Finance is the most intricate part of any business. A company's financial transactions must be maintained accurately and kept as current as possible. The documentation must abide by the compliance norms to ensure fair, ethical and authentic representation of records. Audit and assurance are meant to examine the accounts minutely, verify if they comply with accounting standards, and adhere to taxation laws. It is essential for internal as well as external sources as it proves the company's ethics and professionalism.
Financial activities begin as soon as a venture is established in the market. The bookkeepers maintain the daily record of transactions. Accountants assess the output and prepare financial statements, viz. Income statement, balance sheet and cash flow statement. It is mandatory to follow international accounting standards while formulating accounts in order to represent authentic financial information. A company can land in significant trouble if its reports have financial or legal discrepancies.
The audit is the process of diagnosing the financial records of the company in order to check their accuracy and adherence to tax and compliance norms. It finds out if there are any false entries or misuse of funds. There are various types of auditing performed by internal as well as external auditors with different objectives.
In-house auditors of a firm conduct internal audits according to the aims set by the management. Internal auditors provide unbiased opinions about the effectiveness of internal controls and inform the leaders regarding the potential risks. They help design risk management policies and identify whether the current risk mitigation mechanisms operate effectively.
The shareholders of a company appoint independent auditors to analyse the financial affairs of their clients. They enjoy more freedom to penetrate any economic area of a business. The auditors then report to the shareholders by giving their expert opinions about the risks and opportunities in the company.
It is done to verify the entries of the books and records to find out if the company is presenting accurate information or hiding any facts.
It is mainly used in court cases. A forensic audit seeks to identify if the firm has indulged in any illegal financial activity. The evidence is used for making claims in court.
Every company must align with government rules and regulations in its operations. A statutory audit is undertaken by an external auditor employed by the firm to oversee if a company is running as per the laws devised by the government.
It entails verifying if an organisation complies with government rules and requirements. Unlike statutory audits, compliance audits are conducted by officials sent by the government. Apart from the types mentioned above, there are other kinds of audits like Information Technology, payroll, employee benefit and performance audits, each to determine the efficiency of the procedures and control systems of the respective fields.
Our proficient team offers expert guidance, meticulous examination, and comprehensive assurance services to ensure financial accuracy and regulatory compliance for your business.
Assurance is a service provided by certified independent personnel to enhance the quality of financial information available to decision-makers. Assurance officials can be invited to review any documents, such as loans or contracts. It is done to validate the document and establish its authenticity. Assurance aims to analyse the procedures followed by a company during its financial operations and measure their correctness. It ascertains that the organisation's financial reports are accurate and there is no fraudulent activity. Assurance aids the company in making better decisions concerning processes and operations. The shareholders benefit from assurance reports as they ratify the company's accuracy, increase transparency and build trust. A vital relevance of assurance is that it helps the stakeholders to identify risks and opportunities in their partner networks to arrive at intelligent decisions and solutions.
Auditing and assurance require financial expertise, given the complexities involved in the process. The regulatory policies keep changing, and so do the standards. Slight errors in compliance can result in legal cases and bring defamation to the company. Besides, this field has undergone a 180-degree transformation due to technological advancements. Firms now use updated tools for audits and assurance to improve accuracy and efficiency. Poshway comprises a board of finance specialists proficient in conducting audits and assurance for your company by leveraging the power of top-notch technology and extensive experience.
Poshway combines expert officials and upgraded technology to provide high-quality auditing and assurance services. In our 15+ years of presence in the finance sector, we have gained the valuable trust of our clients through our client-centric approach and clean-track record. Our experts understand the evolving business environment and critical expectations of the stakeholders. We meticulously analyse your financial statements and examine if they abide by the presentation standards and adhere to the tax and government compliance norms.
Our officials navigate through the financial performance of a venture, point out risks and assist the management through relevant guidance and support. We advise tailored solutions to our clients about processes, operations, control systems, IT and performance. Poshway's wide range of auditing and assurance services aims at delivering accurate reports enriched with objective opinions that can significantly benefit a company in building trust and transparency among its stakeholders.
Poshway endeavours to provide sound financial solutions to its clients and strive to strengthen every aspect of the business. We illuminate your organisation with unbiased value-adding suggestions while ensuring that your firm stays under compliance norms.
Audit and assurance are essential to evaluate the financial records of a company. They reveal a clear picture of the financial performance of a business and direct the management in making better decisions. It highlights vital areas like risks, performance, technology, compliance, legalities, etc. Poshway's specialised audit and assurance service can aid you in building a trustworthy image, minimising risk and enhancing your growth prospects.