Administrative and financial tasks have become a significant burden on many sectors. This explains the increased demand for an audit services company to adjust companies' financial and accounting records and study and evaluate internal control systems; To ensure their authenticity.
What is the audit process?Copy
The audit process is one of the concepts that have recently emerged in the business community. The audit aims to review the financial records of various institutions to ensure their compliance with governmental policies and principles of accounting.
The audit needs a distinguished auditing services firm; To maintain, track and submit financial records annually and to detect and correct financial errors and irregularities committed.
The Importance of Hiring an audit services companyCopy
Some critical points motivate you to hire a distinguished auditing services firm such as ECPA; It provides you with many advantages, including:
Giving confidence in the company’s financial data and records to rely on in making many decisions. Ensuring no errors or embezzlement would affect the firm and obstruct its results and objectives. Establishing good relations with various government departments and finding solutions to potential problems. The audit services firm works to provide financial statements and records that have been audited efficiently and accurately.
Types of audits provided by the audit services companyCopy
The audit services firm offers a variety of forms of auditing accounts and securities for different organizations.
These include internal and external audits, performance, operational, and targeted audit tasks. In the following, we learn about each type in detail:
1- Internal audit
It is a set of procedures that occur within the institution; To ensure the smooth running of the business and that each of the company’s members does their role. In addition to checking the company’s financial records, as an initial step before hiring an external audit services firm; To detect any deficiencies in the internal control system and facilitate the external audit’s tasks.
2- External audit
The external audit is carried out by an accountant independent of the firm, who examines the financial records and documents.
The external audit aims to ensure that the documents are correct, completely free from errors, and provide a detailed report on the reliability of the company’s financial records.
3- Performance audit
Beyond records and financial transactions, any businesses will need a performance audit; To examine and study all operations, transactions, programs and functions of the firm; To know whether the company’s resources are being utilized optimally or not.
4- Operational audit
One of the most extensive audit services’ functions is to plan for the future by studying the organizational activities, revealing the future goals and setting a specific period for their implementation.
Large accounting firms such as ECPA use financial statements and internal policies as the primary fuel.
5- Targeted audit tasks
These are tasks that an audit services firm provides to different clients according to their wishes, such as regulatory requirements, business integration requirements, and other services.
How does an audit services company work?Copy
The audit process is carried out through a set of steps that have been optimally studied. These steps are taken sequentially and can be summarized in the following points:
Request for financial documentsCopy
The audit process begins with a request by an auditing services company using some financial documents, which need an initial review, before accessing more complex documents, such as bank statements, financial receipts and various commercial transactions.
Create an audit strategyCopy
The audit firm organizes a meeting; To discuss the audit objectives and all the scheduled financial matters and to know the volume of the various exports and imports; To enrich the audit plan and computational development.
At this stage, the various tasks are divided among the company’s personnel, the results are communicated first-hand to the management, and all the confusing financial and non-financial violations and errors are presented to reach a suitable solution.
Prepare a final reportCopy
After the audit and examination, all information and data obtained are collected and submitted as a final report. This report often includes the following : Arithmetic errors.
Differences between different payments.
Recommendations for improving the internal financial control system.
Discussing the resultsCopy
A final meeting is organized to discuss the findings of the auditing company, develop appropriate solutions to the company's problems, and take all necessary measures to improve the company's financial structure.
In summary, the audit process is not complicated, but it needs professional cadres in the field of accounting with a high level of experience and expertise; To prevent fraud and embezzlement and protect the firm from various legal penalties. You will not find these services with any audit firms other than ECPA.
Why ECPA is the best audit services company?Copy
The auditing system is considered one of the main pillars of the success of companies. It is one of the primary factors in ensuring goals and profits.
ECPA is always working on developing its auditing services to provide professional services, including:
Providing a capital ERP program that includes all the company’s operations. The program consists of modules connected, the most important of which is the accounts model, which is:
- An integrated program specialized in the field of general accounts.
- It helps business owners to make appropriate financial decisions.
- Provides the opportunity to know the ability of financial companies to achieve their desired goals.
- It provides a detailed report of the products that generate profit for the firm.
An integrated team of highly qualified and experienced accountants. Preparing quarterly and periodic reports at regular intervals. Preparing an annual report on financial transactions. Providing different types of auditing. Preparing final reports as quickly as possible and constantly searching for solutions to problems. Submit a report that includes all essential suggestions and observations. Give recommendations on improving the company’s financial structure using available resources.
FAQs about audit services companyCopy
What is the importance of the audit process?Copy
The audit ensures that a company's financial records comply with legal standards and international accounting procedures.
What is the difference between internal and external audits?Copy
The company's accountants carry out the internal audit, while an independent accountant does the external audit.
What are the costs of the audit services?Copy
The cost varies from one company to another according to several factors, such as the size of the company's activities, the strength of its system, the nature of its work, and others.
How is the external auditor selected?Copy
Based on his degrees and experiences in auditing, accounting and financial affairs, and several other skills.
Who appoints the external auditor?Copy
The general assembly of the company is responsible for appointing the external auditor.
Finally, accounting transactions, audits, and ensuring the integrity of transactions and financial records, tax are complicated processes without hiring an auditing services firm knowing the correct financial standards and laws.