Auditing In The Age Of AI – Need For Analytics For Risk Assessment And Detection
Accounting firms have been increasingly acknowledging and adapting AI in their daily pursuit. A report reveals: 54% of accountants believe that the value of a firm drops if they do not use AI 66% agree that AI can serve as a competitive advantage 46% agree that AI can help attract and retain more talent in […]
The outsourcing advantage – how external auditors add value to the audit process
If this is a new service for you or if you have been trying to streamline the process, here is some food for thought. Is auditing an integral part of your business? Is your audit process absolutely transparent? Will your team of auditors tell you the hard truth during tough times? If you have […]
The Role of Audit in Protecting Businesses from Fraud and Financial Misconduct
Fraud and financial misconduct is an issue that needs to addressed at all levels. But here is the problem. By the time, firm leaders or any other stakeholders become aware of the fraud, it is too late. Sometimes, the leaders themselves are involved. The accounting regulatory standards have loopholes and fraudsters do spot them. Let […]
Auditing in Accounting: Here’s Everything Worth Knowing
In the world of accounting, where precision and transparency are paramount, auditing emerges as a critical process that ensures the accuracy and reliability of financial information. Auditing in accounting serves as a systematic examination of financial records, statements, and transactions to validate their integrity and compliance with established standards. It is not just a regulatory […]
Financial Year-End Checklist to Close Books Right in 2024
As the Financial Year 2023-24 is about to end, it calls for certain checkpoints that each business shall ensure before they close their books. We have listed below points to ensure accountants and management are on top of the year end checklist and the same have been listed below for your perusal. In this blog, […]
How to Analyse Income Statement: Tips and Recommendations
In the intricate world of finance, mastering the art of interpreting financial statements is a crucial skill for investors, analysts, and business leaders alike. Among the trio of financial statements (including the balance sheet and cash flow statement), the income statement is a dynamic snapshot of a company’s performance over a specific period. Analyzing this […]
GST Audits: Proactive Measures to Ensure Seamless Compliance and Zero Penalties
Just as a fish cannot thrive without water, Indian businesses cannot flourish without adhering to the complex tax regulations associated with Goods and Services Tax (GST). However, it’s surprising how many entrepreneurs find themselves swimming in murky waters when it comes to GST tax audits. But fret not, Finsmart Accounting is here to shed light […]
Audit Trails: Meaning, Role in Accounting, and More
In the world of accounting and finance, problems can arise unexpectedly. And without a clear trail to follow, solving them becomes a daunting task. This is where audit trails come to the rescue! Surprisingly, many business owners in India are unaware of their importance. But don’t worry, Finsmart – trusted for accounting outsourcing services – […]
Audit Preparation Checklist: Useful Tips to Ensure Smooth Financial Review
Audits play a critical role in ensuring transparency and accuracy when it comes to financial management. As businesses grow and become more complex, the intricacies associated with audits also increase. This makes meticulous audit preparation crucial. Many have experienced the daunting challenges that accompany audit preparations while navigating through intricate financial data and compliance requirements. […]