Audit and internal audit
A good audit does not hand you a list of faults. It shows you which fault is taking money out of the business and where the fix starts.
What you receive
Audit of financial statements
Independent examination and an auditor's report issued under Iranian auditing standards.
Periodic internal audit
Quarterly review of the purchase, sales, treasury and inventory cycles, with findings and recommended fixes.
Internal control assessment
Identifying where segregation of duties breaks down and error or misuse becomes possible.
Stock count supervision
Designing the count procedure, attending on the day, and reporting inventory variances.
Special reviews
A targeted examination of one cycle or one event, when management doubts a number.
Independent audit versus internal audit
An independent audit answers to people outside the company: shareholders, banks, the tax administration. Internal audit answers to management, and its purpose is to find the leak before it reaches the financial statements.
We do not perform both for the same client. An auditor's independence is what makes the report worth anything, and we do not cross that line.
A report that gets used
Every finding is reported with three things: the risk it creates, an estimate of its financial effect or scope, and one specific corrective action with an owner and a deadline. A finding without those three does not go in the report.
Common questions
Is our company subject to mandatory audit?
It depends on the company type, turnover and capital. A short call and a look at your most recent return is enough for us to tell you.
How long does an internal audit take?
For a mid-sized company, three to four weeks for the first cycle and roughly a week per quarter after that.
If you do our accounting, can you also be our auditor?
No. An auditor cannot examine their own work. In that case we take on internal audit and introduce another firm for the statutory audit.