Auditing is a vital part of accounting. Traditionally, audits were mainly associated with gaining information about financial systems and the financial records of a company or a business. However, auditing has begun to include non – financial subject areas, such as safety, security, information systems performance, and environmental con erns. With non – profit organizations and government agencies, there has been an increasing need for performance audits, examining their success in satisfying mission objectives. As a result, there are now audit professionals who specialize in security audits, information systems audits, and environmental audits which Oak Chartered Accountants specializes in.
An audit consists of testing your accounting records and issuing a written opinion about the fairness of your financial statements and the adequacy of your footnote disclosures. A review is similar but involves less testing.
An audit can help your business in two ways. First, audited financial statements will help you obtain the capital you need to expand your business. Many investors and creditors will ask to see audited financial statements before they will invest. Second, while we are auditing your financial statements, we will evaluate the efficiency and effectiveness of your internal controls, computer systems, and business operations. At the end of the audit, we will provide you with constructive suggestions to improve your profitability and financial position.
BUSINESS FRAUD AUDIT
Often referred to as “financial detectives” and innovative problem – solvers, we apply our financial skills to areas such as litigation support (forensic accounting, fraud detection, and expert testimony) our fraud audit services include:
• Expense report abuse
• Theft of assets/services
• Insurance loss accounting
• Damage calculation
• Opposing expert evaluation and rebuttal
• Personal injury loss wage estimate
• Divorce – business valuation and asset search
INTERNAL AUDIT OUTSOURCING
This includes periodic inventory, cash and equipment count, preparation of bank reconciliation statements another internal audit functions.