AUDIT AND ASSURANCE
Statutory Audit
A statutory audit is a legally required review of the accuracy of financial statements and records of a company. The purpose of a statutory audit is to determine whether the financial statement of an organization provides a true & fair and accurate representation of its financial position by examining information such as bank balances, book records, and other financial transactions.
Internal Audit
The main focus of an Internal audit service is to ensure that you are provided with a strong internal control system that reduces the risk of deliberate or accidental errors and omissions. Internal Audit helps you safeguard your assets, segregate the authorities amongst key control areas and import stringent compliance with corporate governance and internal operating policies.
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Tax Audit
Tax audit refers to the verification of the books of accounts maintained by a taxpayer. The purpose of a tax audit is to validate the income tax computation made by the taxpayer in the income tax return and to ensure compliance with the laws of Income Tax. Auditing of books of accounts must be carried out by a certified
Due Diligence Audit
In Industry, a due diligence audit is simply a careful investigation into the complete financial picture of a company. Generally, these audits come into the picture before a purchase, merger, or other big decisions that could Influence the finances of one or more businesses. These audits are generally used to ensure that no hidden liabilities exist.
Due diligence can be compared to an employee background check on a corporate scale. Like perspective employees, companies wishing to be purchased are often trying to make the most positive impression possible. The strengths of the company are often highly stressed, and the weakness is downplayed. A due diligence audit is the equivalent of checking references before hiring.
In general, a due diligence audit focuses on information outside of what is freely presented. While it is generally expected for a purchasing company to perform these investigations, they are often done discreetly. The hire of private investigators is not uncommon, and seldom are the companies that are being investigated aware of the specific focuses of the investigation.
Forensic accounting teams are often the backbone of a due diligence audit. These specialists are trained to thoroughly review the financial records of an organization for any discrepancies. Unlike traditional accountants, forensic accountants are specifically trained to search for fraud and hidden assets and debts.
Information System Audit (ISA)
An information system audit aims to ensure whether information systems are safeguarding corporate assets, maintaining the integrity of stored and communicated data, supporting corporate objectives effectively, and operating efficiently.
The information system audit process involves analysis of the internal operations with regards to computer programs and data processing activities going on in the enterprise to ensure information system operations are going on sufficiently within the organization and no fraudulent cyber activity is happening inside the enterprise. Information system auditing is conducted by experts who are not only familiar with the dynamic challenges of the information system but who know how to apply them to the enterprise.