An Accounting Audit, in other words, is a thorough inspection of a company’s accounting books. It is performed at the client's request, with its scope and details customized to meet individual needs. This service is distinct from the statutory financial statement audit conducted by a certified auditor in accordance with accounting law regulations.
Scope of PKF's Accounting Audit Service
- Review of Financial Records: We conduct a detailed analysis of accounting entries and verify their compliance with applicable accounting standards such as UoR, IFRS, IAS, US GAAP, and the company’s accounting policy.
- Audit of Accounting Books and Documentation: This involves a thorough review of accounting documents to ensure they are recorded correctly both in substance and form.
- Verification of Subsidiary and General Ledgers: We check that all ledgers are maintained according to established definitions and principles.
- Control of Entries Against Source Documents: Every accounting entry is verified for its alignment with corresponding source documents, ensuring the reliability of financial data.
- User Actions in Accounting Systems: We analyze the actions of users within accounting systems, monitoring compliance with internal security and management procedures.
- Financial Statement Verification: We assess whether the financial statements present an accurate and clear view of the company’s financial situation.
- Analytical Procedures: These procedures evaluate the correctness of relationships between various financial data presented in financial statements or trial balances, helping identify potential errors or discrepancies.
- Additional Audit Work: Other necessary audit activities to fully understand and evaluate the company’s accounting system.
- Audit Report: Includes findings and potential recommendations.
Target Audience for PKF’s Accounting Audit Service
Our Accounting Audit Service is aimed at companies of various sizes and industries that wish to ensure their accounting books comply with current accounting standards and legal-financial requirements. This is particularly important for company managers who want to safeguard against possible tax audits and minimize the risk of accounting errors, for which they are personally liable.
By using PKF's Audit Services, managers can be confident in making decisions based on accurate data, allowing them time for strategic planning. An Accounting Audit is also crucial for companies planning development, restructuring, mergers, acquisitions, or other key strategic changes, and for organizations experiencing changes in management.
Benefits of an Accounting Audit by PKF Experts
- Financial Credibility: Enhanced trust from investors, partners, and financial institutions.
- Legal Compliance: Minimizes legal risk.
- Process Improvement: Identifying areas for improvement can lead to significant cost and operational process optimization.
- Strategic Support: Provides key information necessary for making important business decisions.
- Reliable Financial Information: Ensures the new management team has accurate information about the state of the accounting books.
We invite you to take advantage of our service.
Please fill out the contact form to learn more about how we can work together.
