SOME BASIC FACTS OF AUDIT SERVICES
FACTS OF AUDIT SERVICES
The examination or analysis of financial statements of any organisation by the third person (Auditor) is known as Audit. Well, your next question will be in which areas of financial report an auditor work?
Here is the answer, an auditor work on the following areas of the Financial report that includes
Balance sheet
Cash flow statements
Income statement
Accounting policies
Explanatory notes
Statement of changes in equity
Main Purpose of an Auditor
1. To reveal the financial position of an organisation, An auditor audits the financial statements.
2. To check if Gain or loss of the company is properly evaluated or not.
3. To check properly the details of the credit and debts and to include in the balance sheet.
What do auditors do?
As we know an Auditor is independent of organisation owners and director, so his decision is individual.
An auditor keeps asking a range of questions to the organizations individual.
Examining the financial and accounting record
He is free to make judgement and assumption on the financial report prepared by the organisation.
If any Mistake found, he has the authority to take written confirmation.
Not every but an auditor can test some of their internal controls
What don’t auditors do?
For an Auditor, it is mandatory to follow auditing standards which are set by governing body. All countries have different-different rules and standards. So there are following things that an auditor can’t do.
He has no authority to check every figure in the financial report.
He can’t look at all transaction of any organisation.
Can’t test the competence.
No permission to audit director’s report.
Can’t comment on risk management procedures and controls.
Which Firm to choose for Audit services Singapore?
Our firm is the most inquired in Singapore. For many years, our company has been offering quality and affordable Audit &Assurance services, for all companies based in Singapore.
For more information visit @ https://ag-singapore.com/audit-services/
