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Auditing Services

Corporate leaders acknowledge the importance of auditing services as a medium to safeguard business from unforeseen situations.

Businesses know the importance of Audit services as it is a stepping stone and medium for firms to thrive and safeguard the business from unforeseen situations. As an auditing firm, we provide assurance services to our esteemed clients. Our pragmatic approach towards issues, open communication, risk analysis, and providing early warnings is the most distinguishing feature of our auditing services. Our Audit services are the hallmark of trust, transparency, and value. We take time to understand the business and needs of our client and provide personalized and professionally-curated audit and assurance services.

WHAT IS AUDITING?

Accounting and auditing are two crucial functions for any business, whether small, medium, or large. Accounting includes recording financial transactions and preparing financial statements for the readers to draw meaningful conclusions and take economic decisions.

Audit services aim to carry out a critical examination of the books of accounts and financial statements maintained by a business to determine their accuracy and providing an opinion if they represent the true and fair view of its state of affairs and profitability.

The main objective of accounting is to maintain a complete record of business transactions to analyze the financial position of the business. Auditing service adds credibility to financial statements prepared by the process of accounting.

OBJECTIVE OF AUDITING

EXPRESSION OF OPINION

One of the primary objectives of auditing is to provide an opinion if the financial statements of the company represent a true and fair view of its state of affairs and profitability. Auditor also checks the accuracy of accounting records prepared in accordance with the relevant accounting standards and statutory requirements.

INDEPENDENT OPINION

At GRC Solutions, our auditors work with integrity and honesty when it comes to providing the auditing services. Without getting influenced by the management or circumstances, the auditor maintains high ethical standards and expresses his independent opinion on the financial statements.

DETECTION AND PREVENTION OF FRAUD AND ERRORS

Auditing detects the error from the grass-root level. Auditing services help in the discovery and correction of the errors and ensure the accuracy of the books of accounts. However, the statutory auditor, despite following a risk-based auditing approach, may not be able to detect carefully planned frauds, which is one of the limitations of auditing.

How does internal audit help in achieving operational efficiencies?

Internal audit focuses on the examination of checks and balances of the operational aspects of the company. The auditor evaluates internal controls and corporate governance of the company and makes a risk assessment based on it. It results in the elimination of unnecessary processes and enhanced control over day to day working of the company and thereby higher operational efficiencies.

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