General speaking, the definition of an audit is an evaluation of a person, organization, system, process, enterprise, project or product. The term most commonly refers to audits in accounting, internal auditing, and government auditing, but similar concepts also exist in project management, quality management, water management and energy conservation.
Auditing is also commonly defined as a systematic and independent examination of data, statements, records, operations and performances (financial or otherwise) of an enterprise and/or corporation for a stated purpose. In any audit, the auditor perceives and recognizes the propositions before him/her for examination, collects evidence, evaluates the same and on this basis formulates his or her judgment, which is then communicated through the final audit report.
Auditing is a vital part of accounting. In short, financial audits are performed to ascertain the validity and reliability of information, as well as to provide an assessment of a system's internal control.
Due to a vareity of constraints, an audit seeks to provide only reasonable assurance that the statements are free from material error. Hence, statistical sampling is often adopted in audits. In the case of financial audits, a set of financial statements are said to be true and fair when they are free of material misstatements – a concept influenced by both quantitative and qualitative factors.
In any event, an audit must adhere to generally accepted standards established by governing bodies. These standards are meant to assure third parties or external users that they can rely upon the auditor's opinion in terms of the fairness of financial statements, or other subjects on which the auditor expresses an opinion.
Our Audit services include:
- Internal Audits
- Risk Management
- Business Process Advisory Services
- Re-evaluated Services
- Governance, Internal Control and Compliance
- Fraud Risk Management and Forensic Accounting