Assistance in External Audit

Overview of Assistance in External Audit

 

The preparation and presentation of Financial Statements in accordance with the applicable financial reporting framework is the responsibility of the management. The Financial Statements prepared reveals the economic performance of the organization. The Management and the accounting department often does not have the privilege of being an expert and sometimes they might not have the time to draft the Financial Statements which are ready to be Audited and they may not be well equipped to answer the queries raised by an External Auditor during the course of an Audit.

At Flying Colour Tax consultants, we are a team of experienced professionals who can assist you in the Audit process by making it smoother and cost-effective. We will examine all the financial information of the organization and organize it in a manner that will ease the process of audit.

Our services include the following:

  • Preparation of Financial Statements or Notes to accounts
  • Evaluate & Assisting in the selection of Accounting Policies
  • Reconciliation of Accounts
  • Year-End Entries
  • Preparation of calculation sheets and supporting schedules
  • Evaluate Internal Controls placed
  • Assessing account grouping or classifications in the financial statements
  • Follow up with PBC list provided by the external auditor
  • Answering queries of external auditor related to the above
  • Confirming balances With AR and AP
  • Preparation of Audit Schedule
  • Assessing accuracy in applying Accounting Standards
  • Replying to the queries raised during the Audit

Flyingcolour® assists in all types of accounting, bookkeeping, value added tax (VAT) related advise and VAT return filing, issues related to Federal Tax Authority (FTA), Economic Substance Regulation (ESR) related matters, monthly account related reporting to management (MIS), payroll services, excise and custom related claims and high quality outsourced CFO services through our team of experienced chartered accountants. We have attractive customized monthly accounting packages.

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