Risk Assessment & Audit Services
Thorough audits and risk review, so you stay ready for regulators, banks and investors, and find problems before someone else does.
Often used by manufacturers and traders and service businesses.
The problem, in plain English
An audit is often treated as a yearly formality. Done well, it is one of the most useful reviews a business gets: an independent look at whether your numbers are right and whether your money and stock are safe.
Which audits apply depends on your structure and size. Every company needs a statutory audit. A tax audit is needed once business turnover crosses the limit set under the Income Tax Act, or professional receipts cross a lower limit. Some larger companies also need an internal audit by law, once they cross set thresholds.
For manufacturers, we pay particular attention to stock: how it is counted, valued and reconciled with purchases and sales. It is where most surprises are.
Who this is for
- Private limited companies, which need a statutory audit every year
- Businesses whose turnover requires a tax audit
- Manufacturers and traders who want stock and cost controls checked
- Owners preparing for a bank loan, investment or sale of the business
What we do
-
Plan the audit
We understand your business, agree the scope and timetable, and share a list of what we will need, well before the deadline.
-
Review controls and risks
We look at how cash, stock, purchases and sales are recorded and approved, and where errors or leakage could happen.
-
Test the figures
We check balances and transactions against evidence: bank confirmations, stock counts, invoices and contracts.
-
Discuss findings before the report
We walk you through what we found and what can still be corrected, so the final report holds no surprises.
-
Issue the report and file
We sign the audit report, support the related filings, and give you a short letter of practical improvements.
Documents you will need
- Trial balance and books of account for the year
- Bank statements and confirmations
- Stock records and the year-end stock count
- Fixed asset register, loan agreements and major contracts
- Previous year's audited financial statements and filings
Typical timeline
Most audits take two to six weeks of fieldwork, depending on the size of the business and how ready the books are.
Fees depend on the work involved. We give you a clear quote before we start.
Questions we are often asked
Does my company need an audit even if it had no revenue?
Yes. Every company registered under the Companies Act needs its accounts audited each year, whatever its turnover. LLPs and firms need an audit only in some cases.
What is the difference between a statutory audit and a tax audit?
A statutory audit checks that a company's financial statements are true and fair under company law. A tax audit is required under income tax law once turnover crosses a limit, and focuses on tax-related reporting. Some businesses need both.
What is an internal audit and do I need one?
An internal audit reviews your processes and controls during the year, such as purchases, stock and cash handling. It is mandatory only for some larger companies, but many owners find it is the best way to stop leakage.
How can I make the audit faster?
Close your books monthly, reconcile bank accounts and keep stock records current. We share a checklist at the start of the year so the audit is quick.
Can you audit a business you also keep accounts for?
Professional rules limit this for statutory audits. We tell you at the start which services we can provide together and which must be done by another firm.
Talk to a partner about Risk Assessment & Audit Services
Tell us where you are today. We will explain what is involved, what it will cost and how long it will take.
15+ years in practice · Three partners · Read our Google reviews
We trust TEXCA & Associates for all our accounting needs. Their attention to detail and timely execution sets them apart.
Related services
Book a consultation
Tell us a little about your business. We will reply on WhatsApp within office hours and confirm a time.