Expedited audit of accounting: advantages, purposes and objectives

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Thanks to the express accounting audit service, any organization can make a brief check of the state of accounting records. Such verification usually takes place in the shortest possible time and with minimal costs for its implementation.

Express audit can be useful to the head of the organization, individual entrepreneur (IE), as well as directly to the head accountant of the company.

It is recommended to conduct an express accounting audit in the following cases:

• change of the head accountant of the company;
• checking the effectiveness of the current accounting system and developing proposals for its reorganization;
• assessment of tax risks before tax audit;;
• development of proposals for the restoration of accounting;
• when preparing interim financial records;
• in non-standard situations (change of ownership, business expansion, bankruptcy) or atypical transactions (leasing, factoring);
• in conditions when the company’s management needs to get an analysis of the situation on a specific task in a short time.

When conducting an express audit of accounting, the consultant, first of all, evaluates the internal control system and the organization of the activities of the financial department. Next, the analysis of the current accounting policy, constituent documents, basic business contracts, accounting and tax reporting for the audit period, as well as a brief assessment of the document flow of the company is carried out.

If desired, the manager can check individual blocks in the tax or accounting field, as well as check specific business contracts or transactions for the presence of risks.

The main difference between express audit and other types is that upon its completion, the consultant does not make an audit report, but makes a regular written report, which indicates the main tax and accounting errors, existing violations, and also suggests ways to solve these problems and shortcomings.

Also, with this type of audit, as a rule, less attention is paid to the primary documentation, and the main emphasis is on evaluating the work of the company as a whole, while checking the main aspects of the company’s activities, the accepted tax and accounting algorithms.

This service is especially effective on the eve of a tax audit or, if necessary, urgently find out about the state of the company.

The main advantages of express audit of accounting are:

• carrying out in the shortest possible time;
• minimal intervention of consultants in the current activities of the company;
• limited set of documents for verification;
• affordable cost compared to a full audit;
• the customer receives important information as quickly as possible.

VALEN lawyers offer you the following services:

• Conducting an express audit of your company’s financial records;
• Assessment of the quality of current accounting;
• Express analysis of activities and identification of tax risk zones;
• A brief report indicating all the shortcomings, their summary expression and recommendations for their reduction (elimination);
• Support for the refund of tax payments;
• Assistance in reducing tax payments;

You can contact VALEN’s lawyers by any of the available communication methods or visit our office by making an appointment by phone +7 (495) 7-888-096.