ASSURANCE
Assurance services are professional services aimed at improving the quality and reliability of information for decision-makers. Provided by certified public accountants (CPAs) or other financial experts, these services include audits, reviews, agreed-upon procedures, and internal audits. They help ensure financial statements are accurate, compliance with laws and regulations, effective risk management, and reliable IT systems. Assurance services also encompass sustainability reporting, verifying the accuracy of environmental, social, and governance (ESG) metrics. Overall, these services enhance stakeholders’ trust in an organization’s information and processes, supporting better decision-making.
Audit Services
These are perhaps the most well-known assurance services. They involve the examination of an entity’s financial statements to ensure they are presented fairly and in accordance with generally accepted accounting principles (GAAP) or other relevant frameworks. The outcome of an audit is an audit report that provides an opinion on the financial statements.
Review Services
Less comprehensive than an audit, a review involves performing limited procedures to provide a moderate level of assurance that there are no material modifications that need to be made to the financial statements for them to be in conformity with the applicable financial reporting framework.
Agreed-Upon Procedures
In these engagements, an accountant performs specific procedures agreed upon by the client and other parties. The findings are reported factually, without providing an opinion or conclusion. These procedures are often used for compliance or other specialized needs.
Internal Audit Services
These are services provided within an organization to review and improve the effectiveness of risk management, control, and governance processes. Internal auditors evaluate the efficiency of operations, the reliability of financial reporting, and compliance with laws and regulations.
Risk Assessment Services
These services involve evaluating an organization’s risk management processes. Professionals assess the design and implementation of controls related to the organization’s risk management framework, helping to identify, manage, and mitigate risks.
Compliance Services
Assurance services can include ensuring that an organization is adhering to laws, regulations, contracts, and internal policies. This might involve testing and reporting on compliance with various regulatory requirements.
Sustainability
These services involve verifying the accuracy and reliability of sustainability reports, which often include environmental, social, and governance (ESG) metrics. As organizations increasingly focus on sustainability, assurance in this area is becoming more critical.
Information Assurance
This includes services that assess the controls and processes over information technology systems. IT assurance services help ensure the reliability, security, and integrity of IT systems.
Our teams can provide assurance services that deliver real value and support investor confidence.
- Audit of Financial Statements
- Reporting on factual findings based on agreed upon audit procedures
- Review of financial statements
- Information Systems Audit
- Compilation of financialstatements
- Examination of prospective financial information
- Special purpose audit engagements
- Assisting in complying with Sri Lanka Accounting Standards
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