What is Audit ?
The origin of the word "audit" goes to late 15 th century"official examination of accounts,(" from Latin auditus "a hearing, a listening," past participle of audire "to hear" (from PIE root *au- "to perceive"). Official examination of accounts originally was an oral procedure. Also formerly used in a sense "official audience, judicial hearing or examination" (1590s).As per oxferd Dictionery "An official examination of business and financial records to see that they they are true and correct"
Why is there a need of for an audit?
The problem which has always existed when managers report to owners is
Can the owners believe the report?
The report may :
- Contain errors.
- Not disclose frauds.
- Be unintentially misleading.
- Be intentionally misleading.
- Fail to disclose relavant information.
- Fail to comply regulation.
Objectives of Auditing
Primary objective is to produce a report by auditor(GDP Consultants)of his opinion of the truth and fairness of finacial statements so that any person reading and using them can have belief in them Other objectives.
- To detect errors and frauds.
- To prevent errors and frauds by discuraging and moral effect of the audit.
- The auditor will be able to assist his clients with accounting ,system,taxation,finacial,risk management and other problems.
What is Assurance Sevice ?
An assurance service is an independent professional service that improves the quality of information for decision makers. Such services are valued because the assurance provider is independent and perceived as being unbiased with respect to the infor - mation examined. Individuals who are responsible for making business decisions seek assurance services to help improve the reliability and relevance of the information used as the basis for their decision.
What are the types of Assurance Services ?
- Audit of historical financial statements.
- Audit of internal control over financial reporting.
- Review of historical financial statements.
- Attestation services on information technology.
- Other attestation services that may be applied to a broad range of subject matter.
Our Way at GDP Consultants
The audit and assurance landscape is changing. Regulatory requirements, coupled with increased stakeholder demands for greater transparency, are putting more pressure on organizations. As a result, audit and assurance are high on the agenda for many boards.
At GDP Consuntants , we believe we have a responsibility to continue our work in building trust in corporate reporting, which goes far beyond regulatory demands for greater disclosure and aims to increase transparency and rebuild confidence.We maintain an uncompromising commitment to offering a consistent risk-based audit. Our clients value us for our ‘no surprises approach` and timely service.