Audits are performed to ascertain the validity & reliability of information; also to provide an assessment of a system’s internal control. The goal of an audit is to express an opinion on the person/organization/system (etc.) in question, under evaluation based on work done on a test basis.
Due to practical constraints, an audit seeks to provide only reasonable assurance that the statements are free from material error. Hence, statistical sampling is often adopted in audits. In the case of financial audits, a set of financial statements are set to be true and fair when they are free of material misstatements –a concept influenced by both quantitative and qualitative factors.
Auditing is a vital part of accounting. Magnus Chartered Accountants takes care of all your audit requirements whether internal or external. We implement the best of industry standards in our audit processes and assist you with tailor-made solutions to meet your specific audit needs. Our experienced accountants will evaluate the efficacy of the internal compliance mechanism of your company and ensure that all reporting needs are complied with.
- Statutory Audit
- Internal Audit
- Revenue and Inspection Audit
- Stock Audit
- Physical Verifications
- Legal Audit
- Forensic Audit
The audit team will understand the business model first to understand your business model and processes in detail, and ensure the accounting system and internal controls are set in the prescribed standard. Moreover, we are able to emphasise on crucial risk areas of your business by leveraging an approach that assimilates high standards of objectivity and professional independence.