Services
Audit & Assurance
An audit is an examination of the financial statements, and of the records those statements are drawn from. Assurance is the report that follows, addressed to the people who rely on those statements.
Financial statement audit
The engagement starts with the books as they stand: the trial balance, the schedules, and the notes management has already prepared. The examination tests whether the balances are supported, whether the cut-off is right, and whether the statements include what the applicable framework requires them to include.
The report says what was examined and what conclusion the examination supports. It does not rewrite the accounts. Where the books are not ready for examination, that is said before fieldwork begins.
Tax audit
Where the Income-tax Act requires a tax audit, the firm examines the particulars that the prescribed form asks for, against the same books that support the financial statements. The tax audit is not a substitute for the computation of taxable income. It is a check that the figures placed in the form can be traced.
Other assurance
Some matters do not need an opinion on the whole of the financial statements. A lender, a buyer, or a board may ask for assurance on a specific balance, a set of controls, or a certificate the statute names. The work is limited to that subject, and the report says so.
Questions about a particular engagement go to office@kgcmail.com.