Conducting Audit And Expertise Of Accounting And Tax Accounting
Conducting an audit and expertise of accounting and tax accounting is an essential step for any business. This service ensures compliance with accounting standards and tax requirements, evaluates the accuracy of accounting, and ensures the precision of financial reporting. We offer auditing and expertise of accounting and tax accounting to enhance business efficiency. The results of this accounting service provide the company with an assessment of its financial condition and risks, as well as recommendations for improving accounting and compliance with tax legislation.
The cost of the service for conducting an audit and expertise of accounting and tax accounting depends on factors such as:
- company size: typically, larger enterprises have more complex financial operations and more extensive accounting, which may require more working hours for auditing and expertise;
- complexity of accounting entries: whether the company conducts complex financial operations, such as international transactions, consolidated financial statements, or specialized industry standards;
- deadline: if the company has a limited timeframe for the audit and expertise, it can increase the cost due to prioritizing resources and accelerated work;
- additional services: if the client wishes to receive additional services, such as consultations on improving accounting efficiency or tax planning, it also affects the service cost.
Conducting an audit and expertise of accounting and tax accounting may include:
- analysis of financial statements for their credibility and compliance with legislation;
- audit of the reflection of economic operations in accounting records: cash audit, debt audit, fixed assets audit, goods, etc.;
- documentation check: review of primary documents, available accounting registers, and reports;
- tax audit: checking compliance with tax legislation, the accuracy of tax and fee calculations in Ukraine and worldwide. This can be an income tax audit, VAT audit, etc.;
- identifying potential risks and deficiencies in the tax system;
- internal control analysis: evaluating the internal control system, accounting procedures, and financial reporting to detect potential errors, fraud, or misuse;
- checking accounting compliance with legislation: verifying accounting and tax accounting compliance with legislation and accounting standards;
- financial indicators assessment, such as profitability, liquidity, stability, and efficiency of financial operations. Evaluation of the company's financial results and their correspondence to the report;
- providing recommendations: developing recommendations to eliminate errors and deficiencies in accounting detected during the audit. Recommendations for improving the company's accounting policy and financial management;
- report preparation: preparing a report on the audit and expertise of accounting and tax accounting with a detailed description of detected errors and recommendations for their elimination.
Benefits of outsourcing the service of conducting an audit and expertise of accounting and tax accounting:
- the service allows determining the truthfulness and accuracy of financial reporting, as well as identifying potential risks and violations in the company's tax accounting. This reduces the risks of tax violations and reduces expenses on taxes and fines;
- as a result of the audit and expertise of accounting and tax accounting, the company receives an objective assessment of its financial activities and the opportunity to timely detect and eliminate accounting errors;
- resource savings: outsourcing auditing and expert services reduces internal costs for maintaining an in-house audit department. You are freed from the need to keep a permanent staff of specialists, training expenses, equipment, and monitoring their professional development. You only pay for the actual services of the ordered audit or expertise;
- outsourcing also allows focusing on the company's core activities and ensures timely and professional execution of the required auditing and expert tasks;
- expanded access to resources: our accounting company has access to a vast amount of knowledge, experience, and tools that you can benefit from. They may have access to the latest technologies, software, and databases, facilitating analysis and control over your financial reporting;
- independence: involving an external company for auditing and expertise ensures an independent view of your company's financial processes. This helps prevent conflicts of interest and internal fraud, as outsourced auditors have no personal relationships with company employees and are not subject to their influence.