the role of an auditor is to provide an independent audit opinion on whether the financial statements give a true and fair view of the company’s financial position, performance, and cash flows, in accordance with the applicable accounting framework, such as GAPSME and IFRS.
What exactly is reviewed during an audit process?
Auditing places a set of financial statements under careful and thorough review, including a statement of financial position, a statement of comprehensive income, a statement of changes in equity, a statement of cash flows, and the accompanying detailed notes to the financial statements. Each component will be examined in detail to ensure accurate and transparent financial reporting.
What are the main types of audit opinions an auditor can issue?
There are four main types of audit opinions. A clean or unqualified opinion illustrates that the financial statements are fairly stated, accurate and reliable. A qualified audit opinion points out specific issues or limitations, while an adverse audit opinion indicates significant misstatements within the financial statements. When the auditor cannot obtain sufficient evidence, a disclaimer of opinion is issued.
What is the difference between a statutory and an internal audit?
A statutory audit is an external, independent examination of a company’s financial reports that is legally required. An internal audit is a voluntary, process-oriented examination aimed at improving internal controls and identifying business risks. Both serve distinct purposes within an organisation’s governance framework.
How do we best prepare for an audit?
Good preparation includes providing complete and current financial records, documenting processes and controls, reconciling accounts, and making key personnel available for questions. In our initial conversation, you will receive a detailed checklist for your specific situation to ensure a smooth and efficient audit process.
How long does an audit typically take?
The duration depends on the size and complexity of your company. A statutory audit for a medium-sized company typically takes two to four weeks from the first on-site visit to the final report. We carefully plan the process to minimise disruptions to your daily business operations.
What documents are needed for an audit?
Typically, we need the signed audited financial statements of the prior year, a nominal ledger covering the previous year, an audited trial balance of the previous year, and a group structure and a list of related parties pertaining to the previous year. The exact requirements vary depending on the type of audit we will be conducting. Our team will guide you throughout the entire process, ensuring that we simplify it for you as much as possible.
How much does an audit cost?
Costs vary depending on the scope, complexity, and type of audit. We offer transparent, competitive pricing and work with tailored proposals rather than hourly rates, so you have cost certainty from the start. Following our initial complimentary meeting, we will provide you with a tailored proposal specifically prepared for your company, which is based on our discussion.
How does Borg Galea & Associates differ from other firms?
Our solid client retention rate speaks for itself. We combine the personal attention of a boutique practice with the technical expertise of a large firm. Our focus is to establish a long-term partnership with our clients through the delivery of outstanding services, targeted towards assisting our clients with requirements beyond the initial engagement. We have a friendly yet professional team who are willing and eager to get to know you and to start helping you with your requirements.
Contact us to learn more
To learn more about our services, do not hesitate to get in touch. Kindly submit your information via the form and one of our expert advisors will get in touch with you within 24 hours. Alternatively, do not hesitate to give us a call on +356 2703 7012 or just send us an email on [email protected].