Auditing is a systematic examination of accounts and records
of an organization to calculate its financial statements along with
non-financial disclosures.
It ensures to keep the accounts and records of the company
properly maintained abiding by the laws of the government. Every system,
projects and organizations are necessarily required to be inspected for their
legality by experts known as auditors.
They inspect all the internal operations of an organization,
business and companies. They utilize different procedures to keep in check the
genuineness and reasonability of the company. Auditing scrutinizes financial
activities causing irregularity in one’s business.
CA firms are expert in resolving company matters thoroughly
through their professional chartered accountants. They offer many different
kinds of auditing services namely;
Financial
auditing services: There are a lot of diverse financial statements
of the company or an organization that involves balance sheet of company by
parties they deal with. Hence, auditing is done to establish an independent and
upright opinion whether the financial statements, accounts, and bills are
accurate. They need to be completed on time and presented accurately.
Internal
audit: Very large business operations require a thorough check of
all day to day transactions happening in their company. To keep a daily check
on such transactions an internal audit is required. These services are also
provided by CA firms. They greatly access and evaluate the internal control of
the business organization. They ensure value addition and improvement to
different company operations. This type of auditing is done to eliminate
accidental or intentional accounting errors and omissions which in turn boost
up the strength of internal systems of the company.
Tax audit: It is a
background check of tax returns that are submitted by the business to a tax
agency. This kind of audit is highly recommended to discourage tax avoidance.
Special
investigative audit service: This service helps organizations in marking
the areas where fraud and financial impropriety may occur. CA firms assist
these company and organizations to detect frauds and prevent them by getting
misguided.
Operational
efficiency audit service: In many big organizations and companies
there are quite a few numbers of projects that require huge investments. This
service ensures that all the operational resources are used for generating
maximum outputs. They also keep in check the performance of the company and its
quantity of waste in the company.
Mahaveer Singhvi and Associates provide wide range of
services. For more details, do visit our website at http://www.ca-msa.com/
