InsideOut Solutions offers the complete range of Audit and Assurance services to meet the business needs of client in this dynamic global environment. Through the years of immense experience and knowledge in this segment of external and internal audit, we have tailor made services with the most credible approach.
This segment is engaged in providing the following services:
A financial statement audit is an independent appraisal of the financial statements prepared by the organization. The cardinal objective of a financial statement audit is to provide an independent assurance that the management has, in its financial statements, presented a true and fair view of a companys financial performance. The result of this examination is a report by the auditor, attesting to the fairness of presentation of the financial statements and related disclosures. The auditors report must accompany the financial statements when they are issued to the intended recipients.
Internal auditing is an independent, objective assurance and consulting activity intended to add value and develop an organization�s operations. It helps an organization achieve its objectives by bringing a methodical, meticulous and disciplined approach to assess and enhance the effectiveness of risk management, control, and governance processes.
Internal Auditors� roles include supervising, evaluating, investigating and analyzing organizational risk and controls; and reviewing and confirming information and compliance with policies, procedures, and laws. Working together with management, the internal auditors provide assurance that as far as possible risks are significantly reduced and that the organization�s corporate governance is forceful and capable. In addition Internal auditors make recommendations for And, when there is room for improvement, internal auditors make recommendations for augmenting processes, policies, and procedures.�
The scope of internal auditing is broad and wide. It may involve subjects like organization�s governance, risk management and management controls. The efficiency and effectiveness of operations (including safeguarding of assets), the reliability of financial and management reporting and compliance with laws and regulations are also part of internal audit scope. Internal auditing may also involve conducting proactive fraud audits to identify potentially fraudulent acts; participating in fraud investigations under the direction of fraud investigation professionals, and conducting post investigation fraud audits to identify control breakdowns and establish financial loss.
Internal auditing activity also relates to corporate governance which is accomplished primarily through participation in meetings and discussions with members of the Board of Directors. Governance is the policies, processes and structures used by the organization�s leadership to direct activities, achieve objectives, and protect the interests of diverse stakeholder groups in a manner consistent with ethical standards. The internal auditor is often considered one of the �four pillars� of corporate governance, the other pillars being the Board of Directors, management, and the external auditor.
Internal auditors typically issue reports at the end of each audit that summarize their findings, recommendations, and any responses or action plans from management. An audit report may have an executive summary; a body that includes the specific issues or findings identified and related recommendations or action plans; and appendix information such as detailed graphs and charts or process information.
The investigation or examination could be carried out for a potential objective for merger, acquisition, privatization, or similar corporate finance transaction normally by a buyer.
It can be a legal obligation, but the term will more commonly apply to voluntary investigations. A common example of due diligence in various industries is the process through which a potential acquirer evaluates a company which he has targeted or its assets for an acquisition.
The theory behind due diligence holds that performing this type of investigation contributes significantly to informed decision making by enhancing the amount and quality of information available to decision makers and by ensuring that this information is systematically used to deliberate in a reflexive manner on the decision at hand and all its costs, benefits, and risks.
Investigative Auditing consists of the detection, tracing, quantification and prevention of fraud, money laundering and terror finance. Investigative Auditing involves the examination of accounts and the use of accounting procedures to discover financial irregularities and to follow the movement of funds and assets in organizations.
The objects of Investigative Auditing include, inter alia
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