The general definition of an audit is a planned and documented activity performed by qualified personnel to determine by investigation, examination, or evaluation of objective evidence, the adequacy and compliance with established procedures, or applicable documents, and the effectiveness of implementation.
The term may refer to audits in accounting, internal controls, quality management, project management, water management, and energy conservation.
Auditing is defined as a systematic and independent examination of data, statements, records, operations and performances (financial or otherwise) of an enterprise for a stated purpose. In any auditing the auditor perceives and recognizes the propositions before him for examination, collects evidence, evaluates the same and on this basis formulates his judgment which is communicated through his audit report.
The purpose is then to give an opinion on the adequacy of controls (financial and otherwise) within an environment they audit, to evaluate and improve the effectiveness of risk management, control, and governance processes.
Accounting can be divided into several fields including financial accounting, management accounting, auditing, and tax accounting. Accounting focuses on the reporting of organizations financial information, including the preparation of financial statements, to external users of the information, such as investors, regulators and suppliers and management accounting focuses on the measurement, analysis and reporting of information for internal use by management.
The recording of financial transactions, so that summaries of the financials may be presented in financial reports, is known as bookkeeping, of which double-entry bookkeeping is the most common system.
Audit & accounting services assure your companies compliance with requirements of applicable laws, financial reporting standards, regulations, rules, contracts, or grants. The most common audit & accounting services provided by Prime Global member firms include:
Audit, Review & Compilation Audit, review & compilation services provide your company the means to comply with your statutory requirements, and give you critical information for making well-informed decisions about your business.
Audits independently verify by sight, confirmation, discussion with management, assessment of internal controls and analytical procedures, that a companies financial reports are substantively correct. Reviews are less detailed and consist predominantly of an assessment of the companies books and records by the performance of analytical tests, certain analytical procedures, and calculation of certain financial tests and ratios. Compilations compile the books and records of a client without the performance of any substantive procedures, independent verification or confirmations.
Services under which a firm makes a formal statement after thorough examination and consideration, as to whether your companies financial statements fairly present financial position and operating results. These services provide an objective evaluation to aid financial statement users.
Audit services designed to help your business mitigate risk, create new efficiencies and better support strategic objectives. In addition to doing basic review of company financials, internal auditors review your processes and make recommendations to maximize productivities.
In patent law, a search report is a report established by a patent office, which mentions documents which may be taken into consideration in deciding whether the invention to which a patent application relates is patentable. The documents mentioned in the search report usually form part of the prior art.
In copyright law, a search report is a documented statement by the Copyright Office or by an independent researcher reporting the registered documents at the Copyright Office for a particular work that has been (or can be) copyrighted. The contents of these documents can be used to determine a works status of copyright protection.
The feasibility study is an evaluation and analysis of the potential of a proposed project which is based on extensive investigation and research to support the process of decision making.
Feasibility studies aim to objectively and rationally uncover the strengths and weaknesses of an existing business or proposed venture, opportunities and threats present in the environment, the resources required to carry through, and ultimately the prospects for success. In its simplest terms, the two criteria to judge feasibility are cost required and value to be attained.
Project finance is the long-term financing of infrastructure and industrial projects based upon the projected cash flows of the project rather than the balance sheets of its sponsors. Usually, a project financing structure involves a number of equity investors, known as sponsors, as well as a syndicate of banks or other lending institutions that provide loans to the operation. They are most commonly non-recourse loans, which are secured by the project assets and paid entirely from project cash flow, rather than from the general assets or creditworthiness of the project sponsors, a decision in part supported by financial modeling.
It is a process of involving several different lenders in providing various portions of a loan. Loan syndication most often occurs in situations where a borrower requires a large sum of capital that may either be too much for a single lender to provide, or may be outside the scope of a lenders risk exposure levels. Thus, multiple lenders will work together to provide the borrower with the capital needed, at an appropriate rate agreed upon by all the lenders
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