HR Shaikh, Seyar, LLP is a well-known name for financial statement auditors today and their expertise lies in catering to a number of industries and hence they are familiar with different sectors and their practices. The biggest advantage that comes with HR Shaikh, Seyar, LLP is the audit is proven to be cost effective and economical. The general practice is to identify internal control gaps and critically analyze them. Then they come out with a range of solutions to fix the issues. They provide number of services. The list can be found here http://www.hrshaikh.com/Services-Audit-a.html
An audit of financial statements is more commonly known as the review of the financial statements of a company or firm or any other legal entity. It can also include a government entity or a non profit entity. Once the review is done the auditors such as HR Shaikh, Seyar, LLP publish an independent opinion on the sanity of the financial statements. They provide an opinion on whether the statements were relevant, accurate, complete and fairly presented. It is important that the financial statements are prepared under certain guidelines set by the highest Accounting association of the country. The financial statement auditors check if this has been done too.
The authority over the audit of financial statements usually rests with firms with practicing accountants like HR Shaikh, Seyar, LLP. This is because financial statement audits require specialist financial reporting knowledge. The audit of financial statements is also referred to as one of the many attestations or assurance functions provided by auditing and accounting firms. Hereby the firms provide an independent opinion on published information. Organizations also employ or hire internal auditors for audit purposes. Their function will not be to attest to financial reports. Their focus is on the internal controls of the organization. External auditors may or may not choose to seek the assistance of internal auditors or place full reliance on the work that they have executed.
HR Shaikh, Seyar, LLP has a very important job with respect to audits. All the information can be sough from this link http://www.hrshaikh.com/Services-Audit-a.html . The audits that they perform add credibility to the assertion by a firm’s management that its financial statements fairly represent the firm’s position and performance to the organization’s stakeholders. The primary stakeholders also known as the principal stakeholders are the shareholders of an organization. There are other parties who would be interested in the opinion too. Tax authorities, banks, suppliers, regulators, customers and employees may all have an interest in ensuring that the financial statements that are prepared are accurate. Audits are designed in such a way that it reduces the possibility that a material misstatement is not detected through audit procedures. A misstatement can be a missing statement or false information caused by either human error or fraud. Audits are done because they add value by easing the cost of information asymmetry, not because they are made compulsory by law. Audit is a global concept but the practice differs from country to country.