Audit Preparation
This involves organizing and compiling all necessary financial documents, records, and internal controls to ensure a smooth and efficient external audit process. This preparation helps demonstrate compliance with accounting standards, financial regulations, and internal policies.
Our services Include
Document Compilation
This involves gathering all necessary financial documents, including financial statements (income statement, balance sheet, cash flow statement, statement of changes in equity) and supporting schedules (accounts receivable aging reports, inventory listings, fixed asset schedules). Ensuring all bank statements are reconciled. Doing this helps to ensure the accuracy and completeness of financial statements, providing evidence for auditors to verify.
Internal Controls Review
Assess and document the effectiveness of financial policies and procedures to prevent and detect errors or fraud. This involves reviewing the company’s financial policies and procedures to ensure they are comprehensive and up-to-date. Conduct internal control assessments to evaluate whether the controls in place are effective in preventing and detecting errors or fraud. Document any weaknesses identified in internal controls and develop action plans to address them. Identifies weaknesses in controls that could lead to financial misstatements or fraud, enhancing the reliability of financial reporting.
Compliance Check
This involves verifying adherence to financial regulations and accounting standards, and ensuring all tax filings and payments are accurate and up-to-date. This involves reviewing the company’s financial practices to ensure they comply with relevant financial regulations and accounting standards. Verify that all tax filings and payments are accurate and up-to-date, including income tax, VAT, withholding tax, and PAYE. Ensure compliance with regulatory requirements to avoid legal and financial penalties. Demonstrates compliance with regulations, avoiding legal and financial penalties.
External Auditor Co-ordination
This involves scheduling meetings, providing necessary documents and information to auditors, and addressing their queries. This involves coordinating with external auditors to ensure the audit process is well-organized and efficient. Schedule pre-audit meetings to understand the auditors’ requirements and timeline. Create and follow an audit checklist to ensure all necessary documents and records are prepared and available. Provide auditors with the required documents and information promptly and address any queries they may have. Facilitates a smooth audit process by ensuring auditors have access to required information.