Audit & Risk Advisory

Successfully running business operations in this demanding business environment is a herculean task. From the global financial crisis to the bankruptcy statements of huge corporate, rise of cybercrimes to changing business dynamics, the importance of identifying threats and taking swift corrective and appropriate responses cannot be overlooked. In this scenario, the need for internal audit and risk advisory services are paramount:
Our main objective is to provide the top management, audit committee, head of operations, , etc of your organization with a comprehensive and unbiased analysis of your existing processes covering all the key functions, thereby mitigating risks and threats at an early stage while suggesting areas for improvement and value-addition simultaneously.
Our comprehensive Audit & Risk Advisory Processes ensures
• Operations effectiveness
• Reliable financial reporting
• Compliance with various statutory norms and regulations

Reconciliation Audit

In accounting parlance, the process used to compare two sets of records to ensure the figures are in agreement and are accurate is termed as Reconciliation. It is the key process used to determine whether the money leaving an account matches the amount spent, ensuring the two values are balanced at the end of the recording period. A critical element of the reconciliation process is to resolve differences. It does not do any good to note differences and do nothing about it.

You need to identify, investigate, explain and take corrective actions. If expenditure is incorrectly charged to a department& accounts, then the approver should post a correcting journal entry; the reconciler should ascertain that the correcting journal entry was posted. It is important that Reconciliations should be documented and approved by management.

At My Office Accountant we take up various Reconciliation Audits of your Inventory, Fixed Assets, Vendors, Banks etc.