Importance of supervision services:
If you suspect any sort of fraud or error in your bookkeeping or financial reporting, hiring our experienced team at Ace Auditing could benefit you in lots of ways. There are several means of committing and hiding a strategically planned fraud in an organization. Taking precautions is the best you can do to avoid incurring huge losses or even bankruptcy in the future. One could never know, one of your most trusted members could be cooking your books for personal gains.
In such a situation, your management would portray huge profits and sales on the financial statements but behind the scenes, the story could be entirely different.
In order to avoid losing your life’s hard work and all the efforts you and your team have put into the business, We would do a regular check up of your entity. Since we are a third-party firm, no self-interest or self-review threats could cloud our judgment. You can fully trust our experienced team who has been in the field for years. Our qualified accountants would ensure that the entries of your daily transactions, bookkeeping and financial reporting are being performed honestly and truthfully.
Our services include:
- We will regularly visit your premises on a weekly or monthly basis depending on the frequency of your transactions.
- The value of sales recorded in the sales ledger will be verified by checking against the cash received or receivable recorded, customer’s identity, invoice etc.
- Review of whether the generally acceptable accounting principles have been followed or not. Ensuring whether revenue and expenses have been recorded as per prudence concept and accrual basis of accounting has been followed.
- Valuation of inventory will be verified by inventory count, inspection of inventory for damages and verifying that the cost has been measured at lower of cost or net realizable value (NRV).
- Analysis of sales will be made to check which department has contributed the most. Often times, bonus or commission as incentives on sales value might result in management over valuing the sales to receive a higher commission. Such incentives will be analyzed specifically.
- Ensure whether any huge damages to assets have been reported or not and whether the depreciation is computed correctly.
- Any purchase or sale of assets’ transactions will be verified with relevant documents and whether it is authorized by the manager or owner.
- We will also ensure that bank reconciliation, debtor’s account, customer’s account and any other receivable or payable account has been created accurately and on time.
- Ensuring that all the utility bills and other expenses have been cleared and were authorized by the manager/owner.
- Originality of documents like bank accounts will be verified to avoid any sort of frauds
- Observation of premises and ensuring whether the management promotes culture of honesty and integrity.
- Whether the applicable financial framework is being used accurately while preparation of financial statements.
- All sorts of income receivables will be verified by tallying with documents such as contracts and other records.
We will leave no leaf unturned in order to ensure bookkeeping and financial reporting is being done honestly.