Introduction

About us

Z-Wolf Audit Kft. was founded in 2022. The company’s founder and managing director is Zoltán Farkas, chartered auditor, a member of the international Association of Chartered Certified Accountants (ACCA), FCCA member, and a registered member of the Hungarian Chamber of Auditors.

Z-Wolf Audit Kft.’s main activity is providing audit and other related services.

Zoltán Farkas, chartered auditor's professional background

Farkas Zoltán, managing director

I obtained my university degree in 1999 from the Faculty of Business Administration at the Budapest University of Economic Sciences (currently known as Budapest Corvinus University), majoring in Accounting. Throughout my career, I have gained extensive experience as an auditor, with more than 25 years of dedicated service at the Ernst and Young Hungarian auditing firm (“EY”), and since 2022, at my own auditing company.

My expertise extends to statutory audits and related services, as well as other financial audits. I have relevant experience in auditing institutions supervised by the Hungarian National Bank (MNB), such as credit institutions, life and non-life insurance companies, and other financial service companies (investment funds, investment fund managers). My experience extends to audits conducted in accordance with Hungarian accounting rules (Act C of 2000) and the International Financial Reporting Standards (International Financial Reporting Standards, “IFRS”).

I also have extensive audit experience with various multinational service and manufacturing companies.

I have additional relevant experience in other related services:

  • Assurance Engagements Other than Audits or Reviews of Historical Financial Information (according to the ISAE 3000 standard)
  • Implementation of agreed examination of financial accounting information (based on ISAE 4400 standard)
  • Participation in consulting projects related to the financial sector, such as financial due diligence, review of financial closing processes, and investigations of banks and insurance companies related to regulatory requirements

I have also participated in several advisory projects ranging from due diligent services to various special agreed-upon services, M&A, risk management of insurance companies and advisory services on the implementation of regulatory regulations in the past years. Additionally, I have participated in other audit-related service projects, such as reviews of financial statement closing processes and assessments of internal control processes.

The special auditor qualifications:

IFRS

Issuers

Financial institutions

Pension and Health Funds

Insurance

Investment services

Bank certificate

Sustainability

Issuers

IFRS

Financial institutions

Pension and Health Funds

Investment services

Insurance

Bank certificate

Sustainability

Our services

The company offers a wide range of audit and related services to its clients. Our services aim to comply with Hungarian and international accounting standards, as well as to support our clients’ financial transparency and compliance.

Our main services include:
Audit of reports prepared according to Hungarian accounting rules
Audit of reports prepared according to IFRS accounting rules
Audit of Group reports
Internal control compliance audit
Tests according to agreements
Audit of business transformations
Searching for improvement possibilites

External audit

External auditing serves several crucial purposes for organizations, particularly in ensuring financial transparency and credibility.

Here are some of the main reasons why external auditing is important:

Credibility and Trust

External auditing helps increase the credibility of financial statements. An independent auditor provides an objective perspective, verifying that the financial statements are accurate and reliable, which enhances trust in the company among investors, creditors, regulators, and other stakeholders.

Regulatory Compliance

In many countries, especially for larger companies, external audits are required by law. This ensures that companies comply with national accounting regulations and standards, such as IFRS or local accounting principles.

Financial Transparency

External auditing ensures that a company’s financial reports properly reflect the economic reality, including revenues, expenses, assets, and liabilities. This is particularly important for public companies, where shareholders regularly need accurate information about the company’s financial performance.

Risk Management

External audits help identify internal control weaknesses, fraud, or errors that could affect the company’s operations. The audit process can reveal areas where a company may be exposed to risk and offer recommendations for improving procedures.

Detection of Fraud and Irregularities

Auditors are tasked with monitoring for signs of fraud or irregularities. While the primary aim of an audit is not to detect fraud, a well-conducted audit often uncovers suspicious transactions, which can lead to further investigation.

Investor and Creditor Confidence

The results of external audits provide investors and creditors with the information they need to make well-informed decisions. Transparent and certified financial data make it easier for them to decide on investments, lending, or other financial relationships.

In summary, external audits are essential for ensuring transparency, regulatory compliance and maintaining trust with market participants.

Kibocsátói

IFRS

Pénzügyi intézményi

Pénztári

Befektetési vállalkozási

Biztosítói

Banki igazolás