2024-06-21 09:49:13
Audit – Finapt Consultants

1. Audit and Assurance
1.1 External Audit

Overview

External audit is an independent examination of an organization’s financial statements and processes by a qualified third-party auditor. The primary objective of an external audit is to provide an independent assurance that the financial statements are free from material misstatements and comply with accounting standards and regulations.

Our Capabilities

Our firm has a team of highly skilled and experienced auditors who have in-depth knowledge of auditing standards, regulations, and best practices. Our team utilizes advanced audit tools and techniques to provide our clients with a high-quality external audit that enhances the credibility of their financial statements. We maintain a close working relationship with our clients to understand their business, identify potential risks, and provide effective solutions to improve their financial reporting processes.

Customer-Centric Benefits

  • Provides assurance to stakeholders that financial statements are accurate and reliable
  • Enhances credibility of financial statements, which can lead to improved investor confidence and access to capital
  • Identifies weaknesses in financial reporting processes and provides recommendations for improvement
  • Helps ensure compliance with regulatory requirements and accounting standards
  • Provides insights into the organization’s financial performance and risks, which can inform strategic decision-making

The Way We Work

  • Understand client’s business, industry, and risks
  • Assess internal control environment and identify areas of risk
  • Develop tailored audit plan based on client’s risks and objectives
  • Conduct audit procedures for sufficient and appropriate evidence
  • Evaluate accuracy and completeness of financial statements and disclosures
  • Assess adequacy of accounting policies and estimates
  • Identify material weaknesses or significant deficiencies in internal controls
  • Communicate significant findings and provide guidance to management
  • Issue independent auditor’s report with opinion on financial statement fairness

1.2 Tax Audit Assistance

Overview

Tax audit assistance refers to the service provided by our firm to support clients who are undergoing tax audits or investigations by tax authorities. Our tax audit assistance service provides expert support during tax audits and investigations, ensuring compliance and maximizing favourable outcomes. Trust our experienced team for comprehensive assistance throughout the audit process.

Our Capabilities

Our team has extensive experience in handling tax audits for various industries and jurisdictions. We have a deep understanding of tax laws and regulations, and stay updated with the latest changes and developments. We have a proven track record of successfully representing clients in tax audits and achieving favorable outcomes.

Customer-Centric Benefits

  • Minimize risk of penalties and fines by ensuring compliance with tax laws and regulations
  • Reduce stress and burden of dealing with tax audits by relying on our expertise and representation
  • Gain peace of mind knowing that your tax audit is handled by experienced professionals
  • Save time and resources by leveraging our knowledge and experience to effectively navigate the audit process

The Way We Work

  • Thorough review of tax records and documentation to identify any potential issues or discrepancies
  • Preparation of comprehensive responses to tax authorities’ inquiries, addressing all relevant tax issues
  • Collaborative approach, working closely with clients to gather necessary information and provide timely update
  • Strategic representation during audit meetings and negotiations, advocating for our clients’ interests
  • Proactive approach in identifying and addressing any tax compliance gaps to prevent future audits

1.3 Forensic Audit

Overview 

Forensic audit is thorough investigation of financial records to uncover fraud, embezzlement or financial misconduct, conducted by qualified professionals using specialized skills, often used in legal proceedings or internal investigations. FinApt provides specialized forensic audit services to detect and prevent fraud, misconduct, and financial irregularities through thorough investigations.

Our Capabilities

Our experienced team of forensic auditors uses advanced tools and techniques to analyze financial data, uncover anomalies, and trace transactions, with expertise in forensic accounting, auditing standards, and legal regulations.

Customer-Centric Benefits

  • Identify and prevent fraud, uncover suspicious activities, safeguard assets, and mitigate risks
  • Assess effectiveness of controls, provide recommendations, ensure compliance with regulations
  • Proactively detect and address financial misconduct, protect reputation and stakeholder trust
  • Provide evidence in legal proceedings, prepare reports, assist in resolving financial disputes

The Way We Work

  • Thorough examination of financial records to identify inconsistencies, irregularities, and patterns indicating potential fraud or misconduct
  • Utilize advanced analytics and tools to analyze large volumes of financial data and uncover anomalies
  • Conduct interviews, review documents, and perform detailed investigations to gather evidence
  • Provide comprehensive reports with findings, nature and extent of fraud or irregularities, and recommendations for remedial actions and internal control improvements

1.4 IFRS Advisory Services

Overview

IFRS (International Financial Reporting Standards) Advisory Services are designed to help organizations comply with IFRS reporting requirements and stay up-to-date with changes in accounting standards. At FinApt we provide guidance on complex accounting issues, assists with financial statement preparation, and ensures compliance with IFRS reporting requirements.

Our Capabilities

Our firm has a team of highly skilled and experienced accountants who have in-depth knowledge of IFRS standards, regulations, and best practices. Our team utilizes advanced accounting tools and techniques to provide our clients with high-quality IFRS advisory services that enhance the credibility of their financial reporting processes.

Customer-Centric Benefits

  • Ensures compliance with IFRS standards and regulations
  • Provides guidance on complex accounting issues
  • Enhances credibility of financial statements, which can lead to improved investor confidence and access to capital
  • Improves financial statement presentation and disclosures
  • Provides insights into the organization’s financial performance and risks, which can inform strategic decision-making

The Way We Work

  • Assess the client’s current financial reporting processes and identify any gaps or weaknesses
  • Develop a customized IFRS advisory plan that is tailored to the client’s needs and objectives
  • Provide guidance on the application of IFRS standards and regulations
  • Assist with the preparation of financial statements and disclosures in compliance with IFRS
  • Provide ongoing support and guidance to ensure compliance with IFRS standards and regulations
  • Keep clients up-to-date with changes in IFRS standards and regulations
  • Provide training to clients on IFRS standards and best practices

1.5 Liquidation Audit

Overview 

A Liquidation Audit is conducted when a company is in the process of winding up its business operations and liquidating its assets. The purpose of the audit is to ensure that the company’s assets are properly accounted for, valued, and distributed in accordance with applicable laws and regulations. 

Our Capabilities

Our firm has a team of highly skilled and experienced auditors who have in-depth knowledge of the liquidation process and the relevant accounting and auditing standards. Our experienced team of experts possesses extensive experience in conducting liquidation audits, providing high-quality services to help clients navigate the complex process of liquidation.

Customer-Centric Benefits

  • Ensures compliance with applicable laws and regulations
  • Provides assurance that the liquidation process is being carried out in a transparent and accountable manner
  • Provides accurate and reliable information on the company’s assets, liabilities, and financial position
  • Facilitates the fair and equitable distribution of assets to creditors and shareholders
  • Enhances the credibility of the liquidation process, which can lead to improve investor confidence and reputation for the company.

The Way We Work

  • Assess the client’s liquidation plan and identify any potential risks or issues
  • Review and analyze the company’s financial records and transactions
  • Conduct a physical inventory of the company’s assets and ensure that they are properly valued and accounted for
  • Review and assess the company’s liabilities and ensure that they are properly recorded and accounted for
  • Prepare an audit report that provides an overview of the company’s financial position and identifies any issues or risks that may impact the liquidation process
  • Provide recommendations and solutions to address any issues or risks identified during the audit.

1.6 Stock Audit

Overview

Stock Audit provides an independent assessment of a company’s inventory management processes, including the accuracy of stock records, physical verification of stock on hand, and identification of potential areas for improvement. Our firm offers Stock Audit services to help clients maintain accurate stock records, prevent stock losses, and identify potential inefficiencies in their inventory management processes. 

Our Capabilities

Our team of experienced has an in-depth knowledge of inventory management processes and the relevant regulatory requirements. We work closely with our clients to understand their specific requirements and provide tailored solutions to meet their needs.

Customer-Centric Benefits

  • Provides an independent assessment of the accuracy of stock records and identification of potential areas for improvement in inventory management processes
  • Helps prevent stock losses due to theft, damage, or mismanagement
  • Provides assurance to stakeholders that the company’s inventory records are accurate and reliable
  • Helps improve the company’s decision-making processes by providing accurate and timely information on stock levels and inventory management

The Way We Work

  • Agree scope of work with the client to ensure that the Stock Audit procedures address their specific requirements
  • Physical verification of stock on hand is performed and compared to the records maintained by the company
  • Sampling techniques may be used to verify the accuracy of stock records
  • Identification of potential areas for improvement in inventory management processes
  • Report is provided outlining the results of the Stock Audit procedures and any findings or observations, as agreed with the client
  • Agreed Upon Procedures (AUP)

Overview

Agreed Upon Procedures (AUP) is a service that provides an objective and independent assessment of specific financial or non-financial information. FinApt offers AUP services to help clients meet their specific requirements and obtain reliable and accurate information. We provide customized solutions to help clients achieve their business objectives and improve their decision-making processes. Our AUP services are in accordance with the International Standard on Related Services (ISRS) 4400, Engagements to Perform Agreed-Upon Procedures Regarding Financial Information.

Our Capabilities

Our team of experienced auditors has an in-depth knowledge of the AUP process and the relevant regulatory requirements. We work closely with our clients to understand their specific requirements and provide tailored solutions to meet their needs. Our team utilizes advanced tools and techniques to perform AUP procedures and ensure the accuracy and reliability of the information.

Customer-Centric Benefits

  • Provides an independent and objective assessment of specific financial or non-financial information
  • Provides assurance to stakeholders that the information subject to AUP procedures is reliable and accurate
  • Helps identify areas for improvement in processes, controls, and information systems

The Way We Work

  • Work closely with clients to understand their specific requirements for the agreed-upon procedures (AUP) engagement
  • Develop an engagement letter that outlines the scope of the AUP procedures based on the client’s requirements
  • Perform the AUP procedures in accordance with ISRS 4400 (International Standard on Related Services) and other relevant standards or regulations
  • Procedures are tailored to each client’s needs and may include inquiries, observations, testing, or other agreed-upon procedures
  • Provide a report that outlines the results of the AUP procedures and any findings or observations, as agreed with the client.

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