According to the Business Directory a Financial Audit is “a third-party examination of a company’s financial records and reporting activities. An audit may be conducted for disclosure, compliance, taxation, legal or other purposes. The examiner will check for accuracy and full representation of financial activities and claims.”
This is important for your business if you want to steer clear of government checks but it means all data, all expenses and all revenues have to be collected and analyzed to accurately reflect your business activities and to identify where you could be doing better.
Typical Audits cover:
- Administrative orderliness
- A review of financial accounting standards
- A review of internal controls
- A review of tax compliance review
- Evidence of audit, test transactions and sampling
- Audit programmes and risk management
- Audit procedures
- Working paper examination
- Management Letters
- Client Representation Letters
- Audit Report of Financial Statements
Feel free to get in touch if you’d like more information or if you’d like to discuss how we can assist you with your audit reports.