At BRISK Accounting & Auditing, we understand the importance of financial integrity and transparency. Financial audit is an essential process that every company must undertake to ensure that their financial statements are accurate, reliable, and comply with the relevant laws and regulations. It is a legal requirement that is mandated by the most free zone authorities/government bodies to protect the interests of shareholders, investors, and other stakeholders. A financial audit allows an independent and objective assessment of a company’s financial health and provides assurance to stakeholders that the financial statements are a true and fair representation of the company’s financial performance.
Financial audit includes thorough examination of a company’s financial records, accounting practices, and financial reporting systems to ensure that they comply with the applicable laws and regulations. It also helps identify any areas of risks and potential improvements of internal controls.
Whether you’re a startup, a small business, or a large corporation, we are here to help you manage your finances with ease and confidence. Contact us today to learn more about our Financial Audit Services.
Benefits of Financial Audits
Better decision-making
Financial audits can provide valuable insights into a company's financial performance, which can help stakeholders make better-informed decisions about the company's future.
Improved transparency and accountability
Audit process provides greater transparency and accountability to stakeholders, including shareholders, investors and other parties, by providing an independent opinion on the financial statements.
Identification of errors and fraud
Financial auditors are trained to identify errors and fraud in financial statements, which can help prevent potential financial losses and reputational damage.
Compliance with regulations
Financial audit helps ensure that companies comply with legal and regulatory requirements, such as the Companies Act, tax laws, and other applicable laws and regulations.
Enhanced credibility
Companies that undergo financial audits on yearly basis demonstrate a commitment to transparency and accountability, which can enhance their credibility with stakeholders.
Improved access to capital
Companies that undergo financial audits may be more attractive to lenders and investors, who are more likely to invest in companies that have been audited by a reputable audit firm.
Financial Audit Process
Planning
Plans the audit by understanding the client's business, risks, and internal controls and identify the areas that require more attention.
Preliminary review
The auditor performs a preliminary review of the client's financial statements, internal controls, and other relevant documents.
Fieldwork
Obtain evidence supporting financial statements. Involves testing transactions, reviewing documents, and interviewing personnel.
Audit report
After completing the audit, the auditor issues an audit report expressing their opinion on the financial statements' fairness and reliability.
Follow-up
If issues or deficiencies are identified during the audit, the auditor may follow up with the client to ensure that corrective actions have been taken.
Why choose us
Independence & objectivity
Independent and objective in their work, free from any conflicts of interest or bias. Ensure the integrity of the audit process and the credibility of the financial statements.
Reputation & Credibility
Reputation of firm matters a lot. Reputable auditor provide more credibility to your financial statements and strengthen the confidence of investors, creditors, and other stakeholders.
Expertise and Experience
Expertise in the relevant industry and experience in performing audits and have a deep understanding of the applicable laws, regulations, and accounting principles.
Quality of service
High-quality service, including effective communication, timely delivery of work, and the ability to identify areas of weakness and provide recommendations for improvement.
Cost-effectiveness
While cost should not be the only factor in choosing an auditor, it is still an important consideration. A good auditor should provide cost-effective solutions that offer value for money.
Availability
It is important to choose an auditor who is available when you need them. The auditor should be responsive to your needs and be able to provide the necessary support when required.
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