Procedures of Financial Audits
At SARWACE, we help you become efficient in managing financial audits.
Planning
Planning is a continual and vital process throughout the finance audit process.
Internal Control
Rules and procedures implemented to ensure financial / accounting information integrity.
Testing
To check and verify the level of effectiveness of controls while recording financial transactions.
Reporting
Our reporting is transparent and top-notch, we provide detailed and highly specific reports.
Book Keeping and Management System Support.
We provide clean book keeping and a proper management support for organizations who need our services.
We provide clean documentation methods for the organization to follow.
Our support team is always ready to help you with any queries or grievances.
A system that creates meaningful reports with daily updates, reviewed by us.
Get to know how we proceed with finance audits.
Review internal reporting and evaluate data storage
We onboard the client and initiate reviewing reports and evaluate data storage for security.
Review accounting systems and gauge current threats
Assessing accounting systems and figuring out risks / threats regarding the client’s business.
Compare internal/external records and examine tax returns/reports
We compare internal and external audits if any along with the evaluation of tax returns.
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View PricingFrequently Asked Questions
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Evaluation of a companies' financial records, documents, accounting books, and other relevant data. We at SARWACE collect the company's information on, balance sheets, tax returns, control systems, income documents, invoices, billing procedures, and account balances.
We propose checking your opening balances against the prior year-end audit balances to ensure the accepted prior year audit entries have been posted. Ensure that all cash accounts have been reconciled and verify that equity accounts have rolled forward properly and review any activity posted in the past year.
External audits An external audit is conducted by a third party, such as an accountant, or a professional compliance and tax agency like SARWACE. The external auditor must not have any connection to your business (e.g., not an employee). And, external auditors must follow generally accepted auditing standards (GAAS). The main objective of an external audit is to determine the accounting records accuracy. Internal Audits Usually conducted by an in-house audit team, and focused on control assessments, process assessments, legal compliance, and safeguarding of assets. The internal audit team’s reports are then sent to the management and organization’s audit committee, then a decision is carried out.
A financial audit may last from several days to months and might vary in length depending on the company’s size, complexity, availability of resources, and the specific audit objectives. At SARWACE we give you an estimate of the time needed to complete the finance audit at the time of onboarding.