Audits are a very important and necessary part of the processes involving accounting. They bring security, transparency, and trust to the area, as well as the control companies, need. Regular Audits are always recommended, but especially when the company is big, has a big team, or is always handling various local and foreign transactions that might require additional attention.
However, at Easyco, we know that Audits can be very long and tedious, and that’s why we bring you the best solutions that will guarantee the success of your company and accounting team! Our Tax Audit Services in Latin America guarantee safety and compliance in all different jurisdictions.
These are some of the Audit Services in Latin America and how they can benefit your business!
What is an Internal Audit?
An Internal Audit is a service in which the internal process (or processes) of a company are evaluated in order to find issues, and problems, and to identify the best solution and improvements to avoid them in the future. In an Internal Audit, it is important to review all internal information involved, as well as to have meetings with the team and collaborators to get their opinions and insight, since they are the ones that know the process the best.
What are the steps in the Internal Audit process?
Step 1: Understanding the process
The first step is to understand the company and its processes. It is important to review the information of previous years and to have meetings and interviews with the Managers, as well as with other members of the team involved in the process. This gives the Auditor insight into each part of the team’s work.
Step 2: Assessment of the risk matrix and controls
Review of the risk matrix and identification of key controls in order to find opportunities to improve the process. All of these are documented in the final report.
Step 3: Review the design controls and walkthrough
Meetings with the users and members of the team to review the contracts, data, and other relevant documentation to verify if everything is working as it should.
Step 4: Analysis of the efficiency control
Validation of the evidence of the process execution with the information reviewed at the beginning of the Audit and drafting of the final report with observations and improvement strategies.
What are the advantages of the Internal Audit?
An Internal Audit can benefit companies and businesses in many ways because it will allow to identify issues, prevent them and find the best solutions, as well as improve the internal control of the company. These are some of the main advantages of an Internal Audit:
A better understanding of the business operations
Improvement in the management of the company’s assets
An Internal Audit can be the perfect complement to financial evaluations
Development of better risk management strategies and identification of improvement opportunities
Risk Management Audit
What is a Risk Management Audit?
A Risk Management Audit is a service that analyses all parts and steps involved in a process with the objective to identify any risk that may harm the company, business, or collaborators.
The goal of a Risk Management Audit is to make a diagnosis of the current situation and lower the risk and possible future problems.
What are the steps of the Risk Management Audit?
Step 1: Diagnosis of the current situation
The current process is analyzed in order to understand it completely. In this step, there can be interviews, surveys, and reviews of the documentation regarding the process.
Step 2: Identification of risks, controls, and process improvements
The second step is to identify all the risks, rules, and improvements that can be done so the process runs smoothly and without any problems.
Step 3: Redesign the processes
Once the problems and risks are identified, it’s time to redesign the process to avoid them and to make it as efficient as possible.
What is a Tax Audit?
A Tax Audit is when the Government Office in charge of Taxes and Revenue decides the examine the tax statements of a company. This can happen for a long list of reasons, but it’s certainly the cause of stress and concern in the Tax and Accounting Department of any business.
That’s why it is important to always be up to date with the accounting books and all legal information that the government might ask for. Outsourcing is very popular and effective in these situations since it gives you the confidence and experience of a team of professionals that rely on technology, expertise, and constant training.
It is essential to first evaluate the current situation and diagnose any problems or risks, in order to figure out what could be the sanctions and the best and fastest solutions.
Get Assistance from Easyco Experts!
At Easyco, we work with the best experts in Latin America to provide the Audit Services your company needs. Our team of experienced professionals will work closely with your collaborators to identify all issues, and problems in order to find the best solutions that will benefit your business and processes.
We have experience in most countries in Latin America, as well as in a variety of industries that include:
General and SMEs
Public Labor System
Other industries according to your business requirements
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