Audit & Assurance
Audit & Assurance
Audits are all about controls and assurance that bring unexpected benefits to an entity by assuring the true and view of business accounts. At different stages of business, problems might emerge with the reliability of your financial statements due to inappropriate financial reporting process/controls in place hence not delivering sufficient information necessary to meet your internal or external reporting deadlines. The purpose of a statutory audit is to determine whether an entity is providing a true and fair representation of its financial position. At IMnS Associates, we can help our clients with independent audit reviews and advice on controls. Our core Audit services include: Financial statements audit and audit of externally reported information; examining information such as bank balances, financial transactions and bookkeeping records.
- Compliance with regulations (compliance audit)
- Project assurance services
- Preparation of process and related documentation
- Gap Identification & Analysis
- Organization structure Audit- Hierarchy Audit
- Advice on internal controls weaknesses
- Monitoring of prospective regulatory changes
- Reviewing accounting treatments with respect to complex transactions
- Corporate governance Audit
Why You Need Our Statutory & External Audit Services? The foundation of our services is a natural blend of compliance and value. You can rely on us for the application of audit methodology and techniques for end to end audits and assurance services and use our expertise to bring precision to your audit.
Internal audit is checking within the entity and is very important aspect to assess risk and evaluate controls. Recent high profile control failures require organizations to take professionals help to provide assurance over the effectiveness of entity’s internal controls and risk mitigation. Internal Audit helps in ensuring optimum utilization of entity’s resources, as well as timely identification of liabilities including contingent in nature. It further helps in ensuring adequacy of information systems security and controls. What we offer you: At IMnS Associates, we help our clients to meet the demands of maintaining an effective internal audit function that includes but not limited to:
- Checking the controls established within the system.
- Evaluation of internal control department, if exist
- Preparing Internal Audit Manual and Study of control objectives.
- Analyzing Accounting and Audit manual.
- Advising organizational hierarchy being followed.
- Assessment of risks and open points.
- Advice on existing controls weaknesses and areas of improvement.
- Assets at risk and their protection.
- Comparison of written internal control policies and procedures and adherence to same; checking control deviations.
- Transfer of knowledge through bespoke training
- Consideration of Fraud in internal audit.
- Audit of Corporate Governance.
- Process Audits
- Treasury Audit
- Quality Assurance
- Model Audit
The business landscape is getting complicated by the time and so the need of forensic auditing arises. Forensic auditing is the next level highly specialized auditing services because it requires in-depth knowledge and expertise into both financial and accounting matters as well as suspicious and unethical patterns of abuse. It is important for business owners to understand the difference between suspicion and facts and to gather the required evidence in the business world to find the truth as early as possible. At IMnS Associates, we provide the following Forensic Auditing services:
- Discover hidden and pilfered assets- Asset tracing and misappropriation
- Accounting fraud examination
- Uncover mis-reporting in contracts
- Fidelity claims
- Technical Accounting
- Foreign Corrupt Practice
- Management Fee Transactions
- UK Bribery Acts
- USA Patriot Act
- Whistleblower Investigations
- Track waste and embezzlement or other white-collar crimes
- Accountant Liability
- Regulatory-related investigations
- M&A Fraud Services
- Document the evidence in a systematic manner.
Why Choose Us for Forensic Auditing Services? IMnS Associates have the required skills and experience to resolve the high-stake accounting fraud. Our forensic accounting services have helped several clients to identify fraud and function smoothly without any glitches. The three best reasons to choose us are as follows:
1. Your data is safe with us We follow strict confidentiality agreements and policies which ensure your data security.
2. Cost-effective Rates We provide the best quality and cost-effective forensic accounting services and audit procedures.
3. Cutting-edge Technologies We use latest and path breaking technologies to provide the best-quality forensic and fraud examination services within a quick turnaround time.
Your business is very dependent on the controls of your computer systems: servers, Internet Access, email, etc. The purpose of an IT audit is to evaluate the system controls related to security, user management, access, and data integrity. It gives an assurance that the IT systems are adequately protected and properly managed to achieve the intended objectives. What we do? An information systems audit performed by IMnS Associates consists of an establishment of the IT audit objectives and scope and development of a comprehensive audit plan. The evaluation of the system components happens in the following areas:
- Systems architecture review
- End user identity management (e.g. password standards, roles limiting authentication mechanisms)
- Business process mapping
- Backup/Restore procedures
- Application security controls
- Operating systems configurations (e.g. services hardening)
- Database access controls (e.g. roles defined in and account access to the database, database configuration)
- Anti-virus/Anti-malware controls
- Logging and auditing systems and processes
- Network controls (e.g. firewall rules)
- System Administrator/IT privileged access control
- IT processes controls (e.g. user account reviews, change management)
Cost Audit represents the verification of cost accounting records to ensure they adhere to the cost accounting principles and objective. Cost audit results in enhanced competitive advantage, reduced cost of production, and profit growth. At the macro level, cost audit services helps reduces inflation, increases tax collection, and gives a boost to dividend, and economic development. What we do? At IMnS, cost audit services comprises following three steps;
- Review: to ensure that cost accounting records are in conformity with Cost Accounting principles, and objective.
- Verification: checking cost reports, cost data and cost statements prepared by the management and to ensure that it gives true and fair view of cost of sales and production relating to various products.
- Reporting: pinpoints areas of weaknesses, unaccounted inefficiencies, hidden losses and suggest corrective actions.
Why Choose Us for Cost Auditing Services? Owing to our rich industry experience, our cost audit services helps in the smooth running of our clients businesses and operations. We have qualified and experienced team members that provide these services in compliance to the client’s diverse industry requirements in order to yield maximum profits.
- We compare actual results with budgeted results and provide reliable cost data for managerial decisions.
- We help management to regulate production.
- We identify the loopholes that are the main cause of material, labor and overheads wastage and help reduces the cost of production.
- We help in detection of errors, frauds and an irregularity of the cost system that helps improves efficiency of the organization as a whole.
IMnS Associates Cost Audit Services aids in identifying early weaknesses in the cost control system for corrective actions to help you accomplish your cost audit objectives.
A review engagement may help the accountant to report weaknesses, to the management, that come to their attention and provide limited assurance that no material modifications required to the financial statements in conformity with the financial reporting framework.
At IMnS Associates, our team makes enquiries of management and others, review all material items in the financial statements, and perform analytical procedures to gain (a) better understanding of plausible relationships of recorded amounts and (b) degree of assurance that:
- the F/S give a true and fair view
- the F/S comply with the chosen financial reporting framework
- management roles are well defined for producing the accounts
Review Engagement Procedures include:
- Inquiries as to the accounting practices and principles and factors which might lead to increased risk that the F/S may contain material misstatement.
- Procedures for recording the financial information’s.
- Suitability of Accounting estimates.
- Undisclosed related party transactions.
- Going concern problems.
- Complex, unusual or significant transactions or events.
- Actions taken at directors’ meetings.
- Management Written representations regarding the accuracy of all information given:
- Management’s responsibility for internal control and to prevent and detect fraud
- Incidence of fraud
- Analytical procedures regarding comparisons
- Information related to subsequent events
- Ratios from recorded amounts and their Plausible relationships