Audit & Assurance

Audit & Assurance

Audit & Assurance refers to the services provided by accounting professionals to evaluate and verify the accuracy, integrity, and compliance of a business’s financial statements and operations. These services help businesses ensure that their financial records are reliable, meet regulatory standards, and provide stakeholders with confidence in the company’s financial health. An audit is an independent examination of a business’s financial statements and related records. Assurance services provide an independent evaluation of various business processes and operations to increase the reliability of financial reporting and decision-making.

At P M Associates, we provide comprehensive Audit & Assurance services designed to help you maintain financial integrity, ensure compliance, and improve business performance. Our audit and assurance professionals offer independent, objective, and reliable assessments of your business’s financial operations, allowing you to identify risks, ensure transparency, and make informed decisions. 

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Documents Required for Audit & Assurance

GENERAL DOCUMENTS

  • Financial Statements (Balance Sheet, Income Statement, Cash Flow)

  • Bank Statements and Bank Reconciliation Records

  • Invoices (Sales & Purchases)

  • Payroll and Employee Records

  • Contracts & Agreements

  • Tax Returns and Tax Payment Receipts

  • Shareholder and Ownership Records

  • Asset & Liability Documentation

  • Loan Agreements and Documents

  • Inventory Records

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Avoiding Common Mistakes in Audit & Assurance

  • Not Keeping Accurate and Updated Financial Records

  • Lack of Documentation for Transactions

  • Failure to Implement Proper Internal Controls

  • Delaying the Audit Process

  • Underestimating the Importance of Compliance

  • Ignoring Potential Fraud Indicators

  • Not Addressing Audit Findings or Recommendations

  • Misreporting or Omitting Critical Financial Information

  • Failure to Regularly Reconcile Accounts

FAQ :-

What is an audit?

An audit is an independent examination of a business’s financial statements and operations to ensure accuracy, compliance, and integrity. It provides stakeholders with an objective evaluation of the company’s financial health.

Why is an audit important for my business?

An audit helps identify financial discrepancies, assess the effectiveness of internal controls, ensure legal compliance, and provide insights that can improve business performance and decision-making.

What is the difference between an audit and an assurance service?

An audit is a specific type of assurance service that focuses on evaluating the accuracy and reliability of financial statements. Assurance services, on the other hand, encompass a broader range of evaluations, including compliance, risk assessments, and operational audits.

Do I need an audit for my business?

If your business is required by law (such as publicly traded companies or businesses over a certain size) or if you are seeking investment, loans, or partners, an audit may be necessary. It’s also valuable for gaining credibility and ensuring transparency.

What documents do I need to prepare for an audit?

Key documents include financial statements, bank statements, payroll records, tax returns, invoices, contracts, and previous audit reports. We will guide you through the document preparation process.

How often should my business undergo an audit?

The frequency of audits depends on your business size, regulatory requirements, and industry. Generally, statutory audits are annual, but internal and operational audits can be conducted periodically.

How do you ensure the accuracy of an audit?

We follow recognized auditing standards, use experienced professionals, and thoroughly review all financial records, transactions, and operations to ensure the accuracy of the audit.