Audit Assurance services
is an independent professional service, typically provided by licensed external auditors, with the goal of improving the information or the context of the information so that decision makers can make more informed decisions. Assurance services provide independent and professional opinions that reduce the information risk (risk that comes from incorrect information).
External audit is a type of assurance accounting service. However, audits are only designed to test the validity of the financial statements. Under an assurance engagement, accountants can provide a variety of services ranging from information systems security reviews to customer satisfaction surveys.
Unlike audit and attestation services that are often highly structured, assurance services tend to be customized and implemented when performed for a smaller group of decision makers within the firm.
Often managers must make decisions on things they have incomplete or inaccurate data for, and decisions made on such data may be incorrect and increase the overall business risk.
In this respect, assurance services can be very helpful in reducing such risk and help managers or decision makers make more confident decisions within a given firm. This is similar to audits in that investors will choose to invest in a firm that is publishing financial statements that have been audited by an independent firm.
Design and Setting up of Accounting Systems
This involve a study of the operations of an organization and then designing an appropriate accounting system – manual or computerized to enable periodic accounts to be prepared in accordance with statutory requirements and for management information.
It could also include the design of sub – systems such as Stock Control Systems for recording of stores transactions. It could also include the design of document to be used within the system such as invoice, receipts, payment vouchers, accounting input voucher e. t. c.
Writing up Accounts for Clients
The firm also writes up accounts from source documents for clients who either cannot afford the cost of maintaining a full-fledged accounts department or whose accounts work have fallen into arrears and needs to be updated.
This will also include the preparation of financial statements and all the relevant schedules as may be required for audit purposes.
Installation of Budgetary Control System
This commences with the writing up of a budget manual, which is to guide operating managers in the preparation of operating budgets including the formation of the Budget Committee etc, design of the budget reports comparing budget with actual and then followed by training of personnel to operate the system and can be extended into actual implementation by participation in the process with management staff by way of inductive implementation.
Installation of Costing Systems
A reliable cost accounting system is inevitable for all manufacturing companies and jobbing concerns. This is particularly so for accurate product costing, for stock valuation and pricing as well as for effective cost control.
The firm studies the production process and design suitable cost accounting systems, designs the forms and documents to be used within the systems and writes a manual to guide management and staff in the operation of the system. The costing system could also be employed by non-manufacturing concerns over stocks to provide effective control against unwarranted stock shortages.
There is a need for organizations with branch offices/donor beneficiary organizations to monitor the outlet budget with the actual performance. This service is intended to provide a cut-edge financial oversight. The goals are to ensure compliance with policy guidelines to confirm that remote locations are financially accountable for funds entrusted to them.
As these companies would not come under the requirement of a statutory audit they will need to be monitored outside the scope of audit. Under financial monitoring, budgets for income and expenditure are compared with actual results and a report is provided to the funders. This report will show the weaknesses identify in the areas of internal controls, procedural lapses, and recommendation for improvement.
Get in touch today and you may be surprised at how much you are losing to uncertified accounts and wrongful procedures.