Fequently Asked Questions

We have listed below a few outstanding business/ management books. And though it is entirely possible that you have already read some of these titles, each is worth re-reading and adding to your personal library.

Financial Statement Audit

Audit & Assurance

  1. What is Audit & Assurance?

Audit & Assurance is an evaluation of an organization, system and processes and testing them on the basis of statistical samplings. They are performed to ascertain the validity and reliability of financial information, and also provide an assessment of a system’s internal control. An audit seeks to provide only reasonable assurance that the statements are free from material error. A set of financial statements are said to be true and fair when they are free from material misstatements.

  1. Why is it important to engage an Audit & Assurance Service?

An audit is much more than a formality; it is a real necessity to protect business and encourage it to thrive. It is crucial to engage an Audit & Assurance Service to review the company’s financial status, system processes and internal controls, in order to assess the effectiveness and efficiency of these components. It would also increase accountability and transparency.

  1. Why is it important to engage an independent auditor?

The external auditor serves the private interests of the shareholders of the company. An independent auditor is a neutral and impartial party which would be deemed to have no interests in the company. This would ensure greater accountability and transparency while reporting to the shareholder.

  1. What are the benefits a business unit can get from an audit experience?

A business unit can benefit from an audit in the following ways:

  • Independent opinion
  • Protection of the rights and interests of shareholders
  • Better internal controls
  • Detection and prevention of errors
  • Verification of books
  • Detection and prevention of frauds
  • Loan facility
  • Moral check
  • Easy valuations
  • Facility for prospective investor
  • Satisfaction of business operations

After an audit is completed, the company will be able to develop a greater understanding on the handling of financial matters, preparation and presentation of financial statements. An auditor’s report on the financial statements and suggestions for improvements would also be presented to the management of the company.

Nexellence Consultants is a Tax Consulting and Accounting firm that is located at Mbeya, Tanzania which provides a wide range of high quality financial services (Internal Auditing, Accounting, Tax Consulting and business advisory) of dedicated…

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