A competent audit of the company’s economic activities is the basis on which the company’s management makes managerial decisions and develops a business development strategy. Due diligence provides a comprehensive study of the company’s work and directly affects the prospects for the development of the organization.

An audit of the financial and economic activities of an enterprise is a check and analysis of the financial condition, capital, assets, and liabilities of a company for a specific period.

The audit covers every component of the organization’s financial and economic work: fixed assets; inventories; accounts receivable and payable; and the financial statements. The main goal pursued by the top Indian audit firms is the assessment of the financial and economic condition of the company.

Based on the assessment obtained, the effectiveness of internal control is analysed and recommendations for improving the business are developed. This type of audit is cumbersome and complex since the audit covers all areas of the enterprise.

Which companies need to order an audit of financial and economic activities?

Regular audit of the company’s economic activities helps to timely identify problem segments of the company’s work, find the reasons for their appearance, and implement ways to eliminate shortcomings.

For this reason, an audit of financial and economic activities is necessary for every company that wants to:

• Timely evaluate the effectiveness of control and accounting;
• Reveal the effectiveness of the interaction of units;
• Look for weak points in financial and economic work;
• Control settlements with debtors and creditors;
• Prevent financial losses;
• Promptly solve problems in the activities of the enterprise;
• Implement in practice professional management solutions.

Based on the results of the audit of businesses, the following are provided:

• Auditor’s report – a detailed report on the analysis of the documentation;
• A document with recommendations regarding the correction of the discovered problems and shortcomings in the financial and economic work of the company.

With the high-quality services of top audit companies in India, the audit of your organization will be carried out by a group of auditors, each member of which specializes in a separate accounting object.

Thanks to this, the audit firms guarantee the utmost accuracy and expertise of the audit results. The cost of services is determined individually, since the volume and duration of work, the number of professionals involved, and other factors are taken into account.

The experts will make an objective and professional analysis of the work of your company at the time of conducting an audit, which makes it possible to competently manage your business, considering possible risks.

The audit specialists carry out an independent function of control and constant verification of the company’s accounting and tax accounting, reporting and payment of taxes by the accounting department of the company.

An important thing you should keep in mind when contacting an audit firm is that these specialists do not perform the function of keeping records, but only the function of control and assistance for your accounting department.

This content is meant for information only and should not be considered as an advice or legal opinion, or otherwise. AKGVG & Associates does not intend to advertise its services through this.

Posted by:

CA Aman Aggarwal

AKGVG & Associates