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What Auditors Do And What They Don’t?
Auditors play a key role in accounting services. Here is what you need to know all about auditors – who they are, what they do and what they don’t!
Who Is an Auditor?
An auditor is a person you hire to ensure that your financial information on reports is accurate and true and adheres to GAAP i.e. Generally Accepted Accounting Principles.
What do auditors do?
Well, the most important job of an auditor is to form an opinion. The opinion of an auditor can make or break the reliability of your brand’s financial statements.
They collect information and based on the same they form an opinion. This opinion is mandatory as per the GAAP protocol and should be a part of a company’s financial reports.
At the base of reports, there are footnotes. These footnotes provide added information regarding things which are mentioned in the statements. Only audited financial statements of a company which have written opinion of an auditor are considered to be reliable, valid and true.
What auditors don’t do
They do not take a responsibility for financial statements even if they form an opinion about them
They don’t make changes to source documents.
They do not authorise or consummate a transaction on behalf of a client.
An auditor does not establish or maintain an internal control.
They do not report to any board of directors on behalf of the management team
They don’t sign tax returns of behalf of the clients
They do not approve or deny vendor invoices for payments
They are nowhere involved in hiring or termination of employees.
They don’t analyse or reconcile accounts nor do they close the books.
They don’t prepare financial statements for the company.
An auditor does not choose accounting policies or processes.
They do not offer ROC filing services in India.
They do not suggest or implement corrective plan of actions.
They don’t perform NRI taxation in India.
Audit services are important to assure that your company is consistent with om going laws, rules, regulations, financial reporting standards. Most commonly used audit services in India are accounting, review and compilation and internal audit. These services can be hired from any reputed CA firms in India.
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Also, read more info about the best audit services in delhi http://manishanilgupta.com/audit-assurance-services.php
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