Company Audit for Immigration to Canada, UK, and USA
Canada, UK, and the USA are among the countries that allow self-employed professionals to migrate into their lands upon meeting certain requirements. However, one of which is company audit for immigration. In this article, we’ll also provide you with a clear picture on how an audit firm in UAE accomplishes company audit and produce reports that to be furnished to the appropriate immigration authorities. Read on.
Defining the Objectives for Company Audit
Prior to an audit, a firm will conduct a procedure for preliminary planning, as well as information gathering. An assigned auditing team will also define your audit objectives, including the scope of the service. An auditor will start developing an audit program in order to define testing procedures. With company audit for immigration, in particular, it will be for uncovering the strengths and weaknesses of a company.
Announcement of Audit Procedure
As soon as audit objectives are defined, the assigned audit team will issue a memo for audit engagement and will be sent to management of a company that’s to be audited. Memo distribution can include senior company administration officials which have responsibility in running the business. This memo’s purpose is so those who are concerned are made aware of the audit’s objectives. The memo will also contain information regarding the planning audit or review process, as well as the expectations that are set for the entire audit’s course.
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Entrance Meeting for Audit
The team that will conduct the audit similarly, will meet with the company administration to discuss the scope of audit and the subsequent steps. During the meeting, company administration provide the details on major company operations and programs, relevant contact names, policies and procedures which deemed to be relevant to the review process, as well as other details that can assist in the fieldwork. The audit team will also discuss the impact of the audit process to the daily operations of the business as well as the expected duration.
Performance of Audit Tests
The auditors will gather information, then perform the tests for audit in order to acquire a good understanding on the company’s internal controls.
A reliable team for audit will examine all important documents to search for evidence in which will determine whether or not effective internal controls have been set in place. With an audit fieldwork, auditors may also perform a detailed testing for transactions, review system that is related to the controls for completeness and integrity of data, and evaluate the company’s compliance with existing policies and adherence to any applicable regulations set by the local authorities. An auditor will also request additional documents and information as needed.
During an audit process’ course or as it is performed, the risks that auditors uncover will be categorized into High, Low, and Moderate. This can make sure there is consistency in the reports and findings, as well as to ensure that there is significance portrayed for each find as agreed on the level of concern or criteria. Risk level will be recalculated a number of times in an audit process in order to reflect the established company internal controls which mitigate risk. Level of residual risk will help auditors in UAE determine whether or not controls are sufficient, as well as if a suggestion is needed in mitigating risk further.
Communicating and Reviewing of Results
If a team for audit in UAE done in identifying the potential control weaknesses and procedural violations during the fieldwork, the team will discuss with the company administration. With an audit service in UAE, auditors will also discuss their observations with company management to make sure that issues identified, including associated risks which fully understood by experts. Proposed recommendations will, of course, included during the discussion. However, results of a process of audit will be communicated with an audit report.
Exit Meeting for Audit
By the end of the fieldwork, the team for audit will meet with the company management formally in order to discuss issues as well as recommendations of the team which will be in the company audit report supplied by the audit team.
The recommendations are to be discussed by all parties concerned and will have to be agreed upon by parties in order to make sure that the response of the management is achievable and/or reasonable. Corrective action may also occur with the help of the team for audit.
Issuance of Audit Reports
Management of the company will be expected to review any audit issue for accuracy and completeness. It will also have to prepare an action plan and formal response. An audit team will issue a formal audit report used in informing senior management regarding concerns and weaknesses of the company. We know you have concerns or questions regarding company audit in UAE, especially for immigration to Canada, UK or USA. Call us today to speak to Farahat & Co’s experienced auditors in UAE.