Audit & Assurance Services
Audit and assurance are financial review services that help improve the reliability and accuracy of a business's financial information. They are essential for building trust with owners, lenders, investors, and regulators.
What is an Audit?
An audit is an independent examination of a company's financial statements. The purpose of an audit is to check whether the financial statements are accurate, complete, and presented according to accounting standards.
Key Points About Audits
1. Verification
Auditors verify records, transactions, bank statements, invoices, and supporting documents.
2. True and fair view
Auditors check if the financial statements reflect the actual financial position of the business.
3. Compliance
Auditors ensure the financial statements follow accounting standards and legal requirements.
4. Internal controls
Auditors review the company's internal systems to identify weaknesses or risks of fraud.
5. Audit report
After completing the audit, the auditor issues an audit report stating whether the financial statements are reliable or if there are any concerns.
Types of Audit Services We Offer
Statutory Audit
Mandatory audit as per Companies Act
Internal Audit
Review of internal processes and controls
Tax Audit
Audit under Income Tax Act Section 44AB
GST Audit
Annual GST compliance verification
Concurrent Audit
Real-time transaction verification
Stock Audit
Physical verification of inventory
What is Assurance?
Assurance refers to a broader set of services that improve the quality and reliability of information used by decision-makers. Assurance does not always involve auditing financial statements. It can be applied to various areas like compliance, risk management, internal processes, or performance indicators.
Key Points About Assurance
1. Reliability
Assurance services increase confidence in the information being reviewed.
2. Risk assessment
They help identify risks, errors, and areas for improvement.
3. Non-financial areas
Assurance can be used for operational data, sustainability reporting, internal controls, and compliance checks.
4. Independent review
Assurance is provided by an independent professional who evaluates the accuracy of information.
5. Recommendations
Assurance services often include suggestions to improve systems and processes.
Difference Between Audit and Assurance
Audit focuses mainly on financial statements, while assurance covers both financial and non-financial information.
Audit is more detailed and structured, while assurance can be flexible depending on the client's needs.
Every audit is an assurance engagement, but every assurance engagement is not an audit.
Why Choose AKOS for Audit & Assurance?
Qualified Auditors
Team of experienced CAs with audit expertise
Comprehensive Reports
Detailed audit reports with actionable insights
Timely Delivery
Complete audits within stipulated timelines
Confidentiality
Complete confidentiality of financial information
Request Consultation
Fill out the form below and our experts will get back to you within 24 hours.
Need Professional Audit Services?
Get reliable audit and assurance services from our expert team