Audit & Assurances Services
Audit and assurance services refer to independent professional services that aim to improve the quality or context of information for decision-makers. These services provide confidence that financial and other information is accurate, complete, and presented fairly.
Key Services Included
External Audit
- Independent examination of financial statements.
- Provides an audit opinion (unqualified, qualified, adverse, or disclaimer).
- Ensures compliance with accounting standards (like IFRS or GAAP).
- Required by regulators or shareholders for public companies.
Internal Audit
- Evaluates internal controls, risk management, and governance.
- Helps improve business operations and efficiency.
- Often ongoing and strategic—not just financial.
Assurance Services (Non-Audit)
Broader than audits; not limited to financials.
Can include:
- IT system reviews
- Cybersecurity risk assessments
- Due diligence for mergers & acquisitions
- Compliance audits (e.g., regulatory or tax)
Review Engagements
- Less in scope than an audit.
- Provides limited assurance (not a full opinion).
- Often used by smaller businesses or for interim reporting.
