What is Financial Control Audit?
During a financial audit control, the auditor reviews how the bookkeeping is done, how transactions are entered into the system, how financial transactions are reported and how adequate and secure the internal controls are. It is performed by the internal auditors rather than the external auditors for effective management. It ensures that the resources and capacity available to the entity is utilized to the maximum by the entity.
Services under financial control audit:
- The occurrence, completeness and accuracy of the accounting transactions will be checked
- Check whether cost reduction measures have been practiced
- Check whether transactions are authorized
- Check whether duties have been segregated to record each transaction
- Variance analysis and BEP analysis
- Finding the best alternative of cost reduction
- Affirm that revenue and expenses have been recorded as per IFRS and GAAP
- Validation of gross profit margin
- Analysis for optimum profitability
We provide financial control audit services monthly, quarterly and annually and recommend it as well. It assists in reduction of costs and inefficiencies or any other irregularities as well as risk of fraud or error will also be reduced.