According to PwC: “An audit is the examination of the financial report of an organisation - as presented in the annual report - by someone independent of that organisation. The financial report includes a balance sheet, an income statement, a statement of changes in equity, a cash flow statement, and notes comprising a summary of significant accounting policies and other explanatory notes.”
1. What is the auditing service?
Auditing service is a service provided by an auditing service company or an independent unit that has been licensed to operate in the field of auditing in order to collect information and documents; evaluate and conclude the accounting and financial work of the enterprise.
2. Benefits of the Auditing service:
• Help to errors.
In any business, it is not avoidable to have some financial errors, it is hard for internal audits or employees to realize. When accounting makes mistakes, it can have a huge impact. Financial or accounting errors can lead to losses of the business. Therefore, hiring the external auditing service provider will help the businesses gain the accurate view of errors, identify errors or gaps in your business finances.
• Help to verify the accounting accuracy.
Accounting accuracy is important for the success of the business. Because you can base on reliable information to make decisions; can analyze and evaluate the effectiveness from accurate financial data; etc.
The audit reports ensure that the accounts are in the proper order. Besides that, the stakeholders can also check whether they follow the set rules or not. Using the auditing service provider can help you to get the advices on the way forward.
• Analyze the business performance.
It is important for any business to have the right strategies to improve their services and products. The auditors can consider the information, records that the company uses to manage the business to identify the relevant performance measures. Many business owners use the performance of analyzed records to know about the financial status of their business.
