Auditing entails an unbias examining and evaluating financial statements of an organization or business to ensure that the records are fair, and an accurate representation of the financial records they claim to represent. It’s aim is to express or disprove an opinion on its financial statements.
We figure out the fairness, accuracy and reliability of the financial position the statements present. We conduct reviews for external or internal use which involves inquiries and analytical procedures that ascertain financial matters while identifying any transactions that need further analysis.
Auditing financial statements can be classified into two categories:
1. External Audits
These audits are done to find out whether a company’s financial statements are free from material error, if they are is it due to fraud or error.
2. Cost Audits
These audits are done to assess whether a company’s cost statements are free from material error, and if not is it due to fraud or error. Audits can be a good way for a company to assess its internal controls and cost controls.
We conduct audits for 6 reasons:
1. PERFORMANCE AUDITS
Equinoxe conducts these audits to assess a company’s ability to satisfy its short and long term financial goals and objectives. The company’s financial performance is assessed relative to where it should be. For example, a charity might need to know that its finances reach the people its intended to.
2. QUALITY AUDITS
We perform quality audits to determine if standards are maintained and conformed to. This form of auditing verifies the effectiveness of a quality management systems. For example, employees may meet deadlines but the quality of work they produce can be sub standard, which affects the customer retention rate.
3. PROJECT MANAGEMENT AUDITS
In these audits we assess the current state of a project. This helps stakeholders to stay within budget, keep track of spending and keep tighter controls on expenditure. We also assess the level of compliance with set out regulations and standards, ensuring a project stays within budget for the tenure of the project.
Energy audits inspect, survey and analyse the flow of energy. We conduct these to enhance energy conservation and sustainability within a building or complex. The audit reports serve the purpose of finding ways to reduce the amount of energy consumed without affecting the company’s output or bottom line.
4. ENERGY AUDITS
5. OPERATIONS AUDITS
Operations audits examine the efficiency of our client’s businesses operations. They assess effectiveness, efficiency and the input vs output. We look at value is added to the operations and compare it to what is produced, this lets us know where there are wastages and which areas can be maximized.
6. FORENSIC AUDITS
Forensic audits are investigative audits conducted for the purpose of discovering and uncovering fraud, missing funds, negligence and misappropriation of company funds. Forensic audits can aid in preventing potential or future fraudulent activity. Our forensic auditors also provide services in divorces, bankruptcy, insurance claims, personal injury claims, fraudulent claims, construction, royalty audits, and anti-money laundering by investigating financial records.