November 19, 2017

Auditing of Accounts

Auditing of Accounts

  • Audit
  • Statutory Audit
  • Interim Audit
  • Concurrent Audit
  • Management Audit
  • System Audit
  • Investigation
  • Financial Reporting
  • Free Zone Audits
  • RERA Audit
  • Liquidation Reports

Audit

With increased complexities in accounting standards and continuously changing business conditions, it is necessary for the management to understand the prevailing financial systems in order to ensure their efficiency and profitability. Auditing offers the necessary professional and independent suggestions that prove crucial for the credibility of the organization. It helps management to properly assessing the prevailing financial systems, the organization’s efficiency, and areas that require appropriate improvement strategies. Auditing also ensures careful analysis of potential risks and promotes the development of well-planned systems to mitigate those risks. It works as an important tool to uncover fraudulent activities and maintain transparency, thereby reducing the organization’s cost of capital.

We at BM World have a highly qualified team of auditors, who with their broad knowledge and expertise offer a wide gamut of services that not only assist you in developing internal controls and implementing solutions specific to your organization, but in also identifying those areas that require improvement strategies and evaluation of new technology. Our internationally accepted auditing standards help in developing high quality accounting methods which add quality to information upon which our clients base their confidence. We guide our customers towards building the reputation of their organization through professional value added services.

Statutory Audit

Statutory Audit is a legally required external audit conducted annually to meet a specific set of requirements by the government. It relies on the internal audit reports, verification of financial informationa, documents and related stock validations. Scope and nature of audit programme are subject to the specifications of the governmental body and financial institutions. It involves scrutiny of all financial statements and accounts related to the organization to ensure their reliability and avoid any misrepresentation or discrepancies. The findings of a statutory audit are legal and binding and can lead to citation or fines or both. All registered business enterprises are mandated to undergo statutory audit for the preparation of accurate financial statements. Statutory audit plays a major role in efficiently managing the operations of the company.

In the midst of multifaceted and dynamic market conditions, we at BM World are keen on attaining organizational benefits and adding value to regulators, shareholders and other stakeholders by offering international professional services in line with internationally accepted accounting standards and methodologies. Our innovative and exceptionally talented team is committed to undertaking all possible measures to eliminate fraud and stimulate transparency by scrutinizing your financial statements and reporting methodology. Our complete compliance with the local governing laws certifies its accuracy and credibility.

Years of experience and extensive technical knowledge in the financial and accounting industry enable us to communicate with clients regarding business issues and help identify organizational areas susceptible to risks, based upon which we design solutions that mitigate those risks. We help our clients monitor their organizational code of conduct, have regular reviews to assess the quality, economy and efficiency of the operational performance and implement strategies for improvement. Our services are structured to adapt to the nature and size of the organization and guarantee you of a fair and true view of the entity on the financial statements.

Accounting and Financial Reporting

Accounting and Financial Reporting is a specialized branch in accounting that deals with summarizing, recording and presenting all the financial activities of a business organization in a systematic manner. The financial report, commonly known as an account, is prepared by accountants who regularly track and record all the relevant financial information in the organization. There are four basic financial reports: Income Statements, Statement of Capital, Balance Sheet and Statements of Cash flows.

While preparing financial reports, it is essential that the company ensure its understandability, reliability, comparability, relevance and a well-structured presentation. It should highlight the true view of the financial entity, while providing its customers adequate information that would help them in assessing the value of the company.

We at BM World have been providing financial reports and services based on professional standards for many years to thousands of clients and are completely capable of guiding you towards identifying and analyzing any opportunity and managing risks effectively, making sure your organization gains profitability and value in every possible way. Many organizations have confided in us in the critical process of decision-making and for providing outstanding services that excel in the financial world.  We are determined in providing highly sophisticated and specialized standards and ethical practices that guarantee your satisfaction. For us, financial reporting is not merely a routine preparation. We rely on our extensive, rich knowledge in designing and analyzing customized reports that are tailored to suit your specifications.

Internal Audit

The role of the internal audit function is critical for the success of any risk management framework within an organization. The main obligation of internal auditors is to evaluate whether other risk systems and controls in place within the firm are operating effectively to manage and mitigate risks or not. Such an independent evaluation of the firm’s control functions will go a long way in enriching the systems and procedures that are followed.

We believe in establishing a solid business relationship with our clients based on transparency and continuous communication so as to enhance the quality of the internal audit functions that we perform. We encourage our clients to participate in every step of the audit programme, to arrive at comprehensive solutions that are an advantage to every firm that we work with.

How we can help:

Our internal audit specialists adopt a risk-based approach in evaluating the client’s operational effectiveness, financial systems and controls and compliance with laws and regulations. In addition to that, while preparing our audit plan and report, we also consider challenges and opportunities applicable to the organization. Our internal audit report also contains recommendations for the firm to implement, which are formulated keeping in mind the firm’s objectives and limitations.

We also strongly believe in actively following-up with the firm’s management regarding implementation of the recommendations in the audit report.