A company audit is of vital importance as it presents the true picture of state of affairs of an entity. It helps in understanding and assessing risks and evaluates the internal controls and checks. In addition, it also ensures maximum utilization of the available resources along with timely identification of liabilities including the ones in contingent nature.
We audit services can help you with a comprehensive, professional approach to company auditing that yields practical solutions, not complicated reports. Our specialists and services always concentrate on bringing value - presenting you the insight and foresight, across your business as a single entity, to manage the future head on.
BENEFITS OF AUDIT OF THE BUSINESS
An effective audit system is vital for a company because it enables it to pursue and attain its differentbusiness objectives. Business processes required different kinds of internal control to enable supervision and monitoring, prevent and detect improper transactions, assess ongoing performance, maintain adequate business records and to encourage operational productivity.
Audit services play a great role in minimizing the risks of frauds. Audit professionals help in the design and modification of internal control systems the purpose of which includes, among other things, fraud prevention.
Auditors determine the risk of material misstatement in a company’s financial reports. Without the presence of an effective internal control system, it won’t be possible for a company to create trustworthy financial reports for internet and external use. An audit system is crucial in preventing debilitating misstatements in a company's records and reports.
The respective auditor understands the propositions before him/her for analysis, procures evidence, evaluates the same, and generates an opinion on the basis of his analysis which is conveyed in the form of his audit report.
It is mandatory for every company to appoint an individual or firm as an auditor at first annual general meeting (AGM). The auditor will have to hold office from the conclusion of that meeting till the conclusion of the sixth (6th) Annual General Meeting (AGM). The duration of auditor of company will be term of consecutive Five (5) years each for Individual and Two terms of Consecutive Five (5) years in case of Auditor Firm.