| A. Business Process Review
Business process review consists of an assessment of the company’s processes; methods, technology, manpower and other activities impacting on the efficiency of operations and people, in order to identify problem areas and improve efficiency.
B. Operational Audit
The primary objective of operational audit is to appraise the effectiveness and efficiency of a department, division, section, or the operation of a unit in achieving its target and goals. In operational audit, the review is focused on the organizational unit, whether the operations are being conducted in accordance with management's established policies and procedures, whether it is accomplishing establish goals and objectives, and whether it is using all its resources appropriately.
C. Tax Compliance Review
A tax compliance review aims to assess the level of the company’s conformity with the Philippine Tax Code (also known as the National Internal Revenue Code) provisions and it’s implementing rules and regulations. A taxpayer is able to identify possible tax exposures for any deviation or non-compliance with pertinent tax laws, rules and regulations. Thus, the taxpayer is able to correct mistakes and explore options before a BIR audit is conducted.
D. Internal Audit Outsourcing – typically includes
- Cash Count
- Bank Reconciliation
- Inventory Count
- Fixed Asset Count
- Controllership
The scope of internal auditing involves issues such as the effectiveness and efficiency of operations, the reliability and accuracy of financial reporting, investigating fraud, ensuring the veracity of company assets, and measuring compliance against established policies and procedures. This activity aims to monitor, evaluate and improve internal control and usually covers Cash Count, Bank Reconciliation, Inventory Count, Fixed Asset Inventory Count and even Controllership function. Outsourcing would affirm impartiality of results and objectivity of findings and recommendations.
E. Financial Statement Audit – Required annually by Philippine tax authorities.
A financial statement audit involves the review of the Financial Statements being undertaken by an Accredited Certified Public Accountant for submission to government regulatory agencies and tax authorities. It is a mandatory financial report required of every company submitting its annual financial statement in support to the filing of annual income tax return.
F. Special audit based on agreed-upon procedures
A special audit is based on customized audit program and conducted basically on client requirements and specifically agreed-upon procedures.
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