Polybius Foundation OÜ financial audit expected in first half of 2018
According to the Estonian legal code, Polybius Foundation OÜ is required to undergo a financial audit for FY2017 until 01.07.2018
All legal entities with over 50 employees, 4 million euro turnover or 2 million euro balance, fall under this law. Satisfaction of at least two of the three above requirements qualifies a company for the financial audit obligation. Thus thanks to Polybius ICO participants and continuing growth, we are subject to the said requirement.
During this autumn, we had a series of meetings with Estonian branches of world's major audit companies, such as Deloitte, PwC, KPMG and BDO. We are happy to announce that the auditor was selected last week. The signed contract will be signed for two years, and the audit will be done according to Estonian GAAP (Eesti Head Tavad) standard. However, if required, EHT can easily be converted into IFRS.
As we are in the midst of negotiating the auditor engagement letter, it is inappropriate to disclose the name of our counterparty. We are doing our best to include a publicity clause in our agreement which would allow us to share the name of our auditor shortly.
The key focus of the auditors will be on the collected cryptocurrency. Since cryptoprojects are quite new to the market, Polybius team and its lawyers will propose own valuation of the cryptoassets in companys possession. The auditor will, in turn, take a critical look at our workings and poke holes into the approach until we perfect it to their satisfaction. At the same time, our lawyers will have to confirm that all cryptocurrency is indeed in our possession and we have access to it. It is worth mentioning that the selected auditor has experience in working with companies carrying cryptocurrencies on their balance sheets, which should allow us to pass the procedures smoothly.
At this very moment and until the audit is over, Polybius Foundation OÜ continues to headhunt for team members, drawing up the corporate structure, and running other organizational work streams. Stay tuned for more updates