External / Statutory Audit
Every organization has to undergo external/statutory audits to maintain transparency, financial accountability, and compliance. Such audits are often conducted by independent audit firms. These firms are certified accountants who review the financial statements and gauge the financial health of a company and their compliance with legal and regulatory requirements.
Documents that need to be maintained by an organisation before getting a statutory audit started:
- Details of fixed assets, bank statements with details of transactions therein and the details of cash receipts & paymentsp
- Information on secured and unsecured loans and advances
- Details of Trade payables & receivables
- Local purchases and import purchases
- Local sales and export sales information
- Details of monthly VAT filing
- Details of inventory and its movements
- Administration, Personnel and selling expenses
- Details of foreign exchange earnings and expenditures
- Statutory dues and other levies
Hanz helps organisations to prepare for such statutory audits by helping them maintain the books in order, examine the balance sheets, and cash flow statements to look for any discrepancies, assess the risks and mitigate them, and ensure that compliance-related documentation has been met within a timely manner, provide insights into company’s financial health and identify any risk areas.
Hanz helps in-
- Statutory Audit required by local statute
- Corporate Governance
- Risks management
- Audit effectiveness
- Agreed Upon Procedures