Audit is a procedure of closely monitoring the accounting information provided in a company’s financial statements. Assurance, on the other hand, involves assessing and analyzing different operations, processes, and procedures.
Audit services
Audit services means the professional services rendered by the Corporation’s external auditor for the audit and review of the Corporation’s financial statements or services that are normally provided by the external auditor in connection with statutory and regulatory filings or engagements.
Purpose of audit service
The objectives of these audits are to assure management, the Board, and regulators that financial statements are accurate and operations are done in accordance with applicable policies and regulations. These compliance, regulatory, and financial statement audits are all considered assurance services.
Types of assurance services
In order of increasing level of rigor, accountants generally offer three types of assurance services: compilations, reviews and audits. What’s appropriate for your company depends on the needs of creditors or investors, as well as the size, complexity and risk level of your organization.
AGX Teamanalyzes current and prior financial statements to determine not only if finances are in order, but also if the proper reports are being generated. Auditors review cash management procedures, accounting policies and controls, trial balance accounts and relationships with creditors.