18 Sep 2021 Ankit Chadha

High Impact Areas of Focus: Future Trends of Audit and Assurance

Audit and Assurance | TRC Corporate Consulting

Every year the shareholders or the investors hire an auditor to assure that the company in which they have invested their time and money is making the most out of their monetary resources. Audit and assurance enables appropriate evaluation concerning if the CEOs and the CFOs are utilizing the funds for the company’s growth and development and not using it for unnecessary expenses. Not only to ensure the right utilization of the funds, auditing and assurance services are also essential to eliminate the chances of fraudulent transactions and scams that can put the investors and the public at a loss.  Thus, this is where consultancies like TRC Corporate Consulting come into the picture. You can hire skilled and experienced auditors who are well versed with the fundamentals of audit and assurance and are aware of the ins and outs of this industry.

What is Audit and Assurance? 

Audit and assurance is a method used to assess a company’s financial records. It is a way of verifying and validating the accounting records of a company while making sure that they match the Indian accounting standards and principles. Auditing and Assurance services also confirm whether the company’s accounting records are accurate or not, proving it be thriving legally and fairly in the market.

Thus, to put it in simple words, an audit is a process of evaluating accounting entries that appear in the financial statements of the company. At the same time, assurance is the method of assessment that is used for scrutinizing the company’s accounting entries and financial records. Usually, both audit and assurance go hand in hand. An audit is generally followed by assurance.

 

Considering today’s market condition that is highly competitive and aggressive, it is a must for any organization or company to adopt new trends and techniques for assurance and internal audit. You can partner with us to leverage the services of one of the best quality assurance auditors for your firm. Our quality assurance auditor will provide you with exceptional auditing and assurance services that include these five simple steps:

  1. Investigation: Inquiry is the fundamental step of audit and assurance, where the auditors ask relevant questions to the managers, accountants, and any other executives of the company that can help in collecting relevant information and facts about the company. The quality assurance auditor can ask about business developments and reports for yearly financial operations.
  2. Assessment: Then the second step of audit and assurance is to observe, assess or inspect all the activities, procedures, and conditions of the company and its finances. The auditor also checks if all the important documents are stored and protected.
  3. Examination: The third step is to examine, which enables the auditors to determine whether manual controls are being consistently operated and recorded precisely. In this step of audit and assurance, the auditor might even check the manual documentations for visitor registers, employee handbooks, system archives etc.
  4. Re-performance: This step can only be taken after the investigation, assessment, and examination have delivered the required assurance. In the case of audit and assurance, re-performance is one of the most crucial steps as it highlights the operational efficiency of a specified control.
  5. Changes: Lastly, after the above steps are executed, it is necessary to address the changes and modifications required accordingly.

Understanding The Four Essential Future Trends of Audit and Assurance 

  1. Unlearning Traditional Audit Methods 

By adopting agile auditing methods and unlearning the traditional ones, the audit and assurance process can be completed more efficiently. With innovative methods, it is easier to get the desired result in the anticipated time. By adopting new and better ways of executing auditing and assurance, the company can resolve difficult problems with ease and efficacy.

  1. Culture Management 

The culture of any company is essential. It can not only affect the productivity but also make or break the company’s reputation in the market. With the help of skilled internal audit and its guidance, the management and the board members can set certain guidelines for the top management to send the right cultural message while aligning incentives with value.

  1. Internal Cyber Security 

With companies adopting new technologies and formats of functioning, the cyber-related risks and opportunities are increasing. The audit and assurance services need to be adjusted accordingly if they still want to provide value to the organization. This involves transfer from IT and compliance-based approaches to a more risk-centric approach towards cybersecurity. However, most internal audit groups find covering all cyber issues challenging in this internal audit and assurance trend, mainly due to a lack of supplies and skills. Thus you can partner with us to unravel your full potential while taking care of your internal cybersecurity with our highly experienced consultants.

  1. Constant Risk Monitoring 

The traditional audit and assurance process is of inadequate value in assessing risks in today’s unpredictable market. However, continuous risk monitoring, evaluation, and tracking can help a company utilize its resources to where they’re most required. In addition, this approach can change the relationship with stakeholders, enabling the internal audit to identify the risk beforehand and having enough time to deal with it internally.

Why Hire TRC Corporate Consulting For Audit and Assurance Function? 

Audit and assurance services are more than just evaluations and numbers. It is about heading towards success while tackling the obstacles. Audit and assurance helps your business build a solid base that assists you in achieving all your future objectives and business goals. TRC Corporate Consulting illustrates the when, how, and why of the changes adopted by businesses worldwide!

Are you planning to leverage audit and assurance services for your business? Contact us to get answer to all your questions !

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