Audit & Forensic Audit

Inventory is a key asset in a company’s financial statements as it can be used as collateral for bank loans and also can be misappropriated for fraudulent reporting purposes. Companies typically put in place internal controls such as a custodian of inventory or a segregation of duties between the custodian of inventory and the individual with access to the perpetual records to reduce risks of inventory fraud and misappropriation.

In an inventory audit, the auditor uses several analytical procedures to check the company’s inventory methods and confirm that the financial records and actual physical count of goods match. An inventory audit is considered a generally accepted auditing procedure.

Recall the four assertions related to account balances. Inventory is a balance sheet account and so the relevant assertions are existence, rights, completeness, and valuation. Existence refers to whether the inventory is actually present, rights refers to whether the company undergoing the audit actually owns the rights to the goods, valuation refers to the correct pricing as well as any impairment issues, and finally, completeness addresses whether all the goods that should be recorded are fully recorded.

A forensic audit is an examination and evaluation of a firm’s or individual’s financial records to derive evidence that can be used in a court of law or legal proceeding. 

  • A forensic audit is an examination and evaluation of a firm’s or individual’s financial records to derive evidence that can be used in a legal proceeding.
  • A forensic audit may be conducted to prosecute a party for fraud, embezzlement, or another criminal behavior.
  • Forensic auditing is an accounting specialty; only large accounting firms have a forensic auditing department.

We have a specialised Forensic Department to uncover any financial fraud and cater your need since forensic audits require the expertise of accounting and auditing procedures as well as expert knowledge about the legal framework of such an audit.

 

 

Debtors are most important part of any organisations for its survival.

Accounts receivable are sales that are made but not yet paid for. They are actually a form of short-term unsecured credit extended on the basis of a customer’s promise to pay. Terms are generally based on the net amount being due in 30 days. As receivables age, the likelihood of collection begins to wane. Receivables that cannot be collected are eventually placed in a bad debts account. Accounts receivable are important, because sales represent income, and cash flow is dependent on timely collection of accounts. Auditing accounts receivable is important to prevent misappropriation of payments, fictitious returns and refunds and other fraud schemes.

We have a full fledged team to look after the auditing of Debtors.

We have eminent IT Professionals to look after the security risk your organisation is facing and we also offer wide array of solutions to mitigate them.

Internal audits are the evaluating the effectiveness/efficiency of critical business operations. As an Internal auditors we cover all areas of an organization or specialized zones as desired.

The aim of internal audits is to identify weaknesses within the organization’s processes , so that they can be fixed as quickly as possible to prevent harm to the organization or its stakeholders. Accordingly, the internal audit plan for an organization should be driven by risk basis or, in other words, be designed to examine those areas that present the greatest risk to the company. The internal audit plan should also include a component of the strategic needs of an organization.

We are here to cater all your requirements to serve as an internal auditor of your organisation.Our experience covers all Industries with specialised requirements.

Forensic audits cover a wide range of investigative activities. A forensic audit may be conducted to prosecute a party for fraud, embezzlement, or other financial crimes. In the process of a forensic audit, the auditor may be called to serve as an expert witness during trial proceedings. Forensic audits could also involve situations that do not involve financial fraud, such as disputes related to bankruptcy filings, business closures, and divorces.

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