Audit & Assurance Services

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Audit & Assurance Services

Audit and assurance services refer to the process of independently assessing and verifying financial information and internal controls of a business or organization.

Auditing is the process of examining an organization’s financial records and operations to ensure that they are accurate and in compliance with relevant laws, regulations, and standards.

Assurance services involve providing independent, objective opinions or reports that help to improve the quality or context of information for decision makers.

Internal Audit

Internal audit is an independent and objective assurance and consulting activity designed to add value and improve an organization’s operations.

Internal audit activities include:

  • Evaluating the effectiveness of internal controls
  • Assessing the efficiency and effectiveness of operations
  • Identifying potential fraud or illegal activities
  • Evaluating compliance with laws, regulations, and policies
  • Assessing the reliability and integrity of financial and operational information
  • Reviewing the effectiveness of risk management processes

It helps organizations to identify potential areas of improvement and to ensure that they are in compliance with laws, regulations, and industry standards.

Statutory Audit

A statutory audit is an independent examination of an organization’s financial records and operations that is required by law. The purpose of a statutory audit is to ensure that an organization’s financial statements are accurate, reliable, and comply with applicable laws and regulations.

  • Compliance with laws and regulations
  • Financial statement accuracy
  • Detection of fraud and errors
  • Identifying internal control weaknesses
  • Assessing the effectiveness of management
  • Improving transparency and accountability
Audit of special entities

financial audit that is performed on entities that have unique characteristics or operate in a specialized industry examples of special entities include non-profit organizations, government agencies, and publicly traded companies.

Performance Audit

Performance audits are independent evaluations of an organization or program’s performance. They assess whether an organization is achieving its goals, using resources efficiently, and complying with laws and regulations

  • Improving organizational performance
  • Ensuring compliance with laws and regulations
  • Identifying fraud and abuse
  • Improving accountability
  • Informing policy decisions
  • Improving the economy

Concurrent Audit

Concurrent audit is a type of internal audit that is conducted simultaneously with the day-to-day operations of an organization. It is a process of continuous monitoring of the financial transactions, systems and internal control procedures of an organization.

Audit under specific laws

          The specific laws and regulations that apply to an organization will depend on the jurisdiction and the nature of its business.

  • The Companies Act
  • Tax laws
  • Banking laws
  • Securities laws
  • Government contracts
  • Industries specific laws
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