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.
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
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.
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.
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.
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.
Want to get in touch? We'd love to hear from you. Here's how you can reach us...