External audit is the process by which an independent auditor checks and verifies accounting records to provide an opinion on their correctness (Free from any material error). All external audits are carried out on sampling basis.
Any company wanting to ascertain whether there financial statements or the assertions present in those financial statements are free from any kind of material misstatements would require an external audit to be carried out for getting a better picture of truth & fairness presented by these financials.
Purpose of external audit:
- To provide transparency of accounts.
- To monitor the integrity of financial statements.
- To ensure every individual item presented in the financial statements gives a complete & accurate understanding of it.
Steps involved in conducting an external audit:
- Planning the audit to be performed
- Determining the method of sampling to be used.
- Assessing the risks of any material misstatements.
- Deputing appropriate staff to carry out the audit.
- Gathering sufficient appropriate evidence.
- Issuing an audit report on the basis of evidence gathered providing a suitable opinion.
We have conducted more than 100+ external audit assignments & possess a reasonable amount of expertise in carrying out such assignments.
With an experienced team of Chartered accountants who have a varied knowledge & audit background, we are well equipped to help our clients with their needs.
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