AUDITING
Auditing Services
At SellersBuzz, we appreciate the fact that annual audits may be considered a burden to most organizations and usually perceived as mere obligations toward fulfilling regulatory requirements. However, our auditing services provide more than meeting such necessities but add value to your business through pragmatic insights and actionable strategies that drive efficiency and growth.
Our Auditing Process
Our auditing team checks how your business measures up to industry standards and your competitors. We would go through your internal controls and look for ways to make operations smoother. Sometimes, we might notice that payment cycles can get faster, or inventory could be better managed to help improve cash flows. We also make personalized tax plans to help your business save on taxes so that you keep more of your money.
Our Auditing Process
At SellersBuzz, our audit team evaluates your business against industry standards and your direct competitors. By reviewing your internal controls, we identify areas where you can increase efficiency. For example, we may find that paying bills sooner or maintaining inventory better will improve cash flow. Alternatively, we can provide detailed taxplanning advice which enables you to run your business efficiently in relation to taxes and allows you to retain more of your earnings.
Our way is special because of the knowledge we use in every audit. We recruit top talent and continuously train our auditors to understand your business from the inside out. They don’t just audit numbers; they engage with your operations, providing practical advice to help your business thrive. Our senior team members are always involved, drawing from crossdisciplinary knowledge to provide comprehensive support that extends beyond the audit.
At SellersBuzz, we don’t treat any client as “just another audit.” We see each audit as an opportunity to support your growth. Your business is very important to us, and we’re here to help you develop all of its potential.
Our audit services are:
- Internal Audit Services – A thorough check of your business’s processes, controls, and risk management to make sure everything works well and follows the rules.
- Management Audit Services: The verification of management methodology for better decision making and planning for the future.
- Operations and Efficiency Audit Services: Scrutinize the operational processes at your business that point out ways of cost savings and how to uplift performance.
- Special Investigative Audit Services: Examining certain areas for fraud, problems, or failure to follow the rules. Due Diligence Review: Extensive checks occurring with mergers, acquisitions, and partnerships to lower risks and ensure smooth running.
- Design and Review of Cost and Accounting System: We assist in accounting system design and review to achieve international accounting standards such as US GAAP.
- Making Final Accounts – Ensuring that your financial statements follow the correct accounting rules and provide accurate reports.
When you select SellersBuzz for your auditing requirements, you’re not just meeting regulations you’re investing in the future of your business. We’ll assist you in spotting opportunities to expand, reduce risk, and perform more effectively.
Internal auditing is a disciplined process that assesses how well an organization’s risk management, control, and governance systems are created and run to meet public interest objectives. It is an impartial, independent assurance and consulting activity.
- Scope and Objectives of Internal Audit The needs, size, and structure of the business all influence the ongoing evolution of internal audit. The operational areas differ on various parameters:
- Accounting Systems and Internal Controls Review: Ensuring that the accounting systems and related controls are functioning properly and making suggestions for improvement.
- Observance of Financial and Operational Information: Verifying whether the information is located, measured, and communicated, and performing some tests of transactions.
- Efficiency and Effectiveness Testing: The assessment of operational activities’ cost effectiveness and efficiency with a view to helping external auditors assess financial records.
- Physical Assets Checks: Checking whether or not the organization’s physical assets are properly recorded and checked.
Its major objectives are accuracy verification of the financial records, observance of accounting policies, and prevention of fraud by evaluating control systems across the board.
- Internal Audit Framework A proper internal audit framework enhances the proficiency and effectiveness of internal audits. The major elements would comprise:
- Formal Charter: An internal audit document that is in writing and transparent, formally approved by the board.
- Governance: Clear reporting lines are defined, where the head of internal audit reports to the audit committee.
- Testing in Detail: Extensive testing, as described in the charter, will be performed to meet the company requirements.
- Competency: Internal auditors must be competent in matters addressing monetary and nonmonetary issues that relate to the audit.
- Working with Auditors from Other Companies: Communication between the internal and external auditors provides a good relationship and effectiveness in performance.
The audit committee is responsible for coordinating matters pertaining to corporate governance, staffing, audit work programs, and testing with the external auditors. Operational evaluation: The audit committee should be informed of the results of the internal audit’s regular evaluation of the procurement and disposal processes.
- Relationship Between Internal and External Audit
To decide on the scope and timeframe of auditing, the external auditor evaluates the internal audit function. Although internal audit work may be used if it has been completed to a high enough degree, the external auditor is still required to report on findings.Collaboration between them assists both auditors in performing an efficient and effective audit, permits them to concentrate on areas of high risk, and allows the audit coverage of the significant areas.
Regarding dependence on internal audits, the key factors are the sufficiency of the audit programmes, the planning and supervision of the work, and the quality of the conclusions drawn.
- Assessing Internal Audit Function Auditors have different ways of properly assessing internal controls:
- Narrative Records: Detailed descriptions of system operations.
- Checklists: A series of instructions or questions to ensure control mechanisms are followed.
- Internal Control Questionnaires: Comprehensive questions to evaluate internal control effectiveness.
- Flow Charts: Visual representations of internal control systems for quick reference and understanding.
Each technique plays a vital role in understanding and evaluating the client’s business operations to ensure controls are properly designed and functioning.
Why Select Our Services for Internal Auditing?
Our team of skilled auditors use a risk based approach that is tailored to the objectives and constraints of your company. Beyond the scope of traditional audit procedures, we offer value added services including fraud investigations, project monitoring, system setup, and more. Our broad experience across many industries such as consumer business, manufacturing, financial services, IT, and healthcare enables us to offer innovative and practical solutions that surpass simple report writing, giving you the confidence you need to tackle new tasks.
Partner with us to get comprehensive, practical, and insightful internal audit services that will keep your business one step ahead of the competition.