Audit

Audit and assurance service is one of the core services that every business need to track their business activities. More than just the records inspection and approval process, TISE Consultant is focused on providing a transparent and systematic audits and other assurance services to give valuable insights into your business. Our professional auditors in creates a precise, comprehensive, and balanced audit, ensuring compliance with the regulatory requirements.

a) Internal Audit:
Internal audit is an autonomous, objective assertion and consulting activity designed to add value and improve the operations of a business. It helps a business to achieve its objective by bringing a systematic, disciplined approach to appraise and advance the efficiency of risk management, control and governance processes.

Purpose and Scope of Internal Audit
The purpose and scope of internal audit activity should be aptly broad to meet the need of management to achieve its objectives. An internal audit includes:

i) Re-evaluation of each control and analysis in terms of costs and benefits

ii) Reassessment of the existing system of controls to determine whether it is in synchronization with the structure of the organization.

iii) Reassessment of the steadiness and sincerity of financial and operating information and the means used to recognize measures and to categorize and report such information.

iv) Reconsideration of the means of preservation of assets and authentication of the existence of such assets.

b) Tax Audit: This is an examination of the tax returns submitted by an individual or business entity to see if the tax information and any resulting income tax payment are valid.

c) Compliance Audit:
This type of audit is an examination of the policies and procedures of an entity or department to make sure if it is in compliance with the internal or regulatory standards. This audit is most commonly used in regulated industries or educational institutions.

d) Construction Audit:
This audit is an examination of the costs incurred for a specific construction project to ensure that the costs incurred for a project were rational. It may include activities such as scrutiny of the contracts granted to contractors, prices paid, overhead costs allowed for settlement, change orders, and the appropriateness of completion.

e) Financial Audit:
Financial Audit is a scrutiny of the even-handedness of the information contained within the financial statements of a business entity. This is the most common type of audit conducted by a Certified Public Accountant (CPA) which is independent of the business under review. It implies an examination of the books of accounts and other relevant records. This will provide the auditor necessary information to give his opinion whether the accounts are properly maintained and complied with necessary statutory accounting or financial reporting and auditing standards.

The basic objective of a financial statement audit is to provide an independent or third-party assurance that the management has, in its financial statements, presented a “true and fair” view of a company’s financial performance.