1. Financial Audit Services
It is a Systematic examination and verification of a firm’s books of account, transaction records, other relevant documents, and physical inspection of inventory by qualified accountants
See also external audit and internal audit.
This is our Periodic or specific purpose (ad hoc) audit. Its objective is to determine, among other things, whether
(1) The accounting records are accurate and complete,
(2) Prepared in accordance with the provisions of GAAP, and
(3) the statements prepared from the accounts present fairly the organization’s financial position, and the results of its financial operations. See also internal audit.
Frequent or ongoing audit conducted by a firm’s own (as opposed to independent) accountants to
(1) Monitor operating results,
(2) Verify financial records,
(3) evaluate internal controls,
(4) Assist with increasing efficiency and effectiveness of operations and,
(5) To detect fraud. Internal audit can identify control problems, and aim sat correcting lapses before they are discovered during an external audit. Although the internal auditors are the firm’s employees, they normally do not audit themselves or their own departments, but entrust it usually to independent auditors.
2. Quality Mgt. System (ISO 9001) Audit
Quality control: Periodic (usually every six months) onsite-verification (by a certification authority) to ascertain whether or not a documented quality system is being effectively implemented.