Expedited audit of accounting

Jan, 16 2020

In virtue of the service of expedited audit of accounting any organization can carry out a short revision of its accounting statements condition. Such revision usually takes short period and minimal efforts.

Expedited audit can be beneficial for the executive of an organization, sole proprietor as well as for the chief accountant of a company.

It is recommended to carry out expedited audit in the following cases:

  • Change of chief accountant of a company;
  • Revision of effectiveness of current accounting system and developing provisions in order to reorganize it;
  • Evaluation of tax risks before tax inspection;
  • Developing recommendations for accounting recovery;
  • Drafting an interim financial report;
  • Dealing with unusual situations (change of beneficiary, business expansion, bankruptcy) or untypical transactions (financial leasing, factoring);
  • When company’s executives need to obtain analysis concerning any specific situation within a short time.

While carrying out expedited audit of accounting, firstly, consultant evaluates the system of internal control and management of financial department. Secondly, it is necessary to analyze current accounting policy, incorporation documents, basic commercial agreements, accounting and tax reports for the period of audit as well as to make short evaluation of the company’s document flow.

If required by executive, revision of specific blocks of tax or accounting areas can be made as well as the revision of specific commercial agreements or transactions regarding any risks.

The essential difference of expedited audit from other types of audit is that there is no auditor’s report at the end of the revision. Instead, consultant makes a simple written report pointing out the main tax/accounting mistakes, violations and offering possible solutions.

Also, during expedited audit less attention is devoted to the primary documentation. Consultants are mostly focused on the company’s activity evaluation thus, they carry out audit of basic aspects of the company’s activities, applicable algorithms of tax and accounting.

This service is effective prior the tax inspection or any other events required the information about present-day activities of a company.

The main advantages of the expedited audit of accounting are as follows:

  • short timing;
  • minimal intervention of consultants into the company’s every-day activities;
  • incomprehensive set of documents required for the audit;
  • reasonable pricing compared to the full audit;
  • efficiency of work.

Lawyers of VALEN offer you the following services:

  • Carrying out expedited audit of accounting of your organization;
  • Evaluation of the current accountancy quality;
  • Expedited analysis of activity and defining tax risk zone;
  • Preparation of short report pointing out main disadvantages, its monetary terms and recommendations on its elimination;
  • Support on tax refund;
  • Assistance in tax reduction.

You may contact VALEN lawyers by any mode of communication available or visit our office making arrangement in advance by calling us to the following phone number: +7 (495) 7-888-096.