If you are someone who is confused about whether or not to purchase an audit assistance program, this article is for you as the Advance tax solutions experts will tell you everything about it that you need to know.
But before moving on to the other things related to the audit assistance program, you must first understand what it is and what it is used for.
In simple terms, an audit assistance program is an automated program that works with the audit scope, objectives, activities, and timeline that auditors carry out. This program is also referred to as an audit plan. Its function is to work as a guide for the working of different forms of audits that takes place in a company.
We at Integrity Tax provide the most advanced audit assistance program that is not only easy to use and understand but also very fast and efficient. This program will let your work with your clients more efficiently to refund what they are due. If you would like to learn more about our audit assistance program and its features, you may visit the link.
Now that you understand what an audit assistance program is and what it does, we can move on to the importance of this software.
Why Does An Audit Assistance Program Matter? Explained By Advance Tax Solutions Experts
In simple and easy terms, audits help identify the efficiency of the internal controls of any company. According to advance tax solutions experts, with the use of an audit assistance program, a company will be able to maintain a better and more efficient system of the internal controls of the organization, gain more insights into the operations in regards to achieving the company objectives, Recognize and identify if there are any chances of misappropriation of assets and risks of fraud and ensure the compliance with the audit rules, regulations, and laws.
This is why a company shall consider investing in an audit assistance program, as explained by digital tax solutions experts. Now that you understand what the software is and its importance in an organization plus its pros and cons. Let’s move on to the different types of audit programs.
The Various Types of Audit Programs
It is important for businesses to have audit programs as it helps increase accountability by keeping a record of every business transaction. Depending on the needs of the organization, it can work with various types of audit programs. Listed below are some of the common types.
The Internal Audit
This type of audit, as the name suggests, is an audit that is done within the organization. It helps provide more visibility on the finances to the shareholders and the board of directors. It helps the company keep in check its financial goals and whether they are being achieved or not while also making sure that the company is compliant with the financial regulations, rules, and laws.
The External Audit
Opposite to the internal audit, this external audit program is conducted by the bodies that are governing the company. The audit must not have any personal connection to the company. For instance, the internal revenue service, which is also referred to as IRS. These organizations follow the rules and regulations that are generally accepted such as the GAAS (generally accepted auditing standards), these organizations generate reports on the information obtained and the audit processes.
Compliance Audit
This type of audit helps recognize whether the organization is following the rules and regulations set internally by the business itself as well as the rules and regulations set by governing bodies such as IRS. This program is usually used to ensure that the employees are being paid fairly or not and that the shareholders are being shared with proper and accurate distributions.
Financial Audit
This type of audit is mostly used by businesses and organizations to check their financial statements. Although, you must know that financial audits must be done externally by the governing bodies. You may do it internally as well but that must be for the checking purpose only.
So these are some of the common types of audit assistance programs as explained by advanced tax solutions experts. If you would like to learn more about our audit assistance program, you may visit our website.