Question 1

Is NOVA Accountants AFM-licensed?

Accepted Answer

Yes. NOVA Accountants is licensed by the Netherlands Authority for the Financial Markets (AFM) and operates under supervision of the NBA and NOREA. All auditors are registered as Certified Public Accountants (RA).

Question 2

What does a registered accountant do?

Accepted Answer

A registered accountant carries out statutory audits of financial statements and provides an independent opinion on the accuracy of the financial reporting.

Question 3

What is the difference between a registered accountant (RA) and an accounting consultant (AA)?

Accepted Answer

A registered accountant (RA) is authorised to carry out statutory audits for organisations subject to a legal audit obligation. An accounting consultant (AA) typically performs compilation and advisory engagements for SMEs and is not authorised to conduct statutory audits.

Question 4

Which sectors does NOVA Accountants audit?

Accepted Answer

NOVA Accountants specialises in two sectors: educational institutions (primary, secondary, and higher education) and public sector organisations (municipalities, joint regulations, and other public bodies). We have in-depth knowledge of the specific regulations, reporting standards, and risks in both sectors.

Question 5

How does NOVA use data analysis and AI in the audit?

Accepted Answer

We use data analysis, robotic process automation (RPA) and AI to examine transactions more thoroughly, spot patterns earlier and spend less time on routine work. Safe and responsible use comes first, and professional judgement always stays with the auditor.

Question 6

Is an audit mandatory for our organisation?

Accepted Answer

For municipalities, yes: the municipal council appoints an auditor to audit the annual accounts (Article 213 of the Municipalities Act). Funded educational institutions submit their annual report, including the auditor's report, before 1 July each year (Education Annual Reporting Regulation). For foundations and other organisations it depends on the legal form, the size or the conditions set by grant providers. We are happy to look into it with you.

Question 7

What is the legality statement and what does the auditor check?

Accepted Answer

Since financial year 2023, the municipal executive reports on financial legality in the annual accounts itself: were income, expenditure and balance sheet movements made in accordance with the applicable laws and regulations? The auditor gives an opinion on whether the annual accounts, including this legality statement, give a true and fair view. Internal controls that demonstrably work throughout the year are the foundation for this.

Question 8

What is the SiSa appendix?

Accepted Answer

SiSa stands for 'single information, single audit'. Municipalities report on the use of specific grants in an appendix to the annual accounts. The auditor audits this appendix as part of the year-end audit, so the information is provided once and audited once.

Question 9

Which rules apply to the audit of educational institutions?

Accepted Answer

Funded educational institutions report through an annual report prepared under the Education Annual Reporting Regulation. The auditor audits that report in line with the education audit protocol set each year by the Education Inspectorate. The protocol also contains the mandatory wording for the auditor's report and for the examination of the data in the Basisregister onderwijs.

Question 10

What is continuous auditing?

Accepted Answer

With continuous auditing, we evaluate and improve the audit throughout the year. Deviations are identified and reported straight away, so findings reach the board agenda sooner and the year-end audit takes less work.

Question 11

What is the difference between the interim audit and the year-end audit?

Accepted Answer

During the interim audit, usually in the autumn, we assess your processes and internal controls: are they well designed and do they work in practice? After the financial year ends, the year-end audit follows, in which we audit the annual accounts and notes. This results in the auditor's report. We share findings from the interim audit straight away, so you can act on them in the same year.

Question 12

Which type of auditor's report can we receive?

Accepted Answer

An unqualified opinion, a qualified opinion, an adverse opinion or a disclaimer of opinion. Which one depends on the errors and uncertainties we find and on the materiality thresholds. For municipalities, these are set out in the Decentralised Governments Audit Decree and the council's audit protocol; for educational institutions, in the Ministry of Education's audit protocol.

Question 13

What is the difference between an audit and a review engagement?

Accepted Answer

An audit provides reasonable assurance; a review provides limited assurance and involves less extensive procedures.

Question 14

What information do we need to provide, and when?

Accepted Answer

At the start of the audit, we send you a list of the documents we need and a timetable that fits your own deadlines. For educational institutions, that is the submission before 1 July; municipalities send their adopted annual accounts to the province before 15 July. The more complete the information at the start, the smoother and faster the audit.

Question 15

How long does a statutory audit take?

Accepted Answer

The timeline varies per organisation, but a full statutory audit typically takes several weeks to a few months, depending on complexity.

Question 16

What does an audit cost?

Accepted Answer

That depends on the size and complexity of your organisation, the quality of internal controls and any additional reports, such as the SiSa statement or grant reports. We agree the scope and fee with you in advance and record them in the engagement letter, so you know where you stand.

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