WHAT IS FINANCIAL AUDITING?

Audits are all about Checks, Controls and assurance, which may be complied statutorily or even be held voluntarily by the entity to assure the true view of business in terms of finance. You can rely on us for end to end audits and assurance services. Be it related to about Financial Statements, business processes or Information Technology.

Financial auditing

Financial auditing is the process of examining an organization's (or individual's) financial records to determine if they are accurate and in accordance with any applicable rules (including accepted accounting standards), regulations, and laws.

As per many Acts in India, Audit of Financial Statements is one of the most important compliances. A whole outlook of the company and its management, even the valuation depends upon Audited Financial Statements.

An audit may also be classified as internal or external, depending on the interrelationships among participants.

Areas covered in Financial auditing:

• Internal control analysis.
• Reporting weaknesses in the internal controls.
• Suggestion and consulting on transactions of complex nature.
• Drafting Audit policy according to clients’ structure and legal set-up.
• Measuring effect of International and Indian Standards on Auditing.
• Analyzing applicable compliances according to corporate and taxation regulations.
• Appropriate documentation.
• Filings of Financial Statements to various Government offices after audit.
• Assisting Audit committees.
• Updates required from point of view of regulations.
• Advising on IFRS and its applications and International Standards on Auditing.
• IFRS Consultancy and convergence.

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