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Auditing, special purpose auditing

Auditing as the books defines, is the principal activity of a Certified public Accountant. It is consists of independent examination of the accounting records and other evidence relating to a business to support the expression of an impartial expert opinion about the reliability of the financial statements. It is also the inspection of financial or accounting records and procedures of a business, government unit, or other reporting entity by a trained accountant for the purpose of verifying the accuracy and completeness of the records.

Auditing procedures can be conducted by a member of the organization called an internal audit which generally determines whether the company’s procedures are followed and if there is any illegal activity or financial fraud occurred; by an outsider called independent or external audit which determines the financial statement’s reflection of the status and operations of the company being audited. An audit done by a CPA determines the overall validity of financial statements. A tax audit determines whether the appropriate tax was paid.

Panwa Group of Companies is composed of professional and licensed group of auditors and accountants; our main function is auditing. To perform an audit of a business, we make a careful study of the company’s accounting system and gathers evidence both from within the business and from outside sources. This evidence will enable us to express our opinion as to the fairness and reliability of the financial statements. Our auditing staff will be responsible for evaluating the system of internal and external control to ensure that accounting reports are reliable, that the company’s resources are safeguarded against theft or wasteful use, and that company policies are followed consistently at all levels of the business.

Special purpose auditing

Special purpose audit is an audit process done in accordance with an audit reporting framework designed to meet the auditing, and financial information needs of specific users. It involves audit procedures to obtain audit evidence about the amounts and disclosures in the financial report. It includes evaluating the appropriateness of accounting policies used and the fairness of accounting estimates made as well as the evaluation of the overall financial report presentation. The auditing procedures that will be considered depend on the auditor’s perception and judgment, including the evaluation of the risks of material misstatement of the financial report caused by fraud or error. In doing this, the auditor considers internal control related to the company’s fair preparation and presentation of the financial report to be able to design auditing procedures for certain circumstances.

Our team of flexible and experienced auditors and accountants perform both internal and external audit. Although a financial statement audit is the most common type of external audit, our team also provides special purpose audits which includes: performing specific tests and procedures and reporting on the results, a less intensive review, and compilations. We provide special purpose audits in areas of special concern such as acquisition, tax refund and other special cases. We will provide independent advice and support to clients undertaking merger and acquisitions, refinancing, restructuring, joint ventures or other forms of strategic business commitment and transactions.

In an acquisition case (procurement or purchase), we focus on the business activity or operation and revenue or profit recognition. On this process, we will be able to determine the risk that policies and business activities are not properly maintained in the system resulting in the profit that inaccurately presented in the financial statements. However, we will also consider the controls on how to avoid those associated risks. The acquisition of business process includes certain sub-processes such as business proposal, budget of the business, bidding proposal and process, agreement contract, revenue and income recognition. These documents can be used as a general guide to understand and review the process. A business or company should continuously update and monitor the processes included in these documents to ensure that it indicates business operations or activities. A sample of organization chart is also included to describe your company’s organization structure. Our team is experienced and will not only find financial discrepancies or errors but also the occurrence of any financial fraud. After a careful analysis, we can provide guidelines and regulations on how to prevent fraud in your company.

We are also expert in assisting clients to understand the tax implications on every transaction of the business and identify clear and accurate solutions to distinguish adverse tax implications or to optimize taxation. We are also experienced in tax investigations and tax refund claims, concerning value added tax, withholding tax and permanent establishment tax audits in relation to the Revenue Department; how to determine overpaid taxes, build a case for your refund, compile evidence, and file the necessary documents with the governing body. We will audit and develop an audit strategy to match your company operations. We will work and handle all correspondence from the taxation governing body, while you do everyday operation your business conveniently. During the auditing process, we will monitor all the necessary documents, present objections and suggests necessary adjustments.

Subsidiary audit required by the consolidated regulation or requirement

A subsidiary is an entity including unincorporated and special purpose entities that are controlled by the group or the parent company. As a specialized group of auditors and accountants, our team performs subsidiary auditing required by the consolidated or united regulation or requirement for the subsidiary companies. We perform as auditing partner of the parent company auditing team. The parent company prepares its financial statements in accordance with the accounting and auditing standards. The financial statements and standard reporting package should be prepared by client personnel in accordance with standard accounting policies adopted by parent company. Several subsidiary audits have been made by our experienced auditors and accountants and we had built a good working relationship with the auditing team of the parent company of our client.

As auditors of subsidiary, we consider certain engagement instructions from the auditors of the parent company as our guidelines in doing the subsidiary audit
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