Overview Of Audit Support
Audit support refers to the professional assistance provided to businesses during an audit process. Whether it's a tax audit, financial audit, or internal audit, we helps you to prepare for the audit by organizing your financial records, responding to auditors' inquiries, and ensuring compliance with regulations.
Who all needs Audit support
Businesses with Statutory Audit Requirementscompanies or LLPs conduct audits based on turnover or asset size or when required by law.
Taxpayers with Tax Audit RequirementsIndividual or businesses triggered for tax audits due to high turnover or for fullfilling ang statutory compliances.
Startups and SMEsFor improving financial credibility, attracting investors, or securing loans.
Non-Profit OrganizationsNon-Profit Organisations who requires audited financials for any regulatory compliances.
Entities with Complex FinancesMultinational companies, large corporations, or individuals with intricate financial structures.
Benefits of Audit Support
1. Smooth Audit Procedures
Smoothening the audit process by organizing documents.
2. Regulatory Compliance
Helps to meet legal and regulatory requirements, avoiding fines.
3. Early Issue Detection
Spots issues early, so they can be fixed before the audit.
4. Saves Time & Effort
Reduces the time and effort needed from your team.
5. Builds Trust
Accurate financials build trust with investors and stakeholders.
6. Tailored Support
Get tailored support and guidance specific to your needs.
7. Financial Insights
Provide insights for empowering financial health .
Documents Required for Audit Support
- Financial Statements : Income Statement, Balance Sheet, and Cash Flow Statement.
- General Ledger and Trial Balance : Records of all financial transactions and thia, balance.
- Bank Statements : Monthly bank statements for all business accounts.
- Invoices and Receipts : Sales and purchase invoices, and expense bills.
- Accounts Payable & Receivable : Lists of outstanding debts and amounts owed to the business.
- Tax Documents : Tax returns, tax payments, and any correspondence with tax authorities.
- Fixed Asset Records : Details of assets owned, including purchase invoices and depreciation schedules.
- Payroll Records : Employee salary records,tax deductions, and details of other allowances.
- Loan and Debt Documents : Loan agreements and repayment schedules.
- Inventory Records : Stock reports and inventory valuations.
- Corporate Documents : Business registration details, shareholder records, and board resolutions.
- Contracts and Agreements : Lease agreements, customer contracts, and supplier agreements.
- Supporting Schedules : Additional schedules or reconciliations, such as aging reports and reconciliation statements.
Step-by-Step Process for Audit Support
1. Initial Meeting
Understand your business and audit needs.
2. Collect Documents
Gather financial statements, bank records, invoices, and tax documents.
3. Review Records
Check for errors or missing information in financial documents.
Frequently Asked Questions
Other Services
Financial Statement Preparation
Financial statement preparation involves compiling financial data into reports that summarize a business’s performance, compliance, and financial position.
