Audit Services In Uganda
An audit is the examination of the financial report of an organisation – as presented in the annual report – by someone independent of that organisation. Determine compliance with policies and procedures. Assess the quality of internal controls. Evaluate the quality of risk management. Evaluate compliance with rules and guidelines established by regulatory agencies (e.g., Securities and Exchange Commission).
Audit Services In Uganda
Examples may include financial, performance, compliance, system security, and due diligence engagements. Types of Audits: FINANCIAL AUDITS address questions of accounting and reporting of financial transactions, including commitments, authorizations, and receipt and disbursement of funds.
Performance aspects include: economy, efficiency, effectiveness, compliance, accuracy, completeness, and timeliness. Here is a tricked out audit objective that includes a finite subject mat- ter (seven performance measures), a performance aspect (accuracy), and documented criteria (Comptroller’s Guidance).
The IRS audit is simply conducting an impartial review of your tax return to determine its accuracy. You will be expected to demonstrate that you’ve reported all your income and were eligible to take all the credits, deductions and exemptions shown on your return. There is also a timeframe involved.
The auditor shall make a report to the members of the company on the accounts and financial statements examined by him. The auditor prepares the report after taking into account the provisions of the Companies Act, the accounting standards and auditing standards. In an audit of financial statements, audit risk is the risk that the auditor expresses an inappropriate audit opinion when the financial statements are materially misstated, i.e., the financial statements are not presented fairly in conformity with the applicable financial reporting framework.
Different Types Of Audit Services In Uganda
Clean Report or Unqualified Opinion.
Qualified Report or Qualified Opinion.
Disclaimer Report or Disclaimer of Opinion.
Adverse Audit Report or Adverse Opinion.
Effective Steps To Perform An Audit Services In Uganda
Identify the Processes to be Audited.
Decide on the Frequency of the Audits.
Plan and Schedule the Audits.
Notify the People Involved.
Prepare the Audit Checklist and Execute Audit.
Record and Analyze Audit Findings.
Investigate to Develop and Implement Action Plans.
The Keys To A Successful Audit Services In Uganda
Meticulous attention to detail.
A strong aptitude for maths.
Excellent problem-solving skills.
A keen interest in the financial system.
Ability to work to deadlines, under pressure.
Ability to work on your own initiative and as part of a team.
Strong IT skills.
The Process Of Audit Services In Uganda
Step 1: Planning. The auditor will review prior audits in your area and professional literature.
Step 2: Notification.
Step 3: Opening Meeting.
Step 4: Fieldwork.
Step 5: Report Drafting.
Step 6: Management Response.
Step 7: Closing Meeting.
Step 8: Final Audit Report Distribution.
The Cost Of Audit Services In Uganda
Audits are time consuming and expensive, typically ranging from UGX 3820167.00 to UGX 11460501.00 depending on a nonprofit’s size, according to the National Council of Nonprofits. The good news is your nonprofit may not need to undergo an annual financial once-over.
List Of Audit Services In Uganda
Below Are The Partial List Of Audit Services In Uganda
HLB JIM ROBERTS AUDIT SERVICES
Plot 4 Jinja Road, Social Security House, 1st Floor, Western Wing,
P.O. Box 10639, Kampala, Uganda
Telephone: +256 414 255 218,
Mobile:+256 701 308 397
Email: info@hlbjimroberts.com
Crowe AUDIT SERVICES
Plot 10, Ntinda Church Road
Off Ntinda Road Village 12
Ministers’ Village
Ntinda.
KAMPALA ACCOUNTANCY BUREAU
Chartered Accountants
P +256 (0) 414-230756
info@kab.co.ug | www.kab.co.ug
Plot 3, Wampewo Close, Kololo
Box 29645, Kampala, Uganda