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Statutory Audit is a checking of accounts required by law. A municipality may be required by its own law to have an annual audit of financial records or a company which is governed by any Law, the Law may require the audit to be conducted and the manner in which audit should be conducted and to whom the report of auditors should be presented. Like in case of companies the Companies Act needs audit of accounts, its reporting and manner of audit report.
Changes in the regulatory and corporate governance environment have significantly changed the expectations and value definitions that many stakeholders place on the internal audit function. New definitions, requirements and standards are emerging, from both internal and external sources, forcing boards and managers to rethink the roles, responsibilities and relationships between governance, risk and compliance activities. These issues are being faced by organizations globally. Hence, there is a need to set up internal audit and corporate governance functions that are efficient, flexible, and able to support the organizations to address growth, sustainability and other future challenges.
Internal audits serve various purposes. Some audits assess compliance with laws and regulations. Others measure compliance with the organization’s internal policies and procedures. A strategic audit helps small-business owners assess whether internal processes move the needle toward their strategic goals. Based on audit results, management adjusts operations to maximize progress toward the goals.
The purpose of this guidance is to assist enterprises in preparing a comprehensible, well-supported audit report that complies with the requirements of the information systems (IS) Audit and Assurance Standards and IS Audit and Assurance Guidelines that are published by ISACA. The guidance is also designed to help ensure that the summary of audit work and audit results are clearly presented and that the IS audit report presents the results of the work performed clearly, concisely and completely.