Audit and Assurance services are a critical component of the accounting profession. They involve the independent examination of financial information, systems, processes, and controls within an organization to provide assurance about the accuracy, reliability, and fairness of the information being presented.
- This is the most common type of audit. It involves the examination of an organization’s financial statements (financial position, income statement, statement of changes in equity and statement of cash flow) to determine whether they accurately represent the financial position and performance of the company. The GTA auditor’s objective is to provide an opinion on whether the financial statements are free from material misstatements.
- Forensic auditors investigate financial discrepancies, fraud, and other financial irregularities. They collect and analyze evidence to uncover fraudulent activities and provide legal
- In a review engagement, GTA auditors perform procedures that provide limited assurance on financial statements. While not as extensive as a full audit, a review engagement involves analytical procedures and inquiries to determine if the financial statements seem plausible.
- In this type of engagement, GTA auditors perform procedures agreed upon by auditors and the entity being audited. The results of these procedures are reported without providing an overall opinion on the financial statements.
- Due diligence is an extensive investigation or audit of a potential investment or product to confirm all the facts. It refers to the care a reasonable person should take before entering into an agreement or a financial transaction with another party. Financial Due Diligence (FDD) includes analyzing and validating the financial health, performance, and forecasts of the target firm.