Conducting audits

Floralí Licensing periodically arranges for auditing of the books of licensees. Licensees are randomly selected after each reporting year ánd in case of suspicion of non accurate reporting, audits are setup as one time operation. Audits are conducted by legal workers of Hortis Legal, the sister company of Floralí Licensing and where necessary special accountants are especially contracted to conduct audits. After each audit, a formal audit report is drawn up and made available to both breeder and licensee. The vast mayority of errors in reporting are actually made in good faith, for instance products delivered but invoiced in a later reporting period and therefore not reported, or a correction in the books by means of a credit invoice or credit booking, which is not taken into account in the royalty reporting. 

As the level of professionalism of the licensees increases, the reporting gets more and more accurate as reporting details actually come directly as output from the financial administration, rather than from manual calculations. Hortis Legal offers auditing of the books also as legal service for many clients and therefore has built up great expertese in this field. Floralí Licensing can therefore offer the service, more or less 'in house'. 

More info?

Do you want more information? Please contact us directly.

Floralí Licensing B.V.
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