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Audit and Assurance

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.

What is auditing?

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.

Types of Audit:


Internal Audit

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.


External Audit

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.


Financial Audit

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.


Forensic Audit

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.


Statutory Audit

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.


Compliance Audit

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.

Need help with audit and assurance?

Our proficient team offers expert guidance, meticulous examination, and comprehensive assurance services to ensure financial accuracy and regulatory compliance for your business.

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What is Assurance?

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.

Assurance Services provided by Poshway

Statutory Audits

Audits under the Income Tax Act of 1961

Annual Reviews of statements of US GAAP / IFRS adjustments

Advisory and Implementation Support for transition to Ind AS, IFRS, US GAAP

Due Diligence & Valuation Services

Forensic Audits

Risk Advisory

Tax Audit and advisory

IT Audits

Compliance Management

The advantages of partnering with Poshway

High-end audits and assurance

Certified and experienced personnel

Continuous communication

Cutting-edge technology

All-round support and guidance