World class auditing services

An audit is a term which refers to an objective examination and evaluation of the financial statements of an organization. This is basically done to make sure that the records correct and accurately represents the transactions which the organization claims. It can either be done internally by employees of the organization or externally by an outside firm.

Again, there are several categories of audits performed some of which are - income audit, system audit, safety audit, compliance audit, etc. However, they are broadly categorised as External Audit and Internal Audit. While the latter focuses on the procedures to ensure that the financial statements of the company are not materially misstated, the Internal Audit looks beyond numbers and focuses on processes, regulations, compliance etc. 

There can arise a condition that, the internal audit function can arguably be called an external audit. But, it is the nature of the internal audit which is to estimate the internal affairs of the company that can easily make a difference. This Internal Audit functionality can only be present in a large organization that has been listed on Stock Exchange and has to include Corporate Governance in its report so that there can be a clear difference. Otherwise, its reporting can easily be same as that of External audit reports. In External Audit reports, the sole purpose is to make the stakeholders aware of the actual financial condition of the company.

An audit firm is one which assesses a company's financial information and determines if the information is accurate and complete. The main work of an audit firm is to provide an accurate and fair figure of the actual financial standing of the company and also to evaluate the different department with the only aim of improved efficiency.

The functionalities of an Audit firm can be listed as:

●     Auditing services: The auditing services can categorically be classified into Statutory Audit, Internal Audit, Tax Audit, Cost Audit etc.

●   Corporate Governance: The corporate governance can be termed as balancing the interests of the many stakeholders in a company which includes shareholders, management, customers, suppliers, financiers, government and the community.

●     Risk Management Services: Auditing firms also undertake risk management services.

Mahaveer Singhvi and associates is a chartered accountant firm to render comprehensive professional services in the field of auditing and taxation with its office situated in Kalaburgi and Mysore. All the other information about the firm can be gathered from the official website http://www.ca-msa.com/