Experience, professional quality and reliability
MGI-BPO Audit Kft. has been providing audit services since 2005, as the Hungarian member firm of the MGI Worldwide network.
Over the past two decades we have learned how an audit can be run at a high professional level and, at the same time, in a client-focused and cooperative way. We believe an audit is not only an obligation. It is also an opportunity: it gives external confirmation that the financial statements are reliable, and it gives management a reference point for decisions.
Our professional standards speak for themselves. For more than twenty years we have received the highest grade, “compliant”, at every quality control review of the Hungarian Chamber of Auditors, and we consistently pass the internal quality reviews of the MGI Worldwide network as well. Quality assurance is not a separate task here. It is a natural part of how we work.
What does an audit mean?
An audit is an independent, expert examination of the financial statements. It assesses whether the financial statements present the company’s assets, financial position and results in line with the applicable accounting framework, free from material misstatement. The result is the auditor’s report, in which the auditor gives an independent opinion on the financial statements.
We perform our audit work in accordance with the International Standards on Auditing (ISA). The audit covers whether the financial statements comply with the accounting rules in form and in content, and whether they are free from material misstatement, whether caused by error or by intentional misstatement.
The partners who lead the professional work
Audit engagements are led by our two registered auditor partners. The appointed auditor is always a named auditor who is a member of the Hungarian Chamber of Auditors, not an anonymous team.
Ildikó Miszori, managing director and partner, co-founder of the firm. Registered auditor with more than three decades of experience in audit and accounting. Alongside her work as an appointed auditor she is also active as an adviser. She has outstanding expertise in the audit of civil society organisations and non-profit entities.
László Killik, managing director and partner, co-founder of the firm. Registered auditor, certified trainer and quality control reviewer of the Chamber. He has been active for more than two decades in audit, international client relations and advisory work, and previously served as global Chair of MGI Worldwide. He lectures at Budapest Business University and is a regular speaker at the Hungarian Chamber of Auditors.
How the audit works
We organise the audit process on a timetable agreed in advance and adapted to how your company operates. It matters to us that not only the result is accurate, but that the process is transparent and predictable too.
An audit usually consists of the following phases:
- Engagement and planning: understanding the company, the industry and the risks, and agreeing the timetable and the documents needed.
- Interim audit: a review of internal processes and major transactions during the year. This spreads the workload and leaves time to settle open questions before the year-end closing.
- Year-end audit: detailed testing of the financial statements, reconciliations and confirmations.
- Closing and reporting: issuing the auditor’s report, together with written feedback to management on the findings.
The timetable is set out in the engagement contract, so the deadlines are predictable for both sides.
Which documents will you need?
At the planning stage we give you an itemised list of what we need and by when. We keep the burden on your finance team as low as possible: we ask for the data in an agreed format and on an agreed schedule, so that our requests do not land on the busiest days of the closing. Documents are received through an encrypted online platform.
How we report the issues we find
The value of an audit is not in finding errors for their own sake. It is in making sure management hears about the important questions in time, and in plain language. That is why:
- we report material findings separately from minor ones, so it is clear what needs immediate action and what can be settled later,
- we discuss the issues we find with management first, rather than presenting them as a surprise in the report,
- at the end of the engagement we summarise our findings and our recommendations on internal controls in a management letter, on request.
So in addition to the mandatory opinion, you also get business-minded feedback wherever that genuinely helps your company.
Appointed auditor and availability
For every audit we assign a named auditor who is a member of the Chamber, and a permanent contact person who knows how your company works. We are available during the year as well: professional questions do not have to wait until the next audit. For critical, deadline-driven questions we aim for a fast response. This is one of the reasons our clients stay with us.
Who we provide audit services to
Our services are mainly for companies looking for a reliable, fast-responding audit partner with international connections. We often work with:
- companies subject to statutory audit (Kft., Zrt.),
- Hungarian subsidiaries of international groups,
- fund managers, private equity funds and venture capital funds,
- non-profit organisations, foundations and associations,
- state-owned and municipally owned companies.
You can read about our industry experience and our references with groups and subsidiaries here.
Statutory and voluntary audit
An audit can be required by law (statutory) or requested by the owner, the bank or an investor (voluntary). We take on both. If you are not sure whether your company is subject to a statutory audit, use the information calculator at the bottom of this page, or ask us to check it for you free of charge.
We issue our reports under Hungarian accounting rules, and in English on request. Our experience also covers the audit of separate financial statements prepared under IFRS. On engagements with an international background we work together with the foreign member firms through the MGI Worldwide network.
Licences and professional recognition
- MGI-BPO Audit Kft. is an audit firm registered with the Hungarian Chamber of Auditors. Our registration number is 002331. View the chamber register.
- Under a separate licence we are also authorised to audit fund managers, private equity funds and venture capital funds.
- For more than twenty years we have received the highest grade, “compliant”, at every quality control review of the Chamber.
- As a member of the MGI Worldwide network, we consistently pass the international quality reviews as well.
- We hold professional indemnity insurance for our activity, as required by law.
What determines the audit fee?
There is no standard price list and no per-head price, because the amount of work depends on the size and the complexity of the company. The fee calculation typically takes these factors into account:
- the balance sheet total, the revenue and the number of transactions,
- the legal form and the ownership structure (subsidiary, group),
- the reporting framework applied (Hungarian accounting rules or separate IFRS financial statements),
- whether this is a first-year or a recurring engagement,
- whether an English-language report or cooperation within the international network is needed,
- the state of the internal controls and of the bookkeeping.
Our quote is itemised and fixed in advance. If the audit turns out to need more work than planned, we tell you before we do it. There are no surprises after the fact.
Ask us for a quote
If you would like a quote for an audit, share a few basic details about your company with us. Once you have filled in the form, we will contact you shortly, and our very first reply will already show you the level of care and cooperation you can expect from us.
Get in touch with us. Ask for our quote.
Frequently asked questions
Is the audit performed by auditors registered with the Chamber?
Yes. On every engagement the appointed auditor is a named auditor registered with the Hungarian Chamber of Auditors. Our firm’s registration number is 002331.
What quality assurance system do you apply?
We work in accordance with the ISA standards and the quality assurance requirements of the Chamber. For more than twenty years we have received a “compliant” grade at every quality control review of the Chamber, and we consistently pass the international quality review of MGI Worldwide as well.
Will your report be accepted by banks, investors and owners?
Yes. We issue our reports under the ISA standards, as a registered audit firm, so banks, investors and parent companies accept them. For clients with an international background we also prepare the report in English.
Do you have experience with a company of our size and legal form?
We work with a wide range of clients, from Kft. and Zrt. companies through the Hungarian subsidiaries of international groups to fund managers and non-profit organisations. We present our specific industry and structure references on the industries page.
Do you also audit fund managers and investment funds?
Yes. Under a separate licence we are authorised to audit fund managers, private equity funds and venture capital funds. Not every audit firm in Hungary holds this licence.
How do you report serious and minor findings?
Separately. We distinguish material issues that need immediate action from minor findings that can be settled later, and we discuss both with management before they go into the report.
Do you provide a management letter?
Yes, on request. In it we summarise the findings of the audit and our recommendations on internal controls, so you get business-minded feedback in addition to the mandatory opinion.
How much of a burden is the audit on our finance team?
We ask for the documents in an agreed format and on an agreed schedule, and the interim audit spreads the workload so that it does not fall in the busiest period of the closing.
What does the audit cost, and is the fee fixed or hourly?
Our quote is itemised and fixed in advance, based on the size and the complexity of the company. If the audit needs more work than planned, we tell you beforehand instead of invoicing it afterwards.
