Audit & Assurance
Audit & Assurance is a complex process, and the importance of independent auditors’s opinion of financial reporting is vital. Auditor plays an important role of trusted advisor. CTS provides a range of Assurance and advisory services to assist clients in achieving their business objectives, managing their business risk and improving their business performance.
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Compliance & Reporting
Our Audit & assurance services provide our independent opinion and helps clients/investors for decision making. Audit offers following benefits:
- Presentation of financial statements as per applicable standards
- Compliance of regulations
- Business Improvements
- Fraud prevention
- Improves internal control system
- Provides credibility to investors
- Assist management in addressing complex, cross-functional issues
audit beyond figures & charts
Statutory audit is conducted under Statutory Laws. This is legally required review of the accuracy of a company’s financial statements and records. Company Audit, Tax Audit are statutory audit under respective Acts.
Internal audit is specifically designed to enhance organisation’s functioning. It assists an organisation in in achieving its goals by ushering in a methodical approach to inspect and better the efficiency of risk evaluation and management. It has a widened scope within an organization and may incorporate areas like effective functioning, Compliance of internal control procedures, inspecting and discouraging frauds, protecting assets, and productive use of the company’s resources that are in agreement with the company’s policies
Forensic Audit or so called investigation audit or financial forensics is the specialty practice area of audit that investigates whether firms engage in financial reporting misconduct. This type of audit is sometime conducted to to derive evidence which can be used in a court of law or legal proceeding.
A System or IT audit is the examination and evaluation of an organization’s information technology infrastructure, policies and operations. Almost all financial reporting processes in an organization are driven by IT systems in today’s time. As a result of their tight linkage to the overall financial reporting process, internal controls over relevant IT systems need to be assessed for their compliance.
Audit Objectives
Primary Objectives
- Internal check or control system
- Arithmetical accuracy of books of accounts
- The authenticity and validity of transactions
- Proper distinction between capital and revenue
- Value of assets and liabilities
Secondary Objectives
- Detection and prevention of errors
- Errors of principle
- Errors of omission
- Errors of commission
- Compensating errors Detection and prevention of frauds
- Misappropriation of cash
- Misappropriation of goods
- Manipulation of accounts or falsification of accounts without any misappropriation.
financial budget & analysis
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CTS really helped us achieve our financial goals. The slick presentation along with fantastic readability ensures that our financial standing is stable.
