Summary Of Service
An audit engagement is the highest level of professional involvement, including the application of generally accepted auditing standards in support of each significant financial statement item. Audits are required only in very specific circumstances which usually do not apply to private corporations. An Audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An Audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluate the overall financial statement presentation.
Specifically, you need a licensed Accountant to do the Audit, such as a Chartered Accountant. If you need an audit, I can suggest and arrange an appointment with another local chartered accountant who I have worked with in the past. HBS Management Consultants is not licensed to perform audit engagements (I can assist another C.A. with the work, but I cannot sign the Auditor’s Report). In certain circumstances I may work and assist the C.A. with the engagement in certain tasks, but overall the C.A. may just request to utilize his/her own resources and staff.
Generally, auditors need total access to your business, records, and all information.