Auditing Services in India
Audit Services is an essential activity in any organization to determine its financial position and to analyze its functioning. Buchprufer being one of the leading audit outsourcing firms in India offers systematic and professional audit services to our clients.
Our audit professionals take extreme care to provide our clients with best quality services. Buchprufer offers audit outsourcing services in a cost-effective way which can be used by the organizations wholly or partly as per their methodologies. We give assistance in managing the entire auditing process from its beginning to the very end.
External Audit Outsourcing
External audit is an independent examination of the financial statements of an entity to assess whether they give a true and fair view. We support auditing firms in the external audit process from planning to completion.
Planning: As an essential prerequisite for audit, planning is a vital area to ensure that appropriate attention is devoted to important areas and work is properly coordinated. Our team can support on various planning tasks, not limited to the following;
- Preparation of requirement list
- Mapping trial balance
- Preliminary analytical review
- Performing and documenting guidance for internal controls
- Opening balance verification
- Materiality calculation and sample selection.
Execution: Execution of the auditing processes is the crucial step where our audit professionals extend their dire support in
- Preparing, verifying, and reviewing the working papers
- Verifying the audit evidence and indexing
- Cross-referencing the documents to the lead sheet/ summary for easy review
- Substantive testing
- Circulating balance confirmations
- End-to-end audit
- Preparation of the financial statements as per the International Financial Reporting Standards
Finalization: Services on the final stage of the auditing process includes
- Quality review of financial statements
- Assistance in preparing consolidation workings
- Independent review of audit files to ensure completeness in compliance with ISA
- Preparation of letter of representation (LOR)
- Preparation of management letter points,
- Preparation of draft memo on auditing or accounting issues
- Preparation and review of IFRS compliance checklist
The final draft of the financial statements is reviewed by our senior members before they are sent to you, to ensure the accuracy and quality of our services.
Internal Audit and Risk Assessment
Internal audits are essential to determine the functioning of an organization. In addition to analyzing the financial position of the company, internal audits help in improving the overall functioning of the organization. Our audit professionals aid our clients by offering
- Assistance in preparing working papers
- Testing internal controls and obtaining audit evidence
- Examining audit evidence and indexing
- Summarizing audit observations and recommendations
- Preparation of risk-based internal audit reports
- Accounting policy and procedure drafting
- Internal control procedure development and implementation
- Risk assessments
In addition to the audit outsourcing services, we can develop standard working papers and templates for standardizing your working papers in compliance with ISA.
IFRS Technical Advisory
IFRS are a set of accounting standards which consist of accounting rules that determine how transactions and other accounting events have to be reported in the financial statements. The IFRS standards are maintained and issued by the International Accounting Standards Board to establish a uniform format for reporting the financial statements.
IFRS Technical Advisory services to our clients
- Support on IFRS existing standards like:
- IFRS 9 – ECL modeling, gap assessment, classification, measurement and recognition/ de-recognition, complex financial instruments, hedge accounting including effectiveness testing, designation, and documentation.
- IFRS 15, 16 – gap assessment, implementation, review of contracts and complex arrangements
- Support on IFRS standards and practical applications.
- IFRS Conversions from other accounting/reporting standards and from IFRS for SME to full IFRS.
Audit Data analytics
Data analytics is used to examine large data to arrive at conclusions for audit purposes. Auditors have been using data analytics tools to systematically audit data that are large in size. Buchprufer uses Caseware IDEA, ACL (Audit Command Language) analytics software in assisting the various audit requirements, such as verifying the consistency of data, pointing out irregularities in accounting entries and assisting in sample selection from a large number of transactions among other multitudes of tasks that can be performed using the analytics tool.
Buchprufer has been active in offering audit outsourcing services for over a decade now. We have highly qualified and experienced professionals (ACCA/CA/CMA/CPA) to cater to all your needs. We stay updated on the governmental and organizational policies of our clients and on technological advancements. We have expertise in the CaseWare Working Papers and CaseWare Financials.
Buchprufer takes pride in offering quality and timely delivery of our services. We assign a dedicated team of experts to look into the needs of each customer. We perform internal reviews and obtain timely feedback to ensure the quality of services provided.
Buchprufer follows the regulations issued by the International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) and ACCA Platinum Approved Employer. We have extensive knowledge and exposure in various sectors and experience in the geographical areas of Middle East, India and Europe.
Frequently Asked Questions
How reliable is Audit outsourcing service?
Buchprufer employs experienced and qualified audit and accounting professionals (ACCA, ACA and CPA) to perform audit outsourcing services. Our team have track record of speedy delivery with the highest quality as they are monitored and reviewed by the quality control team.
What software do Buchprufer use for Audit outsourcing services?
To document the verification performed, supporting documents, and working papers, Buchprufer uses Caseware Working Papers. However, our audit professionals can quickly learn the softwares that you use and start working on the same. Apart from this, we can also develop standard working papers for your firm in compliance with International Standards on Auditing (ISA).