Audit and Assurance Services

An audit is a systematic review and assessment of all the information or Documents. There are different Audit types, but in context to professional services, an audit is generally considered financial. The primary intention of Audit is to provide reasonable assurance, but not absolute assurance that the financial statements give an accurate and fair view with regard to the financial reporting framework.

Assurance is a professional service provided with the aim of improving the quality and transparency of information. It also reduces the chance of problems that occurs due to incorrect information. An audit is a type of assurance service. Audit and assurance services can be regulatory or compliance-based. They work to ensure that the company or an organization follows the guidelines, rules, policy and provides both internal and external confidence for financial statements.

• Auditing is the process of presenting an organization’s financial statements by performing the examination of all the accounting information presented. One of the auditing’s primary responsibilities is to make sure that the financial reports are maintained accurately, presented relatively, and prepared deliberately.
• Assurance is a compilation of processes of analyzing and assessing the process, operations, procedures, etc. Assurance also assesses accounting information and financial records. The primary concern of assurance is to check the accuracy of the accounting information and its financial records. By way of assurance, the stakeholders are provided regular updates on financial reports and ensure that there are no red flags, irregularities, and false representation.

The key benefits of professional audit and assurance services include:

• Compliance with regulatory requirements
• Risk mitigation
• Transparency to stakeholders
• Peace of mind for your business

Why ACCSOL for Audit & Assurance Services ?

We focus on responsive and efficient audit services.

• Direct insights
• Competitive fees
• Industry credibility
• Innovative technology

We help our clients navigate the complexities, risks, and opportunities in their business networks by proactively managing and monitoring risks presented by third-party relationships. Our goal is to help you improve the transparency, importance, and value of the information you reveal to the market and investors, thereby enhancing your competitiveness and profitability.

We provide various types of audit and assurance services, including but not limited to the following:

Statutory Audit

Our statutory audit service helps companies comply with legal requirements and provides an independent review of financial statements to ensure they provide a fair and accurate representation of the company’s financial position.

Internal Audit

Our internal audit service helps organizations improve their business transactions by taking a systematic approach to assessing and enhancing the effectiveness of risk management, control, and governance processes. We help our clients fulfil their strategic objectives by providing objective assurance and consulting services.

Tax Audit

Our team of experts works with different taxes, including income tax, GST, service tax, sales tax, etc., and helps companies comply with the provisions of the Income-tax Act in India. Our satisfied clients have rated us as the best income tax audit firm in Delhi.

Fixed Assets Audit

Auditing fixed assets is vital to ensure that accounting for capital assets and depreciation complies with the objectives of management. Our fixed asset audit helps prepare an accurate balance sheet, ensures regulatory compliance, and provides better internal control.

Stock Audit

Our stock or inventory audit service involves physical verification of a company or institution’s stock. It helps companies update and ensure that the physical stock count and the computed stock in the books match. A stock audit helps in analyzing the discrepancies between the actual physical inventory and stock register maintained by the management.

Management Audit

Our management audit service involves an audit of the operations management department of an organization. We closely work with a specific department to help them improve their overall efficiency.

Revenue Audit

Our revenue audit service scrutinizes the data and information provided in tax returns against the ones found in actual business records. It is a two-step process that helps companies ensure that their tax returns are accurate and comply with the provisions of the Income-tax Act in India.

Due Diligence

Our due diligence service involves an extensive analysis of financial information and records before entering into a proposed deal with another person or business house. It is an essential step that helps companies establish the facts of a matter or transaction under consideration.

What is the duty of an auditor?

An auditor has several duties including:

• Duty to enquire on certain matters
• Duty to comply with auditing standards
• Duty to report on frauds
• Duty in case of a branch audit
• Duty to report
• Duty to state the reasons for qualification or negative report
• Duty to sign the audit report

Why is auditing important for a business?

Auditing is important for a business as it helps in ensuring the accuracy and reliability of financial statements, identifying any errors or frauds, complying with applicable laws and regulations, and maintaining the trust of stakeholders such as investors, creditors, and customers.

How long does an audit take?

The duration of an audit depends on several factors such as the size and complexity of the organisation, the scope of the audit, and the availability of information. An audit can take anywhere from a few weeks to several months to complete.

How often should an audit be conducted?

The frequency of audits depends on several factors such as the size and complexity of the organization, the industry it operates in, and the regulatory requirements. In general, organizations are required to conduct a statutory audit once a year. However, some organizations may choose to conduct audits more frequently for internal control purposes.

Can an auditor help with improving business operations?

Yes, auditors can help in identifying areas for improvement in business operations. For example, they may identify weaknesses in internal controls, provide recommendations for enhancing financial reporting processes, or suggest ways to reduce costs and increase efficiency