Nowadays, practicing auditing leads us to elaborate the company of the future.
Our work is not limited to simple arithmetic combinations.
Our mission is to acquire a global understanding of the client business, its strategy, its structure, its fiscal and administrative constraints.
Audaccon is qualified to handle all statutory audits concerning a wide range of businesses. Our systematic and detailed approach to audit provides statutory compliance including management reports, and detailed improvement systems. We design a customized audit plan that concentrates on the business areas significant to your financial statements and that are critical to your risk profile.
Our audit team understands the critical audit areas of each client and performs the audit accordingly. Management is kept up to date along the process, with regular reporting of our findings. We deliver reports that assess the internal controls of the business and a transparent opinion on the fairness of the financial statements. Our audit complies with the international financial reporting standards (IFRS) and the local rules and regulations, with the annual report containing all the financial statements and explanatory notes as required by readers and users of the annual report.
Internal control, as defined in accounting and auditing, is a process for assuring achievement of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. A broad concept, internal control involves everything that controls risks to an organization.
It is a means by which an organization's resources are directed, monitored, and measured. It plays an important role in detecting and preventing fraud and protecting the organization's resources, both physical (e.g., machinery and property) and intangible (e.g., reputation or intellectual property such as trademarks).
Due diligence is an investigation of a business or person prior to signing a contract, or an act with a certain standard of care.
It can be a legal obligation, but the term will more commonly apply to voluntary investigations. A common example of due diligence in various industries is the process through which a potential acquirer evaluates a target company or its assets for an acquisition. The theory behind due diligence holds that performing this type of investigation contributes significantly to informed decision making by enhancing the amount and quality of information available to decision makers and by ensuring that this information is systematically used to deliberate in a reflexive manner on the decision at hand and all its costs, benefits, and risks.
An auditing investigation refers to a detailed verification and clarification of any doubts that may have occurred regarding any form of transaction, which have been made by the accounts department of an organization or company. This usually involves the investigation of ‘large’ purchases such as property and other assets that are deemed large.
An auditing investigation is essential to any company in order to keep updated with the different transactions of the company; this is to ensure control and resourcefulness of the company’s transactions.
Bookkeeping is an indispensable subset of accounting. Bookkeeping refers to the process of accumulating, organizing, storing, and accessing the financial information base of an entity, which is needed for two basic purposes:
The term accounting is much broader; going into the realm of designing the bookkeeping system, establishing controls to make sure the system is working well, and analyzing and verifying the recorded information. Accountants give orders; bookkeepers follow them. Accounting encompasses the problems in measuring the financial effects of economic activity. Furthermore, accounting includes the function of financial reporting of values and performance measures to those that need the information. Business managers, investors, and many others depend on financial reports for information about the performance and condition of the entity.
A legally required review of the accuracy of a company's or government’s financial records.
The purpose of a statutory audit is the same as the purpose of any other audit, to determine whether an organization is providing a fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping records and financial transactions.