Some crucial factors outside the control of auditors

1.   Does your organization attach appropriate importance to financial reporting and the audit process?

2.   Qualification and level of experience preparers of the financial statements have in your organization?

3.   Is the composition of your audit committee sufficiently balanced in skills, experience and industry knowledge to ensure audit quality? 

4.   Does your audit committee engage in a robust and professional manner with issues identified during the audit?

5.   How does your audit committee assess the quality of financial information provided by management? 

6.   Are your organization's financial reporting deadlines realistically focused to ensure quality financial reporting and audit?

7.   Is remuneration of key management personnel based on financial results and how is the potential risk of fraud monitored?

Affluent Financial Services

Ajit Chawla

301-519-8011 

Ajit Chawla

Affluent Financial Services LLC, CPA's

http://affluentcpa.com

Virtual CFO and Accounting Offshore Services

The success of off-shoring as a delivery model has been clearly established. The journey commenced with organizations relocating business processes, characterized by high-volumes, labor-intensity and support functionality, to low-cost destinations. In addition to cost-reduction, the first wave of off-shoring viz. Business Process Off-shoring (BPO) was also driven by the need of organizations to focus on areas of core competency. Success was measured based on pre-defined parameters, which encompassed timeliness, error-rates and productivity for each transaction that was undertaken. In this manner, the entire operation occurred in a controlled environment - with no aspect of the process delivery or measurement left to judgment.

India is known to export world-class manpower that has become an integral part of the business fabric in global markets. Knowledge Process Off shoring seeks to include talent. The "inclusive" philosophy of Knowledge Process Off-shoring (KPO) is driven by the global availability of skills and the simultaneous diffusion and aggregation of knowledge across multiple geographies. Cost-reduction is an additional benefit that organizations happen to derive from including talented people from lower cost geographies.

Finance and Accounting (F&A) outsourcing is emerging as one of the fastest growing BPO segments. Initial capital commitment in a different geographical and working environment, data confidentiality and unreasonable turn-around time of quality deliverable were some of the key issues that kept many U.S. companies away from the low-cost outsourcing solution. Well, we have a solution now:

Our dedicated team at AFS in the United States, along with our partners at an offshore accounting division in India, brings extensive experience and knowledge to provide accounting and other financial services at the lowest rates in the market. As your partner, we lend expertise to ensure an optimum blend of in-house and offshore outsourced function. We provide following services through our offshore facility in India:

•Bookkeeping services
•Bank and other general ledger accounts reconciliations
•Processing accounts receivable and analyzing aging report
•Processing accounts payable and vendor management
•Preparation of audit schedules
•Periodic and annual reporting
•Tax return preparation etc.

The off-shore facility operates with highest quality standards related to process controls, performance tracking, documentation controls, change management, corrective and preventive action and service satisfaction. Moreover, it is powered by a dedicated team of professionals with specific domain expertise and relevant industry experience to deliver a full array of value-added services, an in-depth knowledge of latest tools and technologies with the objective of providing timely and accurate solutions and services to maximize operating efficiency and increase client satisfaction level. All client interaction and service delivery is handled directly by AFS professionals in the U.S. at a cost even lower than hiring from a temp. agency.  

We serve as either independent consultants or part of your extended team representing your firm, providing low cost solution that will help you compete with other companies serving in the global arena and improve the bottom line.

Affluent Financial Services

Ajit Chawla

301-519-8011

The Skills and Personal Qualities of Audit Partners and Staff

Points for consideration and discussion with your external auditors: Do the partners and staff of your auditor demonstrate a thorough understanding of your business and the legal framework in which you operate? Do the partners and staff show technical cmpetence and thorough understanding of auditing and accounting standards, and professional and ethical standards? Do they receive regular training on these standards? Does your auditor have an appraisal system that creates an environment where achieving high quality is valued, invested in and rewarded? Where your audit requires specialized industry knowledge, have audit staff received adequate industry training? How do audit staff receive mentoring and on the job training? Do the partners and staff show appropriate professional scepticism and address issues identified during the audit in a robust manner?