What are the Key Components of Audit & Assurance?

• Understanding the Entity
• Internal Control Evaluation
• Evidence Collection
• Assessment of Financial Statements
• Continuous Monitoring & Review etc.

What are the Benefits of Components of Audit & Assurance?

• It ensures that the organization’s financial records are transparent.
• It allows management, investors, and other stakeholders to make informed decisions.
• It ensures the organization is in compliance with relevant accounting standards, tax laws, and industry regulations.
• It identifies potential risks in the organizational operations and provides recommendations to address them.
• It helps detect fraud or financial mismanagement, protecting the organization from losses etc.