Auditing
In every business, the annual audit can sometimes feel like a time-consuming and expensive process that only benefits the statutory authorities. We make sure all your onerous reporting requirements are met as painlessly as possible- keeping banks, creditors, finance providers, and even the Inland Revenue, happy. We’ll review your accounts department and the control measures you currently use, recommending ways to improve.
The major characteristics covered while doing a statutory audit of the financial statements of an accounts are summarized below :
- An overall examination of internal controls and system of accounting establishes the satisfaction that recording of transactions is appropriate
- A review of procedures and system applied by the management to find out material inadequacy or weakness in the internal controls which may lead to fraud and error
- Verification of arithmetical accuracy in the books of accounts with regards to postings, balances, etc
- To ascertain if the proper difference is maintained in revenue and capital nature of transactions
- To ascertain if the proper difference is maintained in revenue and capital nature of transactions
- Also, all the income and expenditure accounted for pertains to corresponding accounting period
- Checking of supporting documents to establish the validity and authenticity of transactions
- The financial statements namely balance sheet and profit and loss account or income and expenditure account are compared with the underlying accounts
- The existence, value, and title of the asset as disclosed in the balance sheet are verified
- The liabilities as mentioned in the balance sheet are verified
- The true and fair position of the results in profit and loss account or income and expenditure account is verified
- All the statutory compliances applicable to the enterprise are compiled by the management within the proper time schedule and as per the norms set by the statutory governing body
- Reporting is done to the pertinent person or body as required