Audit is no more a luxury, it’s a necessity
Audit is about examination and verification of a company's financial record to represent true & fair view of the Company.
There are different types of Audit -
- Internal Audit
Internal Audit is an exercise where we verify the internal controls and procedures of an organization. Post audit it is assured that data relied upon by management is wholistic. Moreover companies are moving towards data driven mode which results in transparency in all levels of management and that’s the need of the hour. It also unearth lot of issues, sometimes which leads to automation. The ideal frequency for Internal audit is monthly.
- Due Diligence Audit
This will be the top most priority of any enterprenuer before investing his time and money in a business. In general the seller should share last three years audited finanicial statements. There has to be a physical inspection of the seller premises as there may be gap between the financials and what we see in reality.
- Forensic Audit
Where client feels something suspicious in a particular area, Forensic audit is requested for. A forensic audit is an analysis and review of the financial records of a company or person to extract facts, which can be used in a court of law. We also review the previous audit reports in that particular domain and see how it got escaped from the same or why much importance was not given earlier.
- Stock Audit
Stock audit also called as Inventory audit is physical verification of inventory, to identify the discrepancy between book stocks and physical stock. Without Stock Audit the year is always incomplete. Stock plays a major role to determine true profit rather we would say the business efficiency itself. It’s an eye opener for many companies to take crucial decisions at the right time.
