Audit of Business
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Audit of Business) - An Overview
The audit of a business is defined as a thorough analysis of the financial health of an organization – as mentioned in the annual report by someone independent of the respective organization. In other words, it refers to a more organised and independent scrutiny of the books, accounts, business documents and vouchers of an organization to determine the authenticity and validity of the financial statement of the organization. In addition, the process also aims to ensure a ubiquitous phenomenon in the corporate and the public sector that academics started identifying an “Audit Society”.
The respective auditor understands the propositions before him/her for analysis, procures evidence, evaluates the same, and generates an opinion on the basis of his analysis which is conveyed in the form of his audit report.
In today’s dynamic business environment, globalization and modernization has many upsides and downsides. In any business entity, auditing is an important business activity and must be performed with high level of professionalism. Audits of company accounts have been compulsory in India since the passing of the first Companies Act in 1913.
Process for Audit of Business
- Contacting the client
- Asking client for access to financial statements
- Getting appointed as an Auditor
- Assessing the client’s statements
- Creating and audit report for the business
Documents Required for Audit of Business
- The Identification proofs of the directors / person / partners
- The PAN card of the business entity and the directors / person / partners
- Financial Statements required
- Other documents pertaining to auditing services
Frequently Asked Questions
An insurance audit is a proper way of determining how much risk the insurer is insured over the past year. The company can have undergone a drastic change over that whole year your policy was in effect.
The claim is audited in the following ways:
• Determine the criteria for defining errors.
• Choose a sampling method.
• Identify the time period to sample.
• Choose the number of claims to review.
• Identify critical data sources.
• Review documentation and assess findings.
• Perform a ‘reverse’ audit.
• Quantify findings.
Audit of insurance companies involves conducting an independent examination of books of accounts to evaluate their accuracy.
Within 90 days after the expiration dates of the policy period so that any premium adjustments may be processed into your premium billing cycle. The auditor will notify you by mail or telephone shortly after the policy expiration date to schedule a convenient time for the audit.