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Audit-Support-Services

Outsource Audit Support Services

Improve your accounting firm’s efficiency and performance by outsourcing time-consuming audit work.

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Freeing Up Time for Auditors

Auditing is a highly responsible and analytical job for auditors – to vouch for the authenticity, relevance and quality of a client’s financial statements on the basis of appropriate evidences. In short, auditing is high-cost, time-consuming and often involves high stakes for accountants and their clients.

The QXAS Audit Support team takes the tedium out of auditing without putting a strain on the auditor’s time, costs and manpower. With trained, qualified and experienced resources solely devoting their time to process audit working papers, auditors can now eliminate the chances of errors or missed deadlines and ensure high-quality disclosures. All this, while freeing up your time for new clients and getting opportunities to scale up your firm.

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SCOPE OF WORK

Engagement Planning:

  • Conducting initial meeting with the Audit Partner and end client to understand their business and key developments in the year under audit
  • Documentation of audit planning including but not limited to filling up of various planning checklists, questionnaires, assessment of risks and materiality thresholds
  • Preparation of Audit Plan and selection of samples for audit tests

Audit Testing and Evidence Gathering:

  • Performing analytical procedures and Substantive Test of Details over account balances and classes of transactions
  • Gathering sufficient and appropriate audit evidence to support findings and gain comfort over the audit assertions
  • Documenting audit procedures and results

Conclusion, Communication and Reporting:

  • Documentation of completion phase of an audit with the Partner/RI including various checklists
  • Preparation of Management Letter and Letter of Representation using firms’ standard templates
  • Review of financial statements to check compliance with relevant accounting standards
  • Communicating with Partner/RI on the points which require their clearance
  • Preparation of summary of Adjusted and Unadjusted Misstatements
  • Provide interim and periodic updates to the clients

 

YOU’LL NEED TO PROVIDE

  • Access to the audit documentation software
  • Access to previous year audit working papers
  • Access to the permanent file
  • Access to previous year full signed accounts
  • Access to current year accounts working papers

 

REPORT

  • Current year audit working papers

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