Auditing and Assurance services

The modern financial and business ecosystem must include Auditing and Assurance Services as an essential part. Any organization, big or small, needs a clear, equitable, and trustworthy financial reporting system as the means of earning the trust of the stakeholders. It is here that the services of auditors and assurances are of essence. Not only do they make sure that financial statements of a given organization present the actual financial position of a given organization but they also increase credibility, accountability and adherence to the statutory regulations.

What is Auditing and Assurance Services?

Independent examination of financial statements, records and organization operations is called auditing. This is meant to make sure that it is accurate, transparent, and that it is in accordance with the relevant accounting standards and the law. Simply put, it certifies that the financial reporting that the management prepares is neither materially misstated nor does not reflect the financial performance and position of the company reasonably.

Assurance Services, however, are wider in scope. Although auditing is primarily concerned with financial statements, assurance services are intended to give the stakeholders trust and confidence in a variety of business information, business processes, and business controls. Such services could involve audit of risks, internal controls, business processes, compliance and performance audits.

Auditing and assurance services work collectively to foster confidence in the decision making, and corporate governance.

Significance of Auditing and Assurance Service

1. Credibility and Trust
Financial statements are very vital to investors, lenders, shareholders and other stakeholders in making decisions. Assurance services and auditing also increase the level of credibility because it is certain that the information is free of bias, true, and authentic.

2. Regulatory Compliance
There are various legal obligations that businesses should comply with including the Companies Act, Income Tax Act and the GST regulations as well as the rules and regulations of SEBI and other local or international regulations. The frequent auditing will guarantee adherence to these laws without facing punishment, lawsuits, or even loss of reputation.

3. Identifying and stopping Specks and Fraud
By performing a systematic analysis, the auditors are able to identify irregularities, fraud or errors in accounting which might otherwise not be noted. Besides, the presence of audits deters frauds because the management and other employees are aware that there are independent checks.

4. Improved Internal Controls
With the help of auditing, weak points are pointed out in terms of internal controls, processes, and systems. These insights can be applied by organizations to enhance governance, reduce risks and efficiency in operations.

5. Better Decision-Making
Assurance services give the management a look beyond the financial figures. They assist in risk management, formulation of strategies and enhancing business processes thus making informed decisions.

6. Global Recognition
Audited financial statements are a requirement in companies that are going global or have to deal with international investors. Internationally known audit reports can be used to draw investments and alliances.

Types of Auditing & Assurance Services

  1. Statutory Audit- Statutory audit according to the law like the Companies Act, LLP Act or Trust.
  2. Internal Audit- It is done to audit internal controls, risk management, and operations.
  3. Tax Audit- Checking of financial documents according to the laws on income tax.
  4. GST Audit- Provides assurance that the laws governing Goods and Services tax and the reporting of the GST transactions is being done correctly.
  5. Concurrent and Special Audits- This is an ongoing audit of transactions or an aimed audit like forensic audit.
  6. Due Diligence- This is the assurance offered during the course of a merger, acquisition or investment to determine the financial and legal wellbeing of the organization.
  7. Information System Audit- Auditing of the IT systems, frequentities of security protocols and data management.

Why Choose Om & Jaswani for Auditing & Assurance Services?

In Om & Jaswani, we know that auditing does not only focus on compliance but also values generation in your business. We are a reputed Chartered Accountants company located in Delhi and have decades of experience in the field of auditing, tax, accounting and financial advisory. Here’s why clients choose us:

  • Industrial Experience- Our team has a deep understanding of the industries, providing industry-specific audit skills.
  • Holistic Approach- We do not just ensure that we do what is required by the law but give practical suggestions on how to improve the business.
  • Integrity & Independence – We do not compromise with the highest ethical principles and independence, and we report without bias and consecutiveness.
  • Solutions Driven by Technology – With the help of new audit tools and data analysis, we provide the correct, effective and timely findings.
  • Global Availability- We cater to corporates, startups and individuals in India and the rest of the globe, so we are a company that can be trusted by businesses with a global presence.
  • Client-Centric Services- All audits are based on the specific needs of the client, so they are practical and custom made.

When you are with Om and Jaswani as your audit firm, you will not only have compliance, but also clarity, confidence and growth.

Conclusion

They are much more than a compliance requirement since Auditing and Assurance Services are far more than that. They are an essential instrument in earning confidence, enhancing corporate governance and creating sustainable development. These services protect the interests of stakeholders, and increase business credibility by performing auditing functions that validate the financial statements, improve internal controls, and offer assurance in major business processes.

When transparency and accountability are a crucial aspect of doing business in the current era, then, a company, which incorporates strong auditing and assurance practices, will be seen as a credible, compliant, and growth-focused entity. Under the leadership and dedication of Om and Jaswani, you can also be confident of credible, autonomous and professional audit solutions that are more than just numbers.

Get in Touch

Need an auditing partner? Om & Jaswani offers reliable, transparent, and value-based Auditing & Assurance Services to strengthen your financial governance.

Call us today at: +91-9891628354
Email: support@omandjaswani.com
Visit: www.omandjaswani.com