Company Audit for Immigration to Canada, UK, and USA
Defining the Objectives for Company Audit
Announcement of Audit Procedure
As soon as audit objectives are defined, the assigned audit team will issue a memo for audit engagement and will be sent to management of a company that’s to be audited. Memo distribution can include senior company administration officials which have responsibility in running the business. This memo’s purpose is so those who are concerned are made aware of the audit’s objectives. The memo will also contain information regarding the planning audit or review process, as well as the expectations that are set for the entire audit’s course.
Entrance Meeting for Audit
Entrance Meeting for Audit
A reliable team for audit will examine all important documents to search for evidence in which will determine whether or not effective internal controls have been set in place. With an audit fieldwork, auditors may also perform a detailed testing for transactions, review system that is related to the controls for completeness and integrity of data, and evaluate the company’s compliance with existing policies and adherence to any applicable regulations set by the local authorities. An auditor will also request additional documents and information as needed.
During an audit process’ course or as it is performed, the risks that auditors uncover will be categorized into High, Low, and Moderate. This can make sure there is consistency in the reports and findings, as well as to ensure that there is significance portrayed for each find as agreed on the level of concern or criteria. Risk level will be recalculated a number of times in an audit process in order to reflect the established company internal controls which mitigate risk. Level of residual risk will help auditors in UAE determine whether or not controls are sufficient, as well as if a suggestion is needed in mitigating risk further.
Communicating and Reviewing of Results
Exit Meeting for Audit
The recommendations are to be discussed by all parties concerned and will have to be agreed upon by parties in order to make sure that the response of the management is achievable and/or reasonable. Corrective action may also occur with the help of the team for audit.
Issuance of Audit Reports
Management of the company will be expected to review any audit issue for accuracy and completeness. It will also have to prepare an action plan and formal response. An audit team will issue a formal audit report used in informing senior management regarding concerns and weaknesses of the company. We know you have concerns or questions regarding company audit in UAE, especially for immigration to Canada, UK or USA. Call us today to speak to Protax experienced auditors in UAE.