Audit And Assurance
A statutory Audit is an audit mandated by a statute. The purpose of a statutory audit
is the same as the purpose of any other type of audit: to determine whether an
organization is providing a fair and accurate representation of its financial position
by examining information such as bank balances, bookkeeping records and financial
transactions. The Statute specifically governs the focus of the audit and requires the
Auditor to opine on certain specific matters.
Internal auditing is an independent and autonomous assurance activity that intends
to add value to and enhance an organization’s operations. An internal audit system
helps a company achieve its objectives. It brings a systematic, disciplined approach
to evaluating and maximizing the efficacy of risk management, control, and
governance systems. Generally, a team of experts perform internal audit. Therefore,
it is an autonomous activity distinct from a company’s routine operations.
Audit of UK and US Companies
Audit of UK and US Companies under IFRS and US GAAP respectively.
SOX and IFC Implementation and Testing
Internal control is the control mechanism that is developed and adopted by a
company’s management. It assists in carrying out business in an orderly and
efficient manner. It aims to ensure compliance with management policies, to
safeguard the assets, and to ensure the completeness of records. All Indian
Companies beyond a threshold are mandatorily required to assess IFC and obtain
auditor opinion. Similarly Sarbanes Oxley Act (SOX) is the internal control over
financial reporting requirement in the United States of America mandatorily
required for listed Companies.
Due diligence is an investigation, audit, or review performed to confirm facts or
details of a matter under consideration. In the financial world, due diligence requires
an examination of financial records before entering into a proposed transaction with
another party.
Concurrent audit is a systematic and timely examination of financial transactions on
a regular basis to ensure accuracy, authenticity, compliance with procedures and
guidelines. The emphasis under concurrent audit is not on test checking but on
substantial checking of transactions.
Free Estimation
Request A Quote
Got a question or maybe are stuck in a bad situation. Feel free to mail us your concern and we’ll get back to you as soon as we can