Audit And Assurance Services Becoming A Spotlight Worldwide

Audit is a systematic process of objectively obtaining and evaluating evidence regarding

assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users. The objective of an audit is to provide a reasonable basis for expressing an opinion regarding the financial statements taken as a whole.

The person conducting this process should perform his work with knowledge of the use of the accounting statements and should take particular care to ensure that nothing contained in the statements will ordinarily mislead anybody. This he can do honestly by satisfying himself that the accounts have been drawn up with reference to entries in the books of account; the entries in the books of account are adequately supported by underlying papers and documents and by other evidence; none of the entries in the books of accounts has been omitted in the process of compilation and nothing which is not in the books of account has found place in the statements; the information conveyed by the statements is clear and unambiguous; the financial statement amounts are properly classified, described and disclosed inconformity with accounting standards; and the statement of accounts taken as an integrated whole, present a true and fair picture of the operational results and of the assets and liabilities.

The key concept, incidentally, is "reasonable" assurance. The auditor does not provide absolute assurance, because this is not attainable due to factors like the need for judgment, the use of testing, the inherent limitations of internal control and the fact that audit evidence is generally persuasive rather than conclusive. While nancial statement audits provide interested decision-makers with assurance, they are hardly the only assurance service that independent auditors perform. Assurance is a much broader concept than auditing. Assurance engagements come in many shapes and sizes. Assurance services are independent professional services that improve the quality of information, or its context, for decision-makers.

Assurance services will be an advantage to all business reporting. That includes all information transferred to parties whose decisions affect an entity including investors, creditors, management, employees, customers, and governmental bodies. Managers in charge of business decisions seek assurance services to help improve the reliability and relevance of the information used as the basis for their decisions. Assurance services are valued because the assurance provider is independent and perceived as being unbiased with respect to the information examined.

Outsourcing of audit and assurance services is, gradually, becoming a popular phenomenon in world, especially in UK .enlarged weight on the call for for reliable financial information has put the spotlight on.The service providers understand the true worth that audit and assurance services can bring to a business. They provide a wide range of Audit and Assurance services to private, public companies across various sectors ranging from FTSE and AIM companies to Small Medium Sized Enterprise (SME) companies.

Client contact is a key priority for a team of qualified and experienced audit specialists of audit services UK throughout the year, and whenever accurate and relevant advice is needed on special plans and projects. Through a companys audit, the service providers can review the key drivers within the business, financial controls and management systems, helping to identify risks, how best to minimize them and providing a valuable tool for decision-making.

by: dasuk

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