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Global Audit

Global audit services must fit the needs of internationally active groups under a variety of assurance standards. Managing your company's regulatory compliance on a worldwide level can be a difficult task. Enterslice provides well planned comprehensive audit services to internationally active companies following a variety of auditing standards.

Package inclusions:
  • Statutory Audit
  • Audit of reporting package and consolidation
  • Audit of the accounts as per GAAP and IFRS
  • Interim limited review
  • Due diligence
  • Other legal controls
  • Assistance in accounting closing and reporting (tax declaration)
  • Business restructuring
  • Audit upon procedure
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Global Audit

The audit networks have grown as per the needs of the market. As the companies are performing well these days globally, the auditors are required to provide consistent quality services across the world. The audit firms to conduct global audit must also keep pace with continually changing regulations, standards, and industries. Large multi-disciplinary networks are essential for providing global audits to businesses.

The global audit services market is valued at around $210 billion. North America was considered the largest geographic region that had accounting for $77.1 billion or 36.7% of the global market. The USA was the largest country accounting for $61.7 billion or 29.4% of the global auditing services market.

The audit firms offer strategic, integrated, and expanded audit reports to address issues and opportunities that will impact the long term value of the business. The companies in the Global Auditing services market have increased their operating areas relating to capacity, growth, volume and other performance indicators as per the requirements of the market. The expanded audit report assists the investors for capital allocation decisions effectively by refocusing on the organization’s business model and strategic priorities.

What are the Types of Global Audit Services?

The Global Audit services are segmented in the following:

Types of Global Audit Services
  • External Audit Services

This type of audit services includes the external audit or financial audit and statutory audit. It involves the investigation of truth and fairness of the financial statements of an organization by an external auditor, who must be independent of the organization in accordance with the provided reporting framework such as IFRS.

  • Internal Audit Services 

Internal audit services for the purpose of the global audit are also referred to as an operational audit. It is a voluntary appraisal activity that is undertaken by an organization to assure the effectiveness of internal controls, governance, and risk management to facilitate the achievement of organizational objectives. 

  • Forensic Audit Services

Forensic audit services for the purpose of the Global Audit include a forensic audit that involves the use of auditing and examination skills in situations that may require legal implications.

  • Public Sector Audit Services 

Public sector Audit services include all the state-owned companies and institutions audits. These require audits to be done in several jurisdictions to examine their affairs by a public sector auditor.

  • Tax Audit Services

Tax Audit services include tax audits that are conducted to check the accuracy of the tax returns filed by an organization. It is hence used to determine the amount of any under or over the assessment of tax liability towards the tax authorities.

  • Information System Audit Services 

Information System Audit Services includes the information system audit, which consists of an assessment of all controls relevant to the IT infrastructure within a company.  The information system audits are performed as part of the internal control assessment during external or internal.

  • Environmental & Social Audit Services

The environmental and social audit services include environmental & social audits that involve the assessment of environmental and social footprints. This type of audit services in an organization leaves as a consequence of its economic activities.

  • Compliance Audit Services 

Compliance Audit Services includes all the companies that are bounded top conduct specific audit engagements other than statutory audit to comply with the requirements of particular laws and regulations.

  • Process Audit Services

The process audit services include the audit that involves the assessment of the efficiency and effectiveness as well as the economy of the organization’s use of resources.

Enterslice can help you in getting Global Audit Services. The countries covered by our services are India, USA, China, Germany, Singapore, Japan, Spain, France, Australia, Italy and the rest of the world.

What is the International Accounting Services for the purpose of Global Audit Provided in Enterslice?

The international accounting services for the purpose of Global audit are listed below:

  • Coordination and execution of international financial statement audit engagements for our clients.
  • Must have a strong working knowledge of International Standards on Auditing (IAS) and International Financial Reporting Standards (IFRS).
  • Assistance with consolidation models and reporting packages according to GAAP and IFRS.
  • Board and executive team education on global reporting, including the reporting differences between IFRS and GAAP.
  • Review and improve the internal processes of gathering and consolidating global financial information.
  • Help your international finance team in finding the best available resources in the countries that you operate.

How will Enterslice Assist you in Global Audit Services?

Our audit teams will coordinate and assist global engagement leaders. The primary role of our team is to ensure the seamless delivery of high-quality global audit services to our clients globally.

Our services do not end with the financial statement audit. We also deal with other forms of corporate reporting and disclosure to gain credibility from the independent external audits. Our professionals provide a range of audit services that suits to your specific reporting needs, that includes:

  • Verification of service controls in an organization.
  • Information systems and control audits.
  • Forensic investigation as well as audit.
  • Engagements that are in accordance with:

1) International Standards on Assurance Engagements.

2) International Standards on Review Engagements.

3) International Standards on Related Services.

What are the Types of Accounting Services For Global Audit Services?

The types of accounting services dealt in Enterslice are dealt below:

Accounting Services For Global Audit

International Financial Reporting Standards (IFRS) services

With the growing global marketplace, strict adherence to IFRS  can become a priority and also converting one set of accounting standards to another is an enormous and complex effort. This process specifies an opportunity for your business to show the same financial language as its global counterparts. At Enterslice, IFRS professionals can assist you in making the transition effectively and efficiently.

Our IFRS services include:

  • Conducting an analysis of skills as well as needs.
  • Evaluate the impact on your management information system.
  • Analyze the overall impact on your business (such as financial statements, incentive compensation, employee benefits and loan agreements).

Global Compliance and Reporting Services (GCRS)

For entities that are focused on international expansion and also manage their global footprint, the GCRS practice at Enterslice delivers an efficient and convenient approach to manage the risks involved with global reporting. We will serve you as your global growth partner and help you in navigating the complex demands of the global market.

Enterslice can assist you in the following:

  • Maintaining the quality control standards with regards to the International Standard on Quality Control (ISQC 1) issued by the IAASB (The International Auditing and Assurance Standards Board) along with the relevant national quality control standards.
  • Provide globally coordinated quality assurance services.
  • Prepare policies and methodologies for the purpose of conducting of transnational audits that are based, on the International Standards on Auditing (ISAs) issued by the IAASB.
  • Have proper policies and methodologies that can conform to the IESBA (The International Ethics Standards Board for Accountants) Code of Ethics for Professional Accountants and national codes of ethics.

GAAP

There is no universally GAAP standard, and it varies from one geographic location or industry to another. The Financial Accounting Standards Board (FASB) governs GAAP overall, and the Governmental Accounting Standards Board (GASB) governs GAAP for state and local governments. Publicly traded companies are needed to comply with both SEC and GAAP requirements. Our professionals are well versed in GAAP standards. They will assist you in all types of reporting services.

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Frequently Asked Questions

The global audit is managing your company's regulatory compliance on a global level. Since it is a difficult task, it is better to contact Enterslice. We will provide you with global audit services following a variety of auditing standards.

The types of global audit services are Operational, Financial, Compliance and Information Technology Audits or Assurance Services and process Audits.

Big accounting firms do auditing work, and Enterslice is one of them. Whatever report is issued by the auditor is accepted globally.

Auditing issues must be a concern to any entity that seeks funds from the capital market. This is needed because auditing improves the quality and reliability of the financial information that is made available to the market, and also helps secure investor confidence.

There are three main types of audits: external audits, internal audits, and Internal Revenue Service (IRS) audits. External audits are commonly performed by Certified Public Accounting (CPA) firms and result in an auditor's opinion, which is included in the audit report.

An auditor is a person who makes an independent report to a company's shareholders to show whether the company has prepared its financial statements according to company law and other financial reporting rules.

An audit checklist is an invaluable tool for comparing a business's practices to the requirements by international standards. The audit checklist contains everything needed to complete an audit accurately and efficiently.

An auditor is a person or a firm appointed by a company to execute an audit. To act as an auditor, a person should be certified by the regulatory authority of accounting and auditing or possess specific specified qualifications and must be well versed with International Accounting Standards.

There are five essential elements to an effective audit planning process:

• Research the Audit Area: It is essential to understand the business process or function to be audited.

• Maintain Open Communications with the client throughout the Planning Process.

• Conduct Process checks

• Map Risks to the Organization, Process, or Function

• Obtain Data before Fieldwork.

An Audit plan concerns a specific audit and outlines the actions and outcomes of a single audit. An Audit program is spread over both geographies and time and is usually an ongoing effort to audit finances and decisions.

Audit Schedules for the purpose of global audit services are the information formats developed by the external auditors. It is prepared to guide the corporation in the preparation of particular information presented in a specific manner that facilitates the audit.

Six specific steps in the global audit process must be followed to ensure a successful audit:

• Requesting of Financial Documents.

• Preparation of an Audit Plan.

• Schedule an Open Meeting.

• Conduct an Onsite Fieldwork (if required)

• Draft a Report.

• Set Up a Closing Meeting.

The main objective of audit planning is to ensure appropriate attention is given to all areas of the audit. More attention should be devoted to auditing high risk of the entity. Low-risk areas should be given less time to conserve resources.

The factors affecting audit planning are as follows:

• Size of the company.

• Nature of its operation.

• Accounting system applied.

• Internal control.

• Adherence to international accounting standards.

• The environment in which the company operates.

• Knowledge of the client’s business

The auditor's responsibility is to express an independent, objective opinion on the financial statements of a company. As one of their required procedures, auditors ask management to communicate management's responsibility for the financial statements to the auditor in a representation letter.

The basic principles for auditing standards are underlying assumptions, consistent premises, relevant laws and requirements which help in developing the auditing standards. It serves the Auditors in forming their opinions and also the reports, particularly in cases where no specific rules apply.

The basic principles of GAAP are as follows:

• Principle of Regularity.

• Principle of Consistency.

• Principle of Sincerity.

• Principle of Permanence of Methods.

• Principle of Non-Compensation.

• Principle of Prudence.

• Principle of Continuity.

• Principle of Periodicity.

GAAP (generally accepted accounting principles) can be said to be a collection of commonly-followed accounting rules and standards for financial reporting. The primary purpose of GAAP is to ensure that financial reporting is transparent and consistent from one organization to another.

The Generally Accepted Accounting Principles (GAAP) is a set of rules, guidelines and principles companies of all sizes and across industries. It is used by businesses to organize and summarize the financial information into accounting records.

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