Audit is not a procedure for finding out the error in the system rather it is a tool which helps management in smooth running of operation by having the complete control over the operation of an organisation. So it cannot be limited to only accounts or taxation.
Every business is different and each business involves difference sets of complication. Many a time regular audits cannot suffice the purpose of an audit, as some areas are more critical than other and management would like to have special checks on those areas. Some areas are being neglected often but a proper audit can give a great value addition there.
We are mention below some of those areas, where an audit can help;
Stock Audits are routine jobs in the organisations but establishment of the procedure and control over those procedures is neglected often. These procedure or controls can be great tool for an organisation to establish a control over the operations of a far situated depot. These controls may also help an organisation in avoiding many disputes and frauds.
We, at Cofiser may help the company to establish these controls and to ensure continuous following of those controls by conducting audits at regular intervals. We have great experience in the area and have a network across India, who are capable to conduct audits along with stock verifications at all the major cities in India.
There are many areas are of technical nature and involves a lengthy working so it becomes impossible for audit these areas at the year end. Few areas are such as scheme discount working for in case of a dealer oriented company, from interpretation of scheme till final calculations of the scheme it involves large amount of human intervention, so it may be a error prone area. Other areas may be working for royalty, stock valuation etc.
Audits assure the stake holders and management that their accounts are reliable and internal controls framed are operating efficiently. We at Cofiser offer specifically designed audits within the scope of the statutory audits or as part of a dedicated management audit role.
A multi-skilled team with experience in taxation and business management accounting conducts the audits with the latest methods and information system tools. Team with the business oriented approach focuses on an understanding of the client's business much deeper than the knowledge of the accounting system and records that makes them more alert to problems and opportunities from a management and commercial perspective.
The broad-based experience of the team can often lead to the identification of opportunities in areas such as tax savings, improved efficiency, cash control, or organisational duplication which can have a substantial effect on profitability. We believe approach for each of our Audit Assignment should be tailored to client’s individual needs; provide access to the highest level of advice in a manner that is always friendly and practical.