Services We Offer
Auditing Services in Hospet
MS Legal Associates:We provide Auditing Services in Hospet.
An audit is the examination of the financial report of an organisation - as presented in the annual report - by someone independent of that organisation. The financial report includes a balance sheet, an income statement, a statement of changes in equity, a cash flow statement, and notes comprising a summary of significant accounting policies and other explanatory notes.
Our MS Legal audit professionals understand that our foremost responsibility is to serve the public interest through integrity, professionalism and high-performance. Quality is the cornerstone of all we do at MS Legal; it is the foundation upon which our firm was built more than a century ago and the very essence of our audit practice.
We transform our pledge to audit quality into action through our dedication to objectivity and independence, transparent and ongoing dialogue with stakeholders and investments in our people and the tools and resources that support their work.
An audit is an objective examination and evaluation of the financial statements of an organization to make sure that the records are a fair and accurate representation of the transactions they claim to represent. It can be done internally by employees of the organization, or externally by an outside firm.
Types of Audit Services
Public Sector Audit
Information System Audit
Environmental & Social Audit
Value For Money Audit
1. Send Engagement Letter to Client
2. Hold entrance meeting with Client and discuss: audit timing, Client concerns, Client contact preferences, policies and procedures, audit objectives and scope
3. Perform preliminary review
4. Identify controls and perform risk analysis
5. Develop audit tests
1. Perform audit tests
2. Create work papers and document findings
3. Develop written or oral preliminary findings and recommendations
4. Discuss preliminary findings and recommendations with Client according to the schedule established at the entrance meeting
1. Create draft report of findings and recommendations as previously discussed
2. Circulate Draft Report according to policy
1. Review and discuss the Draft Audit Report with the Client
2. Revise Draft Audit Report as agreed upon with the Client
1. Distribute the Final Draft Audit Report to the Client and request written responses
2. Provide two weeks for Client's responses
Incorporate Client's responses into the Final Draft Report and distribute the Final Audit Report according to policy
What is auditors role?
Auditors discuss the scope of the audit work with the organisation - the directors or management may request that additional procedures be performed. Auditors maintain independence from management and directors so that tests and judgments are made objectively. Auditors determine the type and extent of the audit procedures they will perform, depending on the risks and controls they have identified. The procedures may include:
1. Asking a range of questions - from formal written questions, to informal oral questions - of a range of individuals at the organisation
2. Examining financial and accounting records, other documents, and tangible items such as plant and equipment
3. Making judgments on significant estimates or assumptions that management made when they prepared the financial report
4.Obtaining written confirmations of certain matters, for eg, asking a debtor to confirm the amount of their debt with the organisation
5. Testing some of the organisation's internal controls
6. Watching certain processes or procedures being performed