Audit and Assurance Services

  • Institute of Internal Auditors' International Standard for the Professional Practice of Internal Auditing (IIA).
  • Consulting services, advisory, and other service activities 
  • Statutory Audits, Internal Audits, and so on
  • Auditing services all over India.
  • Journal, Mayor, Profit and Loss Statement, The balance sheet, and so on
  • Personal online access to all of your business's accounting in real-time.
  • Assurance Services / Operational, Financial, Compliance, and Information Technology Audits.

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Audit and Assurance Services
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What is an Auditing Service?

 

Auditing services help businesses ensure that their accounting records accurately reflect the transactions they have made. Auditing services help businesses create compliant financial statements and communicate to banks, investors/shareholders, and other financial partners that their finances are in order. Auditing services are most commonly used in a business's finance and accounting departments. Auditing services are frequently supplemented by financial consulting firms, bookkeeping firms, and tax preparation firms.

 

Types of Audit Service

 

Internal audits are required to comply with the Institute of Internal Auditors' International Standard for the Professional Practice of Internal Auditing (IIA). Other auditing standards may be used if they are deemed appropriate for the types of audits being performed.


 

The following audit services:

 

1. Assurance Services / Operational, Financial, Compliance, and Information Technology Audits – Assurance services involve the objective assessment of information, facts, or data by Internal Auditing to provide an independent opinion or conclusion. The scope and nature of assurance services may include reviewing and evaluating for operational efficiencies and effectiveness; financial and operational system reliability; the adequacy and clarity of policies and procedures; adherence to university policy and state and federal law; asset protection; achievement of objectives and goals; or other mutually agreed-upon procedures.

 

2. Consulting services, advisory, and other services include counsel, advice, facilitation, process design, and limited training. The goal of consulting services is to add value to the development or modification of processes, procedures, and controls to reduce risk and achieve goals. Management agrees on the nature and scope of specific consulting services. Internal Audit will not assume management's responsibilities to maintain appropriate objectivity and independence.

 

3. Special investigations look into allegations of fraudulent business practices and/or misconduct involving financial or operational matters to see if they are true and to prevent future occurrences.

 

4. Follow-up Engagements – Follow-up engagements assess plans and actions taken to correct previously reported conditions as a result of audits and investigations that have been completed.

 

5. External Audit Coordination – These services ensure that external auditors and regulators have access to the University's staff and resources in order to conduct their audits. Coordination with a central office ensures that internal and external efforts do not overlap and that Internal Auditing is kept updated on any issues that arise.

 

We are Offering the Following Audit Service in India

There are various audits, some of which are mandatory, while others are performed voluntarily by individuals or businesses. Auditing services in India can be classified as follows:

Statutory Audits

This category includes various audits that are required by statute, such as those required by income tax, company laws, banking laws, and GST laws, so this category has a wide range of audit services in India.

Stock Audits

Stock Audit Services is a physical verification of stock and inventory and a very important tool for strengthening the internal control system. 

Inventory Audits

Understanding of Existing Software in place to get Recorded Inventory & Stock Information. Verification of Physical Inventory.

Secretarial Audit

Most companies in India require such requirements for this form of audit.

Human Resource Audit

Especia is one of India’s leading human resource audit services firms, tax auditing services firms, statutory audit services firms, and consultants.

Due Diligence Review & Audits

Due diligence is a way to avoid unnecessary harm to the parties involved in a transaction.

Internal Audits

Internal audits are required for certain classes. Still, most organizations make them a part of their business because of their importance in assessing the organization's current affairs and preventing and detecting any errors or frauds.

Financial Audits

A financial audit is an objective examination and evaluation of a company's financial statements to ensure that they are a fair and accurate representation of the transactions they claim to represent.

Compliance Audits

Forensic Audits

Tax Audits

In India, many laws have been enacted to regulate different types of tests, including B. Income tax audits, expense audits, stock audits, corporate audits, or statutory audits under the Companies Act 2013. 

Agreed Upon Procedures

IT Audits

Special Audits

Management Audits

This type of audit evaluates and recommends whether the organization's resources, assets, and strategies are in good shape and moving in the right direction.

Cash Burn Audits

Cash burn Audit is a term categorically used where the cash flow from the business activities is negative rather than positive.

 

What do we include in our Service?

 

Personal online access to all of your business's accounting in real-time, every day of the year, 24 hours a day. You can consult with your personal advisor at any time and know the status of their management online real-time accounting: accounts, VAT, income tax, and so on.

 

We provide auditing services all over India, such as auditing service in Delhi, Noida's auditing service in Gurgaon, auditing service in NCR, and so on. We reconciled the banks, created financial statements and tax obligations for each customer, and provided them at all times, so the following information is available online:

 

  1. Journal.
  2. Mayor.
  3. Profit and Loss Statement
  4. The balance sheet.
  5. Amounts and balances must be balanced.
  6. Invoices were issued and received by Books.
  7. Income tax, VAT, and Third-Party Statement of Operations require quarterly settlements.

 

Frequently Asked Questions (FAQs) Related to the Audit And Assurance Services

 

1. What is internal auditing, and who is required to perform it?

 

Companies listed below are required to appoint an internal auditor.

 

1. All Publicly Traded Companies

2. Unlisted Public Companies, if they meet the following criteria:

  • Paid-up share capital of Rs. 50 crore or more in the previous fiscal year OR
  • Turnover of Rs.200 crores or more in the previous fiscal year OR
  • Outstanding loans or borrowings from public banks/financial institutions of Rs.100 Crore or more at any point in the preceding fiscal year; OR
  • Outstanding deposits of Rs 25 crore or more at any time, even during the previous fiscal year.

Private Companies: if the following conditions are met:

  • Turnover of Rs.200 Crore or more in the previous fiscal year
  • Outstanding loans or borrowings from banks or public financial institutions of Rs.100 Crore or more at any point in the previous fiscal year.

 

2. What is the distinction between our internal auditors and our external auditors?

 

External auditors conduct annual audits to express an opinion on whether the university's or health system's financial statements fairly present their financial position and performance and whether the financial statements conform to Generally Accepted Accounting Principles (GAAP). External auditors audit many clients' financial statements.

 

Whereas Internal Audit is a department within the organization that audits, but it is separate from operations and management. The goal of an internal audit is to determine whether the organization's procedures and internal controls are adequate for achieving management's business objectives. Internal auditors conduct audits of various types, not just financial audits, and may also work on special projects, investigations, or management requests.

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