Audit Support & Procedures

Due to financial, shareholder, or legal responsibilities, audits are crucial for companies of all sizes. Beyond checklists and paperwork, effective preparation includes integrating controls into day-to-day activities to guarantee adherence to standards, reduce risks, and ensure compliance. The secret to effectively obtaining audit readiness is expert guidance.

What are the areas covered in preparation for the audit?

Audits evaluate the business functions' efficiency and effectiveness in operations, such as:

• Finance
• Human Resources
• Operations
• Procurement
• Corporate Legal
• Marketing & Sales

These audits point out the discrepancies, mismanagement, and inefficient areas that are corrected at an early moment. Reports from these audits become essential to stakeholders, investors, and regulatory authorities to protect their interests.

What are the types of audits?

Audit types can be divided into two main categories: statutory audits and non-statutory audits, depending on the need and goal of the audit.

• Statutory Audits: Complying with or mandated by law, such as under the Companies Act, 2013 or Income Tax Act, 1961.
• Non-Statutory Audits Performed to improve business effectiveness and aid decision-making, such as:
  • Management Audits
  • Process Reviews
  • Vendor Audits
  • Internal Audits
  • IT System Audits

What are the essential procedures to prepare audits?

• Determine Audit Type: Know the objective and extent.
• Prepare a Checklist: Consult with auditors.
• Agree on Timelines: Coordinate audit teams.
• Documentation: Prepare a data room with financial data and controls.
• Address Issues: Maintain communication with auditors and resolve concerns.

These steps can be simplified by an audit consultant for customized and effective implementation.

Why Us?

At Plutus, we have experts in legal requirements and audit procedures. We collaborate closely with your team to guarantee smooth cooperation with external auditors. Whether working remotely or on-site, our expertise offers value by:

• Effective communication with auditors.
• Resolving complex accounting issues.
• Preparing financial statements with detailed Notes to Accounts.
• Managing PBC checklists and reconciliations.
• Coordinating internally to gather data and prepare reconciliations and audit working papers as requested by auditors.

Our team offers both onsite and remote support to ensure flexibility and precision in meeting your audit needs.