Constant and consistent monitoring of daily transactions in and out of the company.
Our Audit Service:
Designated a vigilant and dedicated team of auditors to oversee daily transactions in the company.
Our Auditing Solution & Milestone:
During the course of the audit of client’s transactions, we were able to detect and escalate fraud in the company. Our highly attentive and process-driven team strategically embedded controls to monitor crucial areas and facilitated timely escalations.
1. What does the process of auditing and assurance involve?
The process of auditing and assurance involves examining financial information, processes, systems, and controls within a firm or organisation. This service is developed and executed by professional auditors and financial experts to provide an objective and independent assessment of financial statements. The insights, observations, interpretations, and solutions provided are expected to be reliable and accurate for the betterment of the company.
2. How can auditing financial statements in a company help detect fraud?
Auditors are professionals trained to detect fraud of any kind by evaluating an organisation’s financial statements. They may employ the following processes:
- Risk assessment
- Internal control evaluation
- Transaction testing
- Analytic evaluation of significant deviations or anomalies
- Reviewing unusual patterns
There are several other inquiries and evaluations conducted by auditors. Reach out to us to help you understand the best possible auditing plan for your company.
3. How will I identify that my company needs an auditor?
Most businesses require the services of an audit, especially if they are publicly traded or are subject to industry regulations. Other factors that determine your requirement for an auditor include:
- Size and Complexity of a Company
- Stakeholder expectations
- Pursuit of external financing
- Detection of weak links associated with internal control
- Accounting issues
4. How will I identify that my company needs an auditor?
You will be able identify a few visible gaps in your operations in the following ways:
- When you constantly face inventory stock outs.
- When it looks like your business is profitable but there is a shortage of cash most of the time.
- There are frequent statutory notices received from government departments.
- Timely reliable MIS reports are not possible from books.
- In cases of retail businesses where cash is dealt with daily or B2B businesses where credit realisation is dependent on sales force spread across locations.
- When the organisation has branched out and has assets spread across locations.