Financial Audit Services

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Financial Audit Services

Enterslice provides financial statement audit services by examining and evaluating an organisation's financial statements to ensure their financial records are accurate and fairly represent the transactions you are presenting. We provide you with comfort on the accuracy of the financial statements. Enterslice has a team of skilled professionals to provide you with reasonable assurance about whether the financial statements are free from material misstatement, and we obtain an understanding of an auditee’s internal control and assess fraud risk by collecting audit evidence through inquiry, physical inspections, observation, examination and analytical procedures. Our main focus is to develop and create investors' confidence and unlock valuable insights for your business. Another reason to provide financial statement audit services is to ensure that your business complies with regulatory agencies and also protects your business from risk.

Initiation of Audit in Financial Statements

Financial Statement audit services are critical to ensuring the accuracy and reliability of a company's financial information. No matter what kind of company you are, public or private, a timely risk-based financial statement audit can help you to assure your stakeholders. Also, selecting the right financial statement auditor enhances your ability to effectively deliver reliable, accurate, and timely reporting to the stakeholders or management. Enterslice professional's team critically evaluates the audit evidence and delivers risk-based audits that focus on the applicable standards and consider the nature of the business and industry. Our team will provide an opinion about whether the financial statement is fairly presented in the reports and keep track of the applicable financial reporting frameworks.

Elements of Audit Services in Financial Statements

Internal Control Evaluation

The internal control evaluation is the process of assessing the effectiveness of your business in the internal control system. Enterslice provides a team of professionals who help evaluate the effectiveness of your business's internal controls because weak internal controls can increase the risk of errors and fraud, so the auditor assesses their reliability. We can also help you in promoting accountability and prevent fraud.

Risk Assessment

The auditors assess the risk of material misstatements in the financial statements, so our team of professionals helps you identify areas where errors or frauds are more likely to occur. Enterslice provides a team of experienced professionals to validate information obtained during the risk assessment and identify unusual transactions, events, and trends that might indicate audit planning implications.

Evidence Gathering

The auditing evidence is the information collected for review of a company's financial transaction, internal control practices and other items necessary for the certification of financial statements by auditors. Enterslice professional teams have experience in analyzing or collecting evidence through various procedures such as inspection, confirmation with third parties, observations, performance and necessary paper review.

Overview of the key elements of the services by Enterslice

Audit Planning

Enterslice provides an experienced professional to plan the audit, which includes understanding your business and assessing the risk factors. Our team established an overall audit strategy for the engagement and development of an audit plan because adequate planning benefits the audit of financial statements.

Fraud Detection

Our team primarily focuses on detecting errors, assessing the risk of fraud and misconduct, and conducting procedures specifically aimed at fraud detection, so we use techniques for fraud detection, including data analysis, internal controls, risk assessment, and forensic accounting. Also, monitoring transactions and customer behaviour to pinpoint and fight fraudulent activity. 

Presentation and Disclosures

Enterslice has a team to review the presentation and disclosure of financial information to ensure it complies with accounting standards and regulatory requirements. The presentation and disclosure are done to convey the information to financial statement users transparent, understandable and consistent.

Communication with Stakeholders

Enterslice has an experienced team of professionals to provide the service of financial statements as smoothly as we can, and we communicate the report to your company's management, board of directors, and shareholders to assure the accuracy and reliability of the financial statement.

Process of Financial Statement Auditing

Planning the Procedures

The first step before performing the audit is to create an audit plan to cover various areas and acquire knowledge of the client's business policies, accounting criteria and other control procedures.

Research

The business and its regulations are required to be thoroughly researched, and the nature of the business needs to be focused. The strategies and main objective of the company are to be kept in mind while doing the financial statement audit to measure the financial performance and internal controls.

Testing of the Internal Controls and Transactions

To reduce the risk factors, our team of experts will perform the tests of the controls to check the controls applied to the business. This will also verify the data collected and check the transactions' completeness.

Confirm the audit plan and issue the audit report

After gathering sufficient evidence, our team will provide an opinion regarding the financial statements and control of the entity in the report, which will be useful for sustaining the growth.

Types of Sources in Financial Statement Audits

Balance Sheets

A balance sheet details your business's total assets, shareholders' equity or shares and debts at a given point in time & it is a crucial part of your business's financial performance. A balance sheet is a snapshot of your business's performance, which includes the assets, liabilities and equity, and it is useful to lay out a quick overview of a company's assets and liabilities and  check whether the company has a positive net worth. A company often uses the preparation of balance sheets to see if it has enough assets to satisfy its financial obligations and to evaluate the performance of your business to see the profits and losses.

Income Statement

An income statement also known as a profits and loss statement, gives a detailed company's revenue after verifying the expense and loss. Whereas a balance sheet is a snapshot of your business's performance for a particular period, the income statement captures performance over an extended period, which includes gross profits, net earnings, revenue expenses, taxes, etc. The income statement's primary purpose is to show whether or not the company made a profit in the reported period, which can only be analyzed by the auditing of your business's financial statements.

Statement of Shareholder’s Equity or Shares

Equity is the total amount invested in the company by the shareholders for the functioning of the business, which often includes a portion of the balance sheet. The statement of shareholder equity can be prepared separately as well, and it all changes the company's value to shareholders during an accounting period because increasing equity indicates good business practices while decreasing equity may indicate the opposite. The auditing of the financial statements also helps to attract the shareholders by giving them the actual report of the performance of the business.

Compliance with Financial Statements

Compliance in financial statement audits is a fundamental aspect of the audit process, so our team of professionals in Enterslice ensures that applicable auditing standards and regulations conduct the audit. Financial statement audits are conducted by established audit standards and are required to maintain independence and objectivity throughout the audit process. This is a fundamental aspect of compliance to ensure that the audit is conducted impartially and without any conflicts of interest. Enterslice professionals adhere to ethical principles and professional codes of conduct set by auditing bodies, and we also maintain confidentiality, integrity, and professional behaviour. Moreover, the auditor's report, which is issued after the audit, must comply with specific reporting standards. It should include the auditor's opinion on the fairness of the financial statements, and we determine the significance of errors or omissions in the financial statements, assess risks and plan their audit to address those risks to evaluate the effectiveness of your company's internal controls to assess the risk of material misstatement. Noncompliance with internal controls can impact the audit process and findings.

Benefits of Auditing Financial Statement

Enhanced Credibility

The audit of financial statements is considered more reliable and credible by external parties, and the verification of financial data adds a level of trust and assurance to the information presented.

Investor Confidence

The investors and shareholders have greater confidence in the accuracy and transparency of a company's financial statements when they have been audited so this can lead to increased investment and improved access to capital.

Credibility with Creditors

Creditors, such as banks and lending institutions, are more willing to extend credit or loans to a company with audited financial statements because they have greater confidence in the company's financial health and ability to repay debts.

Regulatory Compliance

The regulatory bodies require companies, especially publicly traded ones, to undergo financial statement audits, and compliance with these regulations is essential to avoid legal and financial penalties.

Risk Identification

Our team of professionals assesses and reports on the company's internal controls and financial processes, and this can also help identify weaknesses or risks that need to be addressed to prevent errors, fraud, or operational inefficiencies.

Management Accountability

 The audit of the financial statements can hold your company management accountable for the accuracy of financial reporting. This promotes good governance and discourages financial mismanagement.

Detection of Errors and Fraud

Our teams are trained to detect errors and fraud in financial statements so that uncovering irregularities can prevent financial losses and protect the company's reputation.

Improved Financial Reporting

The financial statement audit process can help companies identify areas for improvement in their financial reporting and record-keeping practices, leading to better financial management.

Assurance for Stakeholders

Enterslice team of professionals provides an independent opinion on the fairness of the financial statements, offering stakeholders assurance that the company's financial position and performance have been accurately represented.

Legal Protections

Our team helps to uncover fraud or misconduct and has legal obligations to report such findings, which can protect both the company and its stakeholders from unethical or illegal activities.

Mergers and Acquisitions

The audit of financial statements is often a requirement in mergers and acquisitions. Having audited financials can do the due diligence. 

Main Objectives of Auditing Financial Statements

Financial statement audit services are a critical part of ensuring the accuracy and reliability of your company’s financial information. The primary objective of a financial statement audit is to provide an independent evaluation of a company's financial statements to determine if they present a true and fair view of the company's financial position and performance. The audit ensures objectivity and reduces the risk of bias in the audit process, and at the end, the auditor issues an auditor's report. This report contains the auditor's opinion on the fairness of the financial statements. There are different types of opinions, including clean opinion, opinion with some limitations, major issues, and unable to form an opinion. The audit process includes planning, risk assessment, internal control evaluation, substantive testing, and final reporting.

Key Technologies in Financial Statement Audit

The financial statement audit services have evolved with the incorporation of various technologies to enhance audit efficiency, accuracy, and data analysis, such as audit-specific software to use for planning, executing, and necessary papering audit procedures. Enterslice uses modern tools, which often have features for data analytics and reporting. Artificial tools and machine learning algorithms can be employed to detect unusual transactions or patterns in financial data, enhancing fraud detection and risk assessment. Also, as blockchain technology becomes more prevalent, auditors may use specialized tools to audit transactions and smart contracts on blockchain platforms, and cloud-based audit solutions facilitate collaboration among audit team members and allow for real-time access to audit files and reports from anywhere with an internet connection.

Purpose in Financial Statement Audits

Verification of Accuracy

The financial auditors ensure that financial statements accurately represent the financial position of a company, including assets, liabilities, and equity. The financial statements have to be accurate, and the auditing process is where the auditor satisfies himself with the actual existence of assets and liabilities appearing in the transactions. The transactions that are recorded within the financial records of an entity must be a fair representation of the company's financial position and actual operations of the business, and it also helps the company comply with tax laws.

Compliance with Standards

Compliance is an assessment of the company's transactions and works following the laws, regulations, and standards that apply to a company's financial reporting. It also involves clear and transparent processes and procedures for recording and verifying all financial transactions, such as revenue, expenses, assets and liabilities. The financial statements of public companies need to follow generally accepted accounting principles (GAAP), a set of accounting standards for public companies to report true and accurate financial results.

Fraud Detection

Fraud is an intentional act that results in a material misstatement in financial statements that are subject to an audit. The financial auditors examine transactions and account balances to detect any potential fraud or misstatements, which helps to maintain the integrity of financial reporting. In detecting fraud, the auditor needs to analyze the relationship between different financial numbers and compare the number of the previous years. Enterslice has a team of experts to find out the people who access financial necessary papers and information for manipulating data and help to present accurate and fraud-free reports.

necessary papers required for the Financial Statement Audit

Financial Statements

Financial statements such as balance sheets, income statements, cash flow statements, etc., are required to do the financial audit because a balance sheet details your business's total assets, shareholders' equity and debts at a particular time. On the other hand, the cash flow details the number of cash transactions, and the statement of the shareholder equity is prepared to indicate the value of the shareholders during an accounting period because increasing equity indicates good business practices of the business.

Invoices and Receipts

The sales and purchase invoices and expense receipts will help audit the financial statements. The proof of payments will reflect the actual value of the financial transactions done by the companies. Sales invoices play a vital role in confirming the recognition of revenue and purchase invoices validate the incurrences of expenses, offering critical insights into the nature, quantity, and cost of the goods obtained. The expense receipts provide tangible proof of the expenditure.

Contracts and necessary papers

The agreements such as lease agreements, purchase contracts, employee agreements, partnership contracts, etc., or all the other contracts and agreements are analyzed at the time of the financial audit to grab the accrual value of the business or the financial position of the business. The financial auditor will verify the necessary papers that the company will disclose in the financial records, such as loans, leases, and any material contracts.

Preparing for a Financial Statement Audit

Implement Good Practices

Your business needs to be thorough with the financial activities and accuracy of the financial transactions or entries, so our team can help you check or correct the company values.

Verifying or reviewing the financial information

Our team of experts reviews your business's financial statements and helps you have better insight into your transactions and activities to sustain growth.

Testing revenues and expenses

Our team will help analyze the revenues and expenses of the transaction to keep an accurate report of the business and maintain the profits by finding out the irrelevant expenses.

Continuous Monitoring

Our team of experts will monitor transactions and perform audit procedures. The integration of the technologies into financial statement audit services enhances the audit process by improving accuracy, speed and the ability to identify risks.

Aspect of Financial audit services

Materiality assessment

The significance of the assessment of the misstatements is to ensure that the audit focuses on matters that could have a material impact on the financial statement.

Concern analysis

The evaluation of the company's ability to continue its operations for the foreseeable future while considering factors such as liquidity and management plans.

Review of financial policies

The examination of the consistency of accounting policies and their application across different periods to ensure uniformity.

Financial Statement Assertions

The auditor helps in testing various assertions, including existence, completeness, valuation, rights and obligations, presentation and disclosure to ensure the fair presentation of financial statements.

Challenges in Auditing of Financial Statements

The audit of financial statement services comes with various challenges that your business must navigate to ensure the integrity of financial reporting so your business engages in complex financial transactions, including derivatives, structured finance, and digital currencies, which can be challenging to understand and assess. However, our team of professionals use sampling techniques to examine a subset of transactions. The financial reporting standards are constantly evolving, and staying up to date with these changes can be challenging for your business. Also, detecting fraud can be difficult, as fraudulent activities are intentionally hidden, so our team of professionals must be vigilant and use specialized procedures to uncover fraudulent schemes. The timeliness of meeting the audit deadlines can be challenging, especially for larger and more complex transactions, which can affect the stakeholder's confidence. 

Responsibilities of the Auditor in Financial Statement

The responsibilities of a financial auditor in a financial audit have many aspects and are crucial to maintaining the integrity and reliability of financial reporting. The auditor is tasked with conducting an independent examination of the financial statements to ensure a true and fair view of the company's financial position. This involves assessing the organization's accounting policies, adherence to relevant accounting standards, and overall compliance with applicable laws and regulations. Auditors must plan and execute the audit with professional scepticism, conducting risk assessments to identify areas of potential material misstatement.

Findings in a Financial Statement Audit Reports

Clean Opinion

The financial statements are free from material misstatements, and the financial auditor provides an unqualified or clean opinion by expressing confidence in the accuracy and fairness of the presented financial information.

Qualified Opinion

The financial auditors need to issue a qualified opinion if there are specific departures from accounting principles. Limitations and scope or other issues that impact the overall presentation of the financial statements.

Adverse Opinion

An adverse opinion is issued when the financial auditors conclude that the financial statements do not fairly represent the financial position or results of operations, often due to some significant issues.

Increasing the Confidence of Investors

To enhance the degree of confidence in the financial statements, a qualified team of professionals from Enterslice will examine the financial statements, including related disclosures produced by the management, to give their professional opinion on whether they fairly reflect all material aspects. Our team analyses the loopholes by investigating your business's financial statements and provides a solution to the issues to attract investors. If the investors hear news about the success of the company in future and the rise of stock prices, then the investors attract more to invest in your company, and this will only be reflected through the financial statements of the business.

Digital Transformation Advisory

Enterslice provides a service of financial statement audit services through experienced professionals by utilising their skills and knowledge in collecting audit evidence through inquiry, physical inspections, observation, examination and analytical procedures but also offers expertise in digital transformation advisory because the use of technology or tools in financial audit will help in time-consuming and reliability in work. Through a comprehensive understanding of emerging technologies, audit software and industry trends, the use of digital technologies helps companies collect information or complete research from diverse areas of data to summon a report with final results. Financial Auditors may employ big data technologies to process and analyze large datasets for audit purposes.

Findings related to Fraud or Illegal Acts

The discovery of fraud, illegal acts, or noncompliance with laws and regulations may have a material impact on the financial statements. When a financial auditor identifies indications of fraud or illegal activities, it is their responsibility to investigate and report their findings. The financial auditor will assess the impact of such findings on the financial statements and evaluate the controls to prevent, detect and respond to fraud activities.

Frequently Asked Questions

An auditor's report contains their opinion about the financial statements, and the financial statement complies with the accounting principles and is free from material misstatement.

Financial audits are assurance services to examine the evidence to provide an independent assessment of the governance, risk management, and control process of the organization.

The financial audit process involves having auditors evaluate the financial transaction and statement of your business and has four phases of auditing such as planning, internal controls, testing and reporting.

A financial audit service is important to provide credibility to a set of financial statements and gives the confidence to investors or shareholders to invest or purchase shares of your business by stating the truth and fair.

The four types of financial statements give a detailed financial overview of the company, and these will be from the balance sheet, income statements, cash flow statements, and statement of shareholders' equity.

The financial audit report assures the investors or shareholders to invest and purchase the shares. It also helps to mitigate the risk in your business.

The income statements, balance sheets, and statements of cash flows are required for the audit of financial statements.

The primary types of financial statements are the balance sheet, the income statement, the statement of cash flow, and the statement of retained earnings.

The company's directors prepare financial statements, and the auditor monitors the integrity of the financial statements.

Auditors audit the financial statement and perform other procedures on other parts of the annual report.

Any small company that has remained dormant throughout the accounting period is exempt from getting the financial statement audited.

The auditors obtain the evidence by way of an investigation, inquiries, third-party confirmation, observation, tests of selected transactions and other procedures.

Audited financial statements are relevant because they provide an overall picture of the accounting operations and a complete eye on the financial health of the company.

The benefit of auditing the financial statements is that it assures that the management has presented an accurate and fair view of the company's financial performance and positions.

The financial statement is a detailed overview of your business's financial performance. Financial statements can help you identify areas that require improvement, capitalize on growth opportunities and ultimately drive the company's expansion.

The audited statements provide insights into the company's ability to meet its short-term obligations and continue operating in the foreseeable future, and the auditors verify the transactions and check the accuracy of the statements.

The scope of the audit includes the assessment of internal controls in the auditable entities.

The advantage of audits is that they are essential to the company, the investors, creditors, and shareholders as they offer assurance to all the shareholders, help prevent fraud, and minimize risk by reducing errors.

The basic and important principles of an audit are integrity, independence, confidentiality, Paper works, planning, accounting systems, internal controls, and skills, which are the essential principles of auditing.

The techniques of auditing are checking, vouching, and analysis, which are used in the examination of internal evidence in the books and records and observation and confirmation, which are used to obtain evidence outside the books and accounts.

The primary goal of the financial management for the business is profit maximization by assessing and utilizing available resources.

The income statements are the most important financial statements because they show how much money a company made and spent over a specific period.

The four main phases are planning, setting internal controls, testing and reporting.

The financial statements are management's responsibility, and the auditor is to express an opinion on the financial statements.

The primary objective of the financial statements audit is to ensure that financial statements fairly present the financial position of the businesses. 

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