Audit of Services
Audit of service companies has certain unique features which depend on type of services. Generally it is service business that is characterized by the most compound cooperation system which includes manufacturing, trade and agents’ activities, as well as by application of different taxation systems.
Working out an audit program our Company takes into account the specifics of business. For instance, the audit program for a fitness centre will dramatically differ from that for a transportation company. Considering all peculiarities and specifics of a Client’s business provides for maximum efficiency of an audit engagement.
Inviting our auditors allows detecting loose segments of a current accounting system as soon as possible, assessing risks of transactions carried out and implemented managerial schemes, getting confidence in transparency and authenticity of financial statements.
It is difficult to list issues of special attention during an audit engagement because service companies vary dramatically. However, there are the main tasks which our experts try to perform during an audit engagement. They are as follows:
- Audit of accounting data about entity’s costs and revenues;
- Analysis of the specifics of recording entity’s exchange transactions;
- Detailed study of the status of management accounting and accounting record-keeping and possibility of their improvement;
- Revision of the methods and arrangement of tax recording;
- Working out guidelines for modification of recording and analytic system.
If a Client sets specific tasks, the program of an audit engagement may be corrected. At Client’s option our Company may offer necessary advice on accounting, management and tax planning in order to work out a plan of improving business activities under current conditions.