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:
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:
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.
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.