In fulfilling its main function, to audit and statutory examination of state owned companies, in 2003-04 Audit Organization has audited banks; insurance companies; oil, gas and petrochemical companies; regional water and power corporations; post, telegraph and telephone companies; and steel, tobacco and many other large corporations. Social Security Organization, Mostazafan and Janbazan Foundation, Shahid Foundation, and 15th Khordad Foundation and their affiliated companies are another major group of entities audited by the Organization. Investment companies and other enterprises controlled by banking system are also among those entities audited by the Organization. Audit Organization is also among those few audit firms certified by Stock Exchange Organization and 165 listed companies are audited by the Organization in 2003-04.
In addition to financial statements audit, based on Article 272 of Direct Taxation Act, the Organization has provided tax audit report for those clients requesting such audits.
Ownership status of audited entities is depicted on the next page table and chart:
Auditors of Audit Organization have complete independence in rendering opinion on audited financial statements; and each audit report is signed by relevant technical manager and one of the Board of Executive members or one of the senior managers.
The types of audit opinions rendered on audited entities’ financial statements in 2003-04 are depicted in the following table and chart:
To carry out its professional responsibilities, the Organization utilizes the services of qualified and experienced auditors in private sector as well.
In addition to audits of financial statements of clients for the year 2003-04 and rendering their audit reports, the Organization has audited and issued reports on the following cases:
