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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:

Fraud Investigation

Expense report abuse

Embezzlement

Theft of assets/services

Insurance loss accounting

Litigation Support

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.