Public sector auditing analyze and audit the financial statement of the public sector entities. Government organizations, institutions, hospitals, charity organizations etc. are assessed by professionals to have a clear insight on the financial statements and other documents that support it. Public sector audit services are preferred to understand that whether the organizations are running effectively and efficiently under the set rules and regulations.
Public sector auditing is generally done by external agencies, who will not have any commitments or interest towards the organization. They will inspect the organizations financial documents with the best audit practices and methodologies.
As the public sectors are highly responsible to disclose its performance to all the people involved in its buildup, auditing plays a crucial role in the existence of the organization. Periodic auditing and release of the audit reports to the investors, creditors and all those who are eligible in receipt of it, will make the organization as committed to it well-wishers.
We serve the organization with professional public sector audit procedures and support their functionality smooth and flawless in accordance to their objective. Our professional squad of public sector auditors will assess each and everything that connect with the financial performance of the firm.
Objectives of public sector auditing
- Analyzing the internal and external system.
- Checking the authenticity and validity of transactions.
- Inspecting the arithmetical accuracy of books of accounts, casting, balancing etc.
- Finalizing the current value of assets and liabilities.
- Checking the variance between capital and revenue type of transactions.
- Detecting and preventing errors
- Detecting and preventing of frauds
- Performing unusual stock evaluation.
Types of public sector audit
Based on the organizational audit objective, different types of audit can be done in public sector. A professional team of auditors will be appointed to perform the public sector audit procedures. Following are the major areas of public sector audit.
This is focused to verify financial statements, accounts and balances of the organization to explore that they are up to the set accounting principles. In addition to this auditors will verify monitory transactions are done within the frame work of financial policies and regulations.
This kind of auditing will assess on all deals and transactions are following the law and regulations and does not violate any set limits or principles.
This auditing assess the outcome of any plan where financial investment is made by the organization. Public sector auditing services are mostly hired to assess the success rate of any plans.
This type of auditing will assess the proper utilization of resources. Cost effective dealing with the available resources, in a way to manage it effectively is the prime objective of this auditing. Organizations economic plan to spend less on resources and yield more by product will be feasible, if proper auditing is done.
Auditors will assess on the existing systems and procedures of the organization in concern to the productivity. Thorough inspection and analysis will contribute a perfect report on, whether they were following successful system and procedures. Effective management and utilization of the resources will lead the organization towards more productive kind. An expert panel from any public sector auditing service will suggest on the required amendments in the system and procedures of the organization.
Advantages of public sector auditing
- Public sector auditing will assess the entire financial statements and all transactions to ensure that they are bounded within the policies and regulations of the organization.
- Auditing in public sectors will help to deliver clear status of the organization in front of the well-wishers.
- Auditing in public sector will reveal any suspicious actions or fraudulent activities prone to the organization growth.
- Auditing will measure the efficiency of the organization.
- Auditing will help the organization to follow up the impact of existing system and procedures.
- Public sector auditing will lead the employees to behave and perform ethically.
Searching for the best public sector audit service?
We are the leading team of professional auditors with high end result oriented procedures. Our professional approach in auditing will heal all of your financial depressions and we deliver an insight to the properly groomed financial framework for your organization. We are always bounded to reflect our efficiency and expertise in this field with our dedicated support to your organization.
We are highly privileged to undertake the public sector audit procedures, as we believe in our core expertise and scientific approach. We deliver you the best auditing experience, which will enhance your organizational Excellence.