AUDITING AND ASSURANCE SERVICES

Statutory Audit: Which is a comprehensive examination of a company’s financial records and statements, mandated by law, and this may include:

• Examining and matching the final values in the financial statements with the journal entry records through a test review of the Institution’s accounting records and supported documents according to the planned audit procedures considering the facility’s circumstances.
• Assessing and analyzing the accounting and internal control systems utilized by the Institution, while performing all requisite tests to confirm the integrity and effectiveness of these systems. Additionally, it involves applying the necessary professional diligence to identify any errors or substantial breaches that could affect the Institution’s financial statements.
• Examining the income statement to verify the accuracy of the Institution’s performance and outcomes.
• Ensuring that the disclosure and presentation of the supplementary explanations accompanying the financial statements adhered to generally accepted accounting principles and complied with relevant laws and regulations
• The preparation of the auditor’s report concerning the financial statements at the end of the fiscal year is essential. Once the final audit procedures are completed, should any observations arise pertaining to the audit of the financial statements, or any additional remarks beyond those included in the periodic audit report, a comprehensive report will be issued. This report will encompass our findings from the final audit, following a discussion with the management of the facility.

 

Non-statuary audit: Which is an audit is not legally required but may be requested by business owners, lenders, shareholders.

Special purpose audit: which refers to the in-depth and focused examination of specific areas, concerns, or issues in an organization. An independent investigation aims to spot and probe into cases of misstatement, fraud, embezzlement, or any other discrepancies in financial reporting, management, and system.