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Internal Auditing Services

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Why do companies have audits?

  • The Audit is mandatory for all type of companies.
  • Investor / Lenders or creditors take decisions based on the audited financial statements of a company.
  • The review of financial statements should be conducted by an industry expert possessing CA/ CPA qualification.
  • Strong Audit eliminates the chances of any fraud or financial misapplication in business.

Purpose & Objectives of Auditing Financial Statements

Objective

The purpose of carrying statutory audit of a company to rely upon the opinion on the truth and fairness of financial statements expressed by a CA/ CPA

Accountability

Financial statements are the primary attributes of responsibility on the management of company and performance of a company can be assessed only from audited financial statements. The Management of the company deemed to be responsible for the timely preparation of financial statements. Investors have to rely on the independent opinion expressed by a CA/CPA.

Reliability

Audited financial statements provide a reasonable assurance for its users to establish confidence on the information, report, and performance of the company. Reliability of financial statements is not only necessary for the investors or management of the company but also tax authorities, banks, venture capital firms.

Scope

Financial audit is deemed to provide a reasonable' assurance over the accuracy, truth, and fairness of financial statements.

 

 

 

 

 

Frequently Asked Questions

Internal control is a system designed and maintained by the company’s management and the executives of the company to provide a substantial degree of assurance in achieving the business objectives and to make sure that there is a systematic recording of every transaction.

Internal auditors play a key role within the accountancy field. Their work is to provide an independent assessment and objective assessment of the company’s operations. An internal auditor provides assurance services through analysing operations, reviewing compliances etc.

The internal audit process has basically four phases of activities. These are planning, fieldwork, reporting and follow up. During planning they shall define the objectives and the scope. During fieldwork they will execute the work i.e., auditing and during reporting they shall prepare a report of the audit.

Different types of internal audit includes compliance audits that evaluate compliance with applicable laws, environmental audits that assess the impact of the company’s impact on the environment, Operational Audit that assess organisations control mechanisms for overall reliability and efficiency.

The principle of internal audit is a concept that needs management to set procedures in place to make sure that the companies’ assets are safe. It includes maintaining records, segregation of duties, establishing responsibilities etc

The examples of internal controls include prohibiting the same person from making conducting related transactions like initiating or recording transactions, making purchases and approving payments.

Auditors test internal controls by reviewing operational information. They select a sample of information and then test it against the company’s standards operating procedures or national accounting standards.

The auditors assess internal controls in order to safeguard a company from financial losses. It also helps in maintaining reliable financial reporting and maximising effective operations.

• In order to verify internal controls one can assess the control environment, investigate control activities, examine the accounting information system, evaluate the quality of monitoring etc.

An internal control checklist provides an organisation a tool for evaluating the state of its system of internal controls. It provides benefits as well like the management can gain assurance that reports of financial results are accurate and various other benefits.

Auditors design the audit procedures to detect risks that they identified and to ensure that the required audit evidence is obtained appropriately. There are five audit procedures used by the auditors namely- Analytical review, inquiry, observation, recalculation, inspection.

The stages of an audit are selection, planning, execution, reporting and follow up. These stages are important for an audit. Starting from the selection to planning the audit process and reviewing the objectives of the audit, these stages must be completed step by step in order to conduct an audit.

 

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