Accounting Services in Bangkok, Accounting Services in Thailand, Baan Banchi.com Co., Ltd., Accounting & Auditing, Accounting, Outsourcing, Audit, Advisory & Consultancy, BaanBanchi, Bangkok, Thailand

Audit

Audit quality is of fundamental importance for maintaining trust in the financial reporting process. We assist management to understand and manage Business risks. Our projects begin with a full assessment of client business and understanding operations. Our experienced professionals analyze the events behind the numbers, provide insight into the organization, and make practical recommendations for improving the business processes and compliances.

External Audit:
An external audit is a financial review that is conducted by a party not associated with the company or department that is voluntarily or involuntarily under audit. An external audit takes place within a defined set of rules or laws.

Internal Audit

Internal audits evaluate a company's internal controls, including its corporate governance and accounting processes. These types of audits ensure compliance with laws and regulations and help to maintain accurate and timely financial reporting and data collection.
• An internal audit offers risk management and evaluates the effectiveness of many different aspects of the company.
• Types of internal audits include financial, operational, compliance, environmental, IT, or for a very specific purpose.
• Internal audits provide management and the board of directors with a value-added service where flaws in a process may be caught and corrected prior to external audits.
• Similar to external audits, internal audits are conducted through planning, auditing, reporting, and monitoring steps.
• Internal audits may enhance the efficiency of operations, motivate employees to adhere to company policy, and allow management to explore specific areas of its operations.

Various Types of Internal Audit:
Compliance Audit,
Independent Financial Audit,
Environmental Audit,
Information System Audit,
Efficiency cum Performance Audit,
Operational Audit,
Property / Construction Audit,
Plant & Technical Audit,
Special Investigations

Statutory Cost Audit

A cost audit examines an entity’s cost records and other linked information, including a non-profit entity. The primary purpose of this method is to assure stakeholders, such as shareholders, management, and regulatory authorities, that the cost information reported by a company is reliable and in compliance with relevant regulations and standards. It comprises of the following:

(a) Verification of the cost accounting records for the accuracy of the cost accounts, cost reports, cost statements, and cost data
(b) Examination of these records to ensure that they adhere to the cost accounting principles, plans, procedures, and objectives.
The cost auditors’ approach should ensure that the cost accounting plan follows the objectives set by the organization and that the accounting system is geared towards attaining these objectives. The cost auditor should also establish the correctness or otherwise of the figures by vouching for verification, reconciliation, etc.

Key Points:
Verifying the accuracy of the cost data: The cost auditor examines a company’s cost accounts and records to ensure that the reported cost data is accurate, reliable, and free from material misstatements.
Enhancing cost control: It helps a company identify areas where it can improve its cost control processes. Therefore, it results in cost savings and improved profitability.
Identifying inefficiencies: It helps identify areas where a company may be incurring unnecessary costs or where it can improve its production processes to reduce costs.
Ensuring compliance with regulations: A company complies with relevant regulations and guidelines, such as those laid down by governmental agencies or professional bodies.
Improving decision making: It provides management with a better understanding of the company’s cost structure. Moreover, it help them to make more informed decisions about cost-related matters.

Statutory Special Audit

A statutory audit is a legally required review of the accuracy of a company's or government's financial statements and records. The purpose of a statutory audit is to determine whether an organization provides a fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping records, and financial transactions.

Key Points:
A statutory audit is a legally required review of the accuracy of a company's or government's financial statements and records.
The term statutory denotes that the audit is required by statute.
Being subject to a statutory audit is not an inherent sign of wrongdoing.
If inaccuracies are found, appropriate consequences may apply.
Firms that are subject to audits include public companies, banks, brokerage and investment firms, and insurance companies.

Social Audit

A social audit is a formal review of a company's endeavors, procedures, and code of conduct regarding social responsibility and the company's impact on society. A social audit is an assessment of how well the company is achieving its goals or benchmarks for social responsibility.

Key Points:
A social audit is a formal review of a company's endeavors, procedures, and code of conduct regarding social responsibility and the company's impact on society.
A social audit is an assessment of how well the company is achieving its goals or benchmarks for social responsibility.
Ideally, companies aim to strike a balance between profitability and social responsibility.

Forensic Audit

A forensic audit examines and evaluates a firm's or individual's financial records to derive evidence used in a court of law or legal proceeding.1 Forensic auditing is a specialization within accounting, and most large accounting firms have a forensic auditing department. Forensic audits require accounting and auditing procedures and expert knowledge about the legal framework of such an audit.
Forensic audits cover a wide range of investigative activities. A forensic audit is often conducted to prosecute a party for fraud, embezzlement, or other financial crimes. In the process of a forensic audit, the auditor may be called to serve as an expert witness during trial proceedings. Forensic audits could also involve situations that do not include financial fraud, such as disputes related to bankruptcy filings, business closures, and divorces.

Key Points:
A forensic audit is an examination and evaluation of a firm's or individual's financial records.
During a forensic audit, an auditor seeks to derive evidence that could potentially be used in court.
A forensic audit is used to uncover criminal behavior such as fraud or embezzlement.
When you are a forensic auditor, you specialize in a particular brand of accounting. Smaller firms may not have a forensic auditor on the payroll, but most large, commercial accounting firms have forensic auditing departments.

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