Audit & Assurance Services for the Financial Services Industry

Understanding Audits

The audit is the highest level of assurance service Edu-visor performs and is intended to provide a user comfort on the accuracy of financial statements. We perform audit procedures in order to obtain “reasonable assurance” (defined as a high but not absolute level of assurance) about whether the financial statements are free from material misstatement. In an audit, we are required to obtain an understanding of an auditees’ internal control and assess fraud risk. We are also required to corroborate the amounts and disclosures included in the financial statements by obtaining audit evidence through inquiry, physical inspection, observation, third-party confirmations, examination, analytical procedures, and other procedures.

Governmental audits include financial statement audits performed under Government Auditing Standards on entities such as states and local governments, not-for-profit organizations, institutions of higher education, and certain for-profit organizations.

Governmental audits Include Compliance audits (referred to as single audits) performed under the Single Audit Act Amendments of 1996 and the Office of Management and Budget (OMB) Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), program specific audits as defined under the Uniform Guidance, and other compliance audits and attestation engagements performed as required by federal, state, or local laws and regulations. Every year, the federal government awards billions of dollars in grants, loans, loan guarantees, property, cooperative agreements, interest subsidies, insurance, food commodities and other noncash assistance, and direct appropriations and federal cost reimbursements to nonfederal grantees, which are subject to compliance audit requirements. The nonfederal entities also require financial statement audits performed under AICPA auditing standards and Government Auditing Standards.

Professionals You Can Count On edu-visor & Company is a well-established firm with good reputation in its service areas. For over a decade, our auditors have been serving state and local governments, school districts, housing authorities, special districts, tribal governments, and non-profits, as well as a wide variety of business clients. Using our state-of-the-art tools enables edu-visor audit professionals to deliver the assurance service quality and excellence that is implicit in the Harshwal way of doing audits and that the community and people expect.

A Specialized Approach to Audits Our audit approach, methodology and deployed technologies are benchmarks within accounting profession. We use a state of the art and systematic analysis of risks specific to key business processes and cycles, we focus on areas, transactions and events that are material to the quality and reliability of financial and compliance reporting. Key to our approach is the determination of relevant risks through a careful and diligent assessment of the industry and the operational activities that sets us apart.

At EduVisor, we’ll help you achieve extraordinary success and growth by helping you build a business model on a solid foundation: a fully compliant accounting system that can pass a comprehensive audit.

My business is small - do I still need an audit?

YES but a leaner version! Edu-visor Audit brings to you Audit for Small Business. Specifically customized for Small Business Owners offering high-quality audits at affordable prices

Audit for Small Business
All entities except companies & LLPs

100% Income Tax accuracy

100% GST accuracy

100% TDS accuracy

Upto date accounts

Outstanding receivables & payables report

Accounting

GST return filing

TDS return filing

Regular updates on amendments

Financial Audit
Everything in Audit for Small Business

100% Labor Law accuracy

100% FEMA/RBI compliances

100% STPI accuracy

Customs duty accuracy

Automated email alerts before payment due dates

Vouching

Accurate monthly profitability

Cash flow movement report

Business-segment / product-wise profitability

Sales reports - Stock turnover, reordering, dead stock accumulation, customer preference reports

Production efficiency reports

Virtual CFO

Income tax advisory

On-site audit services

Audit review meetings

Advisory and Consulting Services
Advisory and consulting services include review of existing business processes and strategies, as well as implementations. It also includes evaluation and advice on policies, procedures, process enhancements, and any management requests for reviews of areas considered mutually critical.

The International Standards for the Professional Practices of Internal Auditing (IPPF) Standards define consulting services as advisory and related client service activities, the nature and scope of which are agreed with the client, are intended to add value and improve an organization’s governance, risk management, and control processes without the internal auditor assuming management responsibility. Examples include counsel, advice, facilitation, and training.

Assurance Services (Audit)
Assurance services (as defined by the AICPA) is an independent professional service, typically provided by Certified Public Accountants, with the goal of improving the information or the context of the information so that decision makers can make more informed, and presumably better decisions. Assurance services provide independent and professional opinions that reduce the information risk (risk that comes from incorrect information).

The IPPF Standards of the IIA define assurance services as an objective examination of evidence for the purpose of providing an independent assessment on governance, risk management, and control processes for the organization. Examples may include financial, performance, compliance, system security, and due diligence engagements.

Types of Audits:

FINANCIAL AUDITS address questions of accounting and reporting of financial transactions, including commitments, authorizations, and receipt and disbursement of funds. The purpose is to verify that there are sufficient controls over cash and cash-like assets and that there are adequate process controls over the acquisition and use of resources.

COMPLIANCE AUDITS determine the degree of a unit’s adherence to laws, regulations, policies, and procedures. Examples of external requirements include Federal and State laws, NCAA regulations, and Federal and State OSHA regulations. Recommendations often call for improvements in processes and controls intended to ensure compliance with regulations.

INFORMATION SYSTEM (IS) AUDITS address the internal control environment of automated information processing systems and how people use those systems. IS audits typically evaluate system input, output, processing controls, backup and recovery plans, system security, and computer facility reviews. IS auditing projects can focus on existing systems as well as systems in the development stage.

OPERATIONAL AUDITS, sometimes called program or performance audits, examine the use of unit resources to evaluate whether those resources are being used in the most efficient and effective ways to fulfill the unit’s mission and objectives. An operational audit includes elements of a compliance audit, a financial audit, and an IS audit.

ADMINISTRATIVE INTERNAL CONTROL REVIEWS focus on the departmental level activities that are components of the University’s major business activities. Areas such as payroll and benefits, cash handling, inventory and equipment and their physical security, grants and contracts, and financial reporting are usually subject to review.

INVESTIGATIVE AUDITS are performed when appropriate. These audits focus on alleged civil or criminal violations of State or Federal laws or violations of University policies and procedures that may result in prosecution or disciplinary action. Internal theft, white-collar crime, misuse of University assets, and conflicts of interest are examples of reasons for investigative audits.

FOLLOW-UP AUDITS These are audits conducted approximately six months after an internal or external audit report has been issued. They are designed to evaluate corrective action that has been taken on the audit issues reported in the original report. The purpose of a follow-up audit is to revisit a past audit’s recommendations and management’s action plan to determine if corrective actions were taken and are working, or if situations have changed to warrant different actions.