How Can Audit Support Services Benefit Your Company?

Overview

Audit support services primarily fill a temporary yet essential need—outside experts who can represent the company as a liaison with the auditors. Experts who can jump in and become a part of the team learn the ways and needs of the company quickly and can fill this role seamlessly. Ideally, they are brought in before the audit process begins, to assess how ready the books and records are to support an audit and prepare for any questions that are likely to arise.

Audit Support understands their client’s business and completes their audit timelines while providing systematic assistance in all audit areas.

How Can Audit Support Services Benefit Your Company?

Audit support services primarily ensure that the audit process will go as smoothly as possible, by making it so someone with the right level of knowledge and experience can answer questions on the company’s behalf and get the answers to the auditor as efficiently as possible. With this essential role covered, the rest of the finance and accounting team can focus on their main responsibilities and not become distracted by an audit that could be prolonged.

The Audit support services cover: -

• Timely compliances with zero disruptions in normal operations.
• Cost Saving & Controlling Opportunities.
• Increased Process Efficiency & Effectiveness.
• Preparation of financial statements (Under Ind AS or Indian GAAP).
• Assist in preparing an indicative list of information necessary for an audit.
• Identification of Potential Revenue Leakages.
• Compliance with Laws and Regulations.
• Best Industry Practices and Improvement in monitoring & reporting.
• analyze the need to involve external experts, including actuaries, appraisers, etc.,
• and analyze and provide recommendations on internal control systems, accounting and reporting processes, IT systems, etc.
• Preparation of audit schedules for auditors.
• Coordination with auditors for completion of audits on a timely basis.
• Discussions with Management and auditors on key accounting and auditing issues.
• Resolve audit issues identified in previous audits.
• Managing liquidity issues.
• Any other area in financial reporting where assistance is required by the Company on financial reporting or audit support

Benefits and Opportunities: -

• With our support, your company will be able to understand the format and scope of the information that needs to be prepared for an external auditor.
• Your company can identify accounting and reporting issues that require special attention from management and therefore reduce the risk of an auditor finding significant errors in financial statements.
• Your company benefits from timely additional expertise as necessary.
• Your company will be able to develop a clear understanding of the key audit issues that may arise and be in a solid position to address such issues.
• Your company also benefits from an assessment of the degree of your company’s overall readiness to undergo an audit and obtain a positive auditor opinion.

Last updated: 12/08/2023

Article contributed by:

Financial Reporting and Assurance department

MBG Corporate Services