STATUTORY AUDITS
In Ghana, every company is mandated by the companies act 2019 (Act 992) to have their financial statements audited by a Chartered accountant as defined by the Chartered Accountants Act 1963 (Act 170).
The purpose of the statutory audit is to provide an independent opinion to the shareholders or members of the company on the truth and fairness of the financial statements, and whether they have been properly prepared in accordance with the Companies Act.
Most companies tend to do this out of sheer obligation. However, there are numerous benefits of audits for the company that we help you take advantage of during our audit.
Benefits of statutory audits
Valuable independent insight
We remain independent at all times which means our feedback and insight into your business is devoid of any biases.
Compliance with legislation
In addition to the Companies Act 2019, specific industries are required to comply with other regulations. We help you comply.
Improved financial management
Through the identification of weaknesses in internal controls and financial systems, statutory audits help organizations improve their financial management processes, leading to more effective and efficient operations.
Recommendation on improvements
In adding value to our client’s businesses, we consistently seek ways to improve your business throughout our audits.
Early detection of issues
The audit process often helps in early detection of financial irregularities, fraud, or mismanagement. Timely identification allows for corrective actions to be taken to mitigate potential risks.
Financial credibility
A clean audit opinion enhances the credibility of a company’s financial statements. This is crucial for attracting investors, lenders, and other stakeholders.
Stakeholder confidence
The audit report serves as a reliable source of information for shareholders, creditors, and other stakeholders. This fosters confidence in the company’s financial reporting and governance.
In summary, statutory audits play a vital role in ensuring financial transparency, compliance with regulations, and the overall credibility of a company’s financial reporting. The process provides various benefits that contribute to the effective governance and management of an organization.
FORENSIC AUDITS
Elixir Audits (EA) performs forensic audits which involves investigations into alleged fraud in businesses. Our experts have a track record of 100% successful cases that have ended up in courts. Get in touch with us to help you uncover and recover losses.
Forensic audit is a specialized examination conducted by forensic accountants to investigate financial discrepancies, fraud, or legal disputes. Unlike a regular audit, a forensic audit is specifically geared towards uncovering and documenting evidence for legal proceedings.
INTERNAL AUDITS
In some cases, it proves uneconomical for businesses to have their own internal audit departments. The very nature of the role means any relationships formed across departments could compromise the independence of these auditors. It is therefore advisable to have an external organisation, provide you with your ‘internal’ audit services.
We will provide independent assurance that your organization’s risk management and internal control processes are functioning as they should, leaving no room for misappropriation of your resources.
