Accounting Audit Support Services
Accounting Audit Support Services by Fintech Books
At Fintech Books, we specialize in providing end-to-end accounting audit support services to ensure your company’s financial audits are thorough, accurate, and completed within the stipulated timelines. Our team of experts is committed to guiding clients through the complexities of external audits, offering tailored solutions for resolving queries raised by auditors.
Whether you are preparing for an audit or need professional assistance during the process, we ensure that every detail is carefully reviewed and addressed. We provide a comprehensive suite of audit support services, ensuring compliance with relevant accounting standards and global audit regulations.
Our Key Audit Support Services
1. Pre-Audit Assessment and Planning
Before any external audit commences, it’s crucial to identify key areas that require special attention. Our team works with you to design a detailed pre-audit checklist to ensure that your financial records are in order. This early stage helps us anticipate potential audit challenges and avoid delays in the audit process.
- Audit Timeline Planning: We help define a timeline for the audit and provide strategies to meet deadlines efficiently.
- Risk Identification: Our pre-audit assessment identifies risk areas in financial statements that auditors might flag.
2. Identifying and Resolving Gap Areas
No audit is without potential discrepancies. We conduct a thorough review of your accounting practices and financial statements to identify any gaps. Our solutions address these gaps proactively, ensuring the auditors do not encounter unnecessary hurdles during the audit.
- Financial Data Accuracy: Ensuring that every transaction is backed by appropriate documentation and is accurately reflected.
- Internal Controls Review: We analyze internal controls and compliance processes, ensuring they meet external auditor expectations.
3. Detailed Scrutiny of Accounting Ledgers
An accurate ledger is the backbone of any audit. We scrutinize each of your accounting ledgers before the auditors begin their work to ensure all financial transactions are recorded correctly and in accordance with the appropriate standards. This step prevents potential discrepancies or errors from being flagged by the auditors.
- Ledger Review: A comprehensive review of journal entries and ledgers.
- Accounts Classification: Proper grouping and classification of all accounts to align with standard accounting frameworks.
4. Audit Checklist Analysis and Solutions
During the audit, auditors often provide a checklist of items that need attention. We work alongside you to analyse each item and provide solutions for resolving these issues quickly and effectively.
- Audit Query Resolution: Addressing queries raised by auditors and providing clarifications.
- Actionable Solutions: Offering clear, actionable solutions to resolve issues highlighted by auditors.
5. Financial Statement Preparation
We help in preparing your financial statements as per the applicable accounting standards, ensuring that all details are accurate and compliant with the law. The preparation of financial statements involves:
Our team also prepares necessary schedules and disclosures, which provide a deeper understanding of the financial health of your company.
6. Custom Reports for Auditors
We ensure that all the schedules and financial reports required by auditors are created with utmost precision. Our reports are structured according to the format specified by the external audit team.
- Audit-Specific Format: Creating reports tailored to the auditor’s requirements.
- Detailed Supporting Documents: Compiling and organizing the necessary documentation for easy access during the audit process.
7. Document Compilation and Verification
The audit process requires significant documentation to verify transactions, balances, and practices. We help identify all required supporting documents, including invoices, contracts, bank statements, and other vital records, ensuring their availability for the auditors.
- Document Verification: Ensuring that all supporting documents are accurate and available when requested.
- Document Organization: Structuring the documents in a way that auditors can easily access them.
8. Ongoing Discussions and Query Resolution
Auditors often raise technical questions and concerns during the audit process. We assist in resolving these issues promptly by engaging in continuous communication with auditors.
- Audit Call Assistance: Actively participating in calls with auditors to provide explanations and resolutions.
- Clarification of Financial Data: Addressing complex financial data issues raised during the audit.
9. Timely Audit Completion
At Fintech Books, we understand the importance of timely audit closure. We take proactive measures to ensure that all steps are completed within the agreed timelines, and the audit process moves forward smoothly.
- Deadline Management: Monitoring timelines to ensure that all tasks are completed on schedule.
- Efficient Issue Resolution: Prioritizing the resolution of critical issues to meet audit deadlines.
10. Audit Report Review
After the audit concludes, we assist in reviewing the audit reports before they are sent for final management or audit committee review and approval. This step ensures the accuracy of the audit report and identifies any discrepancies that may have been missed.
- Pre-Approval Review: Ensuring that the final report accurately reflects the financial standing of the company.
- Risk Identification: Highlighting any areas of concern that might need additional review.
International Audit and Accounting Standards
At Fintech Books, we ensure that your company’s financial statements and audit processes comply with international accounting rules and regulations. We work according to globally recognized frameworks to ensure transparency and accountability in your financial reporting.
Global Accounting Standards
1. International Financial Reporting Standards (IFRS)
IFRS are designed to bring consistency and transparency to accounting across different countries. These standards are used primarily by public companies in over 140 countries worldwide, including the European Union, Australia, and Canada
- Financial Statement Preparation: Ensuring that all financial statements comply with IFRS requirements, including disclosures, balance sheets, and cash flow statements.
- Revenue Recognition and Lease Accounting: We ensure your revenue and leases are recognized in compliance with IFRS 15 and IFRS 16.
2. Generally Accepted Accounting Principles (GAAP)
GAAP is a set of accounting principles, standards, and procedures used in the United States. While IFRS is used internationally, GAAP remains the standard for companies operating in the U.S. We assist clients who follow GAAP by ensuring their financial reports meet these standards.
- GAAP Compliance: We prepare financial statements that are in line with U.S. GAAP standards, including proper classification of assets, liabilities, revenues, and expenses.
- Fair Value Accounting: Implementing the fair value accounting rules as prescribed by GAAP to ensure the accurate reflection of assets and liabilities.
3. Country-Specific Accounting Standards
Many countries have specific accounting standards that govern local businesses and financial reporting. We help companies operating in countries like India, Japan, and China to comply with their respective local standards, such as :
Indian Accounting Standards (Ind AS)
Japanese Generally Accepted Accounting Principles (J-GAAP)
Understanding and complying with these local rules is crucial for businesses that operate in multiple jurisdictions.
International Auditing Standards
1. International Standards on Auditing (ISA)
The ISA provides the framework for conducting audits globally. These standards ensure the quality, integrity, and reliability of financial audits worldwide.
- ISA 700 – Forming an Opinion and Reporting on Financial Statements: Ensuring that audit reports reflect the true and fair view of a company’s financial statements.
- ISA 315 – Identifying and Assessing the Risks of Material Misstatement: Our team uses ISA 315 to help identify potential risks early in the audit process.
2. Sarbanes-Oxley Act (SOX)
- Internal Control Auditing : We assist in preparing internal control over financial reporting (ICFR) documentation to comply with SOX.
- SOX 404 Compliance : Ensuring that internal controls are effective and comply with section 404 of SOX.
International Auditing Standards
Expertise in Global Audit Standards:
Our team is well-versed in navigating both local and international accounting rules, ensuring compliance with frameworks like IFRS, GAAP, and country-specific standards.
Personalized Audit Support
We provide tailored audit support solutions based on your specific business needs, ensuring your unique requirements are met.
Timely and Efficient Service
We understand the urgency of the audit process and work diligently to ensure all deadlines are met
Comprehensive Documentation Handling
From supporting documents to financial statements, we ensure everything is in place for smooth auditing.
Transparent Communication
Our ongoing discussions with auditors and management ensure clarity in the audit process and effective issue resolution.
How Our Audit Support Benefits Your Business
- Minimized Audit Risks: Proactive identification of discrepancies before they become issues during the audit.
- Improved Financial Accuracy: Comprehensive financial data review to ensure all financial statements and records are accurate.
- Reduced Audit Time: Streamlined process for auditors, minimizing the time spent on resolving queries and reviewing documents.
- Clearer Financial Reporting: Financial statements and reports prepared according to audit standards for greater clarity.
Get Started Today!
Streamline your audit process with FintechBooks. Let us manage the complexities of audit preparation and compliance, so you can focus on growing your business.