Frequently asked questions
An audit consists of the inspection and verification of an entity's information or processes. They are carried out with the aim of promoting the proper functioning of a business, deficiencies (risks, fraud, errors), contingencies (in compliance with obligations) and areas of opportunity are detected.
Audits allow the company to gain an in-depth understanding of how it operates. In this way, it is discovered if legal and tax obligations are being complied with, if there are risks or possible fraud, if it is necessary to adopt new technologies or if changes need to be made to achieve institutional objectives.
By not doing any audits, it is more likely that your company will receive visits from authorities, requirements or fines very soon. The risk of errors and fraud increases, in addition to not generating trust with third parties about their processes or financial information.
Audits depend on the objective to be met, the most common are:
- Audit of Financial Statements.
- Audit for Fiscal, Federal or Local Tax purposes.
- Information Technology Audit.
- Internal Audit.
- Fraud audit.
- Audit of company purchases.
- Audit of the sale of shares.
- Internal control evaluation audit.
It is advisable to have voluntary audits because:
- The risk of visits or audits by the authorities is reduced.
- You can get savings from surcharges or fines.
- The audit serves as a shield against direct reviews by the authority.
- You can take advantage of the benefits detected.
- Anticipates the attention to the risks or contingencies identified.
It is highly recommended to have audit processes because:
- Improves decision-making by having reliable and truthful financial information.
- It generates greater trust with interested third parties such as Credit Institutions, suppliers, authorities or investors.
- Contributes to meeting the institutional objectives of the Management or Shareholders.
- It gives value to your company by anticipating the attention of the risks or contingencies identified
- You can take advantage of the opportunities or benefits detected.