Audit Offshoring

Audit Offshoring

by Aswani S

“World-class audit support services mapped to your specific business needs and regulatory requirements”

Our audit professionals provide support services for independent financial statement and internal control audits, in accordance with the latest professional standards and with a focus on quality. Audits and reviews are planned to assess and identify possible risk—whether the risk of a material misstatement or a risk in internal controls.

Through buchprufer, your organization can utilize experienced and knowledgeable audit professionals through a cost-effective, full-service outsourcing arrangement. Our audit processes and procedures can be used in whole or in part, depending on the client’s existing methodologies, to form the foundation for an effective and efficient audit plan. This plan will be centered on managing audit risk while keeping our clients in control of the audit process. We will assist in fully managing the audit process from start to finish.

Audit outsourcing services:

Pre-audit:

  • Trial balance mapping, opening balance verification & journal entries
  • Materiality calculations & preliminary analytical review
  • Audit planning documentation
  • Preparation of audit requirement list
  • Consolidations & combinations

Field audit:

  • Sampling
  • Preparation, verification, and review of working papers
  • Completion of audit file documentation
  • Audit evidence verification and linking of documents
  • Data analysis using ACL

Audit finalization:

  • Preparation of financial statements as per International Financial Reporting Standards
  • Evaluation of accounting policies, estimates and judgement
  • Quality review of financial statements
  • Preparation and review of IFRS compliance checklists
  • Independent review of audit files to ensure completeness of documentation
  • End-to-end execution and review of email audits
  • Preparation of Management Letter Points (MLP), issue letters and Letter of Representation(LOR)
  • Preparation and review of compilation/liquidation/review reports
  • Audit file clean up and roll forward of CaseWare files

Internal audit:

  • Preparation and review of reports
  • Cash flow projections
  • Feasibility studies and company valuations
  • Project reports
  • Mergers & acquisitions support
  • Preparation and review of accounting policy manuals
Benefits of outsourcing audit work

By using buchprufer as your full-service audit outsourcing provider, you will garner the following benefits:

  • Immediate audit function implementation, using our proven audit tools, strategies, and processes.
  • Dedicated team who will exclusively work for you ensuring regular and continuous communication with your audit team.
  • Quality & timely delivery of assignments with qualified and experienced professionals working on your side.
  • Very competitive rates, allowing for more flexibility of costs and budgets.
  • Elimination of time and costs associated with hiring and training skilled personnel to effectively handle audit function.
Benefits of using CaseWare:
  • Smart sync technology enables different team members to collaborate in real time on the same working paper file.
  • Ability to customize audit and financial statement templates as per firm’s needs.
  • Links source documents and materials to reported information to provide easy and transparent reference and support documentation.
  • Ensures consistent quality and accuracy while increased reliability of content and results, eases the burden on reviewers
  • Cuts down preparation and training time by more than 50% and automates time-consuming tasks, thereby increasing efficiency.