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AUDITING

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INTERNAL AUDIT

At Business Inward, we have the expertise to manage internal audit, in line with the International Auditing and Assurance Standards (IAASB), The Sarbanes-Oxley Act (SOX), and the International Standard on Auditing (ISAs, UK and EU).

We prepare audit reports and liaise with auditors. However, we do not render the service of certifying audit reports.

We prepare audit reports related to:

  • General ledger
  • Monthly and yearly budgets and forecasts
  • Invoices and bills
  • Transaction records
  • Financial statements
  • Exchange rates 
  • VAT returns and corporation tax
  • Payroll and national insurance contributions (NICs)
  • Breakdowns of internal accounts (opened and closed)
  • Breakdowns of financial instruments
  • Policies and procedures

Businesses are subject to legal and regulatory requirements to audit their financial statements, doing so would establish compliance with accounting standards, legal regulation, assurance, and quality management between business owners, investors, and other stakeholders. 

 

INTERNAL CONTROL

Objectives of Internal Control

  • Preventive: To deter undesirable events from occurring.
  • Detective: To detect and correct undesirable events which have occurred.
  • Directive: To cause a desirable event to occur.

Sarbanes-Oxley (SOX) Act

The SOX Act ensures:

  • Investor protection
  • Financial reporting accuracy
  • Corporate governance 
  • Transparency
  • Prevent fraud and misconduct