An external accounting audit from Varsity Technologies can save your organization money and catch mistakes your accounting department may miss.
As many companies and businesses in the Los Angeles and California area fall under scrutiny about where their finances are being distributed and how — the need for proper accounting audits is greater than ever. The increasing threat of cybersecurity has also increased the desire for transparency among most industries in both the public and private sectors.
Failing to understand the risks associated with cybersecurity within the financial and operational realm of a company, in addition to every other aspect, and not ensuring complete accuracy and transparency when expected can result in mistrust or loss of reputation as well as affect the value of the company itself. It can also lead to a loss of investor opportunities.
Using an internal accounting audit system or person can be effective for larger companies, but smaller organizations that cannot afford to hire someone in-house can benefit from partnering with an expert IT firm that specializes in proper auditing tools and software, is passionate about finance and accounting, and has an objective view of your accounts and organization.
What is an Accounting Audit?
Audit Accounting is an essential business function that ensures all of an organization’s accounts are accurate and that all expenses and finances are being distributed appropriately and efficiently. It also ensures that all transactions within an accounting system are legitimate and that all potential cost savings are being employed effectively.
Accounting Audits don’t prepare your balance sheet and financial statements for typographical errors or provide bookkeeping services. Instead, we dig deeper into the accounts of your organization from every angle, ensuring your company is compliant with all necessary governance and making sure all the numbers add up.
Accounting Audit Services Offered By Varsity Technologies
Varsity Technologies is committed to protecting the financial health of your organization. Our Accounting Audit services are expansive and cover all necessary steps to ensure your finances are accurate and guarded against any possible threats – both internal or external.
Services may include:
- Discovering how an organization uses its information technology (IT) and how their IT impacts financial statements.
- A deep analysis of your financial records dating back over a certain period of time (usually about 5-7 years) to determine accuracy and completeness.
- A review to ensure your current books and records are balanced and all transactions are accounted for.
- Ensure all key metrics established by the organization as they relate to their finances and accounting are met and pinpoint where steps can be taken to reach and maximize these numbers.
- Providing appropriate services to guarantee tax compliance and liabilities are met, and all measures are being met for those working with government agencies and bodies.
- Review that there are absolutely no instances of theft or fraud from internal and external sources.
- Scan and review security measures to assure protection against cyber attacks and access by unauthorized users. If any weaknesses or compromisations are spotted, the appropriate measures will be taken to solve the problem.
- Identifying areas where costs and expenses can be lowered and money can be utilized more efficiently.
The role of IT in Accounting Audits
It’s important for organizations to recognize how their Information Technology (IT) is impacting their financial statements. Auditing Standards require the accounting auditor of an organization to have this understanding and to be able to establish whether certain systems of a company may be affecting their financial health. This may include the automation of some processes, and the accuracy and reliability of data gathered from multiple sources for use within the financial statements.
The risks associated with cybersecurity and whether unauthorized users may have potential access to sensitive financial information and controls is also critical to understand. If there is a potential breach from a cyber attack, will there be easy access to systems where financial records are held? What defence measures are in place to maximize security? There is so much involved when it comes to accounting audits that surpasses just checking for typography errors. Working with an expert IT team will ensure complete and accurate audits that meet all compliance requirements and assure the protection and sustainability of your financial health.
Why Choose Varsity Technologies For Your Next Accounting Audit?
The team at Varsity knows that there are no shortcuts to proper security and informational technology within any organization, no matter its purpose or goals. We work with your team to establish a unique strategy meant to ensure the smooth running of all your internal and external networks, systems, and devices.
Your accounting is an integral part of your business because it shows how well your company is doing. Especially for non-profits, your finances are often examined with a fine-tooth comb – and we get that. One mistake can lead to a lengthy conversation with stakeholders. Varsity is dedicated to detail, optimizing your processes, and ensuring your entire organization is reaching its maximum potential.