Accounting audit includes an independent assessment of how fair the management has been while making and presenting the company's financial statements. It also includes evaluating an organization, its accounting system, processes etc.
Auditing service is provided to check the validity and reliability of the financial facts provided by the company and also for providing an assessment of a business, company.
Types of Accounting Auditing
Internal Auditing Services
The process involves examination , assessment and evaluation of a accounting processes, financial statements of a company or business by a company's own employee or by a team of competent professionals.
External Auditing Services
The process involves examination, assessment and evaluation of accounting processes, financial statements of a company, business by an independent professional. Various government agencies, investors, and public, rely on the services of an external auditor to present an independent and fair evaluation on organizations.
Why is it Required ?
Accounting audit helps to run a company/ business efficiently and cost-effectively. It includes thorough examination of how a company operates, how is keeps its stock levels, payment receivable period, creditors management etc. It helps a company know its areas of improvement and also helps to avoid any financial errors and omissions. It is necessary for testing the company performance against industry standards and its direct competitors. The process helps in providing and recommending ways to improve the company's existing accounting practice.
Auditing Service Offered
Auditing is a vast field in itself. It involves a comprehensive study of a company and its accounting systems. There are types of quality services being offered by chartered accountants to their clients. The standard service can be customized to suit the individual client requirement. Some of the services offered are:
Financial Auditing Services
A financial audit is an audit of financial statements, involving the examination of a company's balance sheet by a third party or a legal entity. It results in establishing an independent & fair opinion on whether or not those financial statements are accurate, complete, and fairly presented.
Internal Audit / Concurrent Audit service
The service involves assessing and evaluating a company's system of internal control. The service ensures improvement and value addition to company's operations. The emphasis is always on strengthening the internal control systems for minimizing accidental or deliberate accounting errors and omissions. It also involves protection of assets and ensuing compliance with a company's internal operating policies.
Management Audit Service
The service involves assessing, checking and making sure that management procedures are being conducted in a way to assure quality, integrity or standards of provision and outcomes. It also includes maximizing the management performance by improving the internal processes of an organization.
Operational Efficiency Audit Service
The service involves ensuring that all the resources of an organization are being optimally used for delivering maximum possible return/value. It also includes streamlining various internal processes, measuring the performance of management and staff and also ensure minimal waste.
Special Investigative Audit Service
The service involves helping the businessmen or corporate clients to prevent situations of fraud and financial impropriety. It involves assisting the clients in every possible manner to find out cause for any frauds and preventing them.
Due Diligence Review
The service involves helping businessmen and corporate clients during merger & acquisitions, joint ventures and investments. It involves informing the clients about the local laws, regulations, accounting practices and thus make sound financial decisions.
Accounting System Design and Review
The service involves developing and installing systems that help to manage accounting data and costs. This further helps the management in making critical decisions.
Compiling final accounts in accordance with standards of US GAAP :
The service involves helping the clients to compile the final accounts as per US GAAP standards, to further help them compete efficiently and effectively in global markets.