Audit & Assurance

 

Assurance

Assurance services are an independent review of certain deals, documents or transactions that can prove its reliability, correctness, and validity.

2Max Group provides its clients with a clear picture of the financial risks and how those risks can be mitigated. The process involves an independent examination to help the client make an informed decision. The focus of our assurance services is to help our clients achieve their desired business goals with transactions that support and boost their business.


Financial Statement Audit:

Our approach as an audit firm includes a deep understanding of your business and the industry in which you operate, enabling us to design an effective audit plan. Our procedure has been designed to comply with:

  • International Standards on Auditing
  • Current Statutes,
  • Kenya Accounting Standards,
  • Standards of Quality Control (SQCs),
  • Standards on Auditing (SAs),
  • The guidelines issued by the regulatory board regularly.

Risk Advisory Services

Risk Advisory is a mechanism to help a business identify the potential risk along with a plan to minimize or mitigate that risk. It consists of services designed in a manner to assist an organization in fulfilling strategic goals by providing ready help to anticipate the risk and meet regulatory compliances requirement.

We assist our risk advisory clients on controls, risk, processes, governance and compliance requirements. We support them with the help required to identify potential risk and further manage that risk. We also assist them in dealing with the consequences in cases where risk becomes a reality.


Compliance Management Services

Every organization today faces a very complex compliance environment irrespective of its size, where any non-compliance will lead to penalties, fines and more importantly risk of harm to its reputation, in this scenario a well experienced and competent compliance management team comes into play.

We at 2Max Group work with our clients to understand the business and industry in which they operate and form an integrated strategy to ensure that all the compliance requirements are fulfilled in due time. This allows the organization and management to focus on other important areas and not waste time and efforts on complicated compliances.


Internal Audit Services

In current scenarios, internal audit services in kenya is seen and implemented as a key strategic tool for the company. A well-structured internal audit function with its objective to reduce the challenges faced by management, audit committee, and other stakeholders, can add value to the company. We, as an internal audit firm in Kenya, ensure exactly that for our clients. Internal Audit is a third-party evaluation of the operations of an entity with an objective to improve performance, develop a strategy to manage the risks, maximize the value of the entity, and identify any opportunity of further improvement. Internal Audit is a procedure undertaken by management to get clarity on the effectiveness of the internal controls in place.

We at 2Max Group assist our clients with an in-depth analysis of their operations and advise them on critical risk areas and possible opportunities for improvement. With our integrated approach to internal audit we help them boost performance and add value to their operations.

Our dedicated team of experienced and certified professionals in Kenya assist our clients to understand the various aspects of internal audit and customize audit techniques as per client requirements to conduct the audit of internal financial controls over financial reporting.


Information Technology Assessment and IT Audit

Information Technology is the backbone of the operations at any company which makes an IT audit a crucial step in maintaining the stability in an organization. IT audit is an examination of the Information technology infrastructure to assess its effectiveness, performance and if it is aligned with the objective of the entity. It is an important step to ensure that the IT controls are in place and are enough to protect the organisation’s assets, data, and information, or if any further improvement is required.


2Max Group conducts a forensic audit when a fraud is suspected and sometimes as a precaution to prevent any fraud

We at 2Max Group work with our clients after understanding the case and nature of the fraud they are dealing with. We have a team of experienced and certified professionals who are capable of handling the forensic audit engagement with supreme integrity and independence and strive to deliver quality according to the needs of our clients.

Our Audit and Assurance Services Involves:

  • Audit of Financial Statements
  • Tax Audit Services.
  • Forensic Audit and Fraud Detection Services.
  • Risk assessment and Risk Managements Advisory
  • Internal Audit
  • Employee Benefit Plan Audit
  • Information Technology Assessment / IT Audit
  • Accounting and Tax Advisory
  • IFRS Transition Advisory and Implementation.
  • Compliance Management

How 2Max Group Help

We at 2Max Group work in partnership with our clients to deliver supreme quality that perfectly suits their needs. We are a renowned audit firm in Kenya andhave always maintained a high level of independent & professional consultation that have reduced the information risk.



What is audit checklist?

Audit checklist focuses on internal quality of audit which is composed of a set of questions derived from three main audit segments: management, finance, and operations.

What documents do you need for audit?

Following documents are needed to conduct the audit:

  • General ledger
  • Trail balance
  • Copies of loans, leases and material contract
  • Loan statements
  • Listing of all new fixed asset purchases with invoices
  • Depreciation schedule
  • Payroll reports, if any
  • Stock subscription and stock option agreements
  • Names and contact information for any attorneys used and transfer agent
  • Copies of merger agreements( completed or pending)
  • Articles of incorporation and by-laws
  • Listing of all bank accounts, including bank name, account number and authorized signers

Forensic Audit Services

An Investigation into the accounts of the entity which involves thorough study and interpretation of audit evidence in cases that involve fraud, embezzlement of funds, and other financial claims. Purpose of a forensic audit is generally to extract evidences to support prosecution of a party of criminal offence such as fraud, embezzlement of funds or negligence in litigation procedures. Forensic audit is an integrated procedure meticulously performed, which requires accounting and investigative skills to extract conclusive evidence to support the claims of the entity.


Tax Audit Services

Tax Audit is an examination of a business or individual tax affairs to check whether the transactions undertaken by them are as per the Income Tax Act like declaration of all the computable income or are they entitled to certain tax deductions or any tax offsets which they had claimed in their tax return. Our taxation advisory team has a vast experience in tax laws of India and they are presently assisting many of our clients with cost-effective and practical solutions to file their tax audit returns in time.

Our Audit procedure has been designed to comply with

  • Income Tax Act kenya.

Compliance Management Services

Every organization today faces a very complex compliance environment irrespective of its size, where any non-compliance will lead to penalties, fines and more importantly risk of harm to its reputation, in this scenario a well experienced and competent compliance management team comes into play.

We at 2Max Group work with our clients to understand the business and industry in which they operate and form an integrated strategy to ensure that all the compliance requirements are fulfilled in due time. This allows the organization and management to focus on other important areas and not waste time and efforts on complicated compliances.


IFRS Transition and Implementation Services

IFRS has become the global accounting reporting standard. However, many companies seem unaware or unprepared for the complexities this change represents. Business transformation to IFRS affects almost all the business functions of an enterprise such as Organization structure, Legal contracts, accounting and finance, taxation, corporate responsibilities, and executive compensation. Conversion to IFRS is a big challenge for companies. At 2Max Group, we aim to add value to this conversion process and help our clients realize many of the opportunities that this change presents. By assessing the likely impact of this conversion across all the business functions, We assist in development of plans for implementing the necessary changes.

  • Making the client understand the importance and assess the impact of the implementation of /Conversion to IFRS.
  • Advice on adaptation of IFRS tool and processes etc.
  • Technical advice on accounting procedures and support for the whole conversion process.

As a renowned audit firm in kenya we offer highly reliable services that ensure complete compliance with IFRS like assist companies in carrying out analysis of the adoption of IFRS.


We assist our clients

  • To execute audit process in specialized areas and improve the internal controls to make it more effective.
  • To identify the high-risk areas and solutions to pacify or remove such risks.
  • To set up an internal audit system for new companies.
  • By helping them in providing training to the staff on internal audit procedures.
  • By continuously reviewing and monitoring the internal audit process.

Employee Benefit Plan Advisory:

We provide our clients with an insight into the concept of Employee benefit plan and statutory compliances attached to it. This step helps entities to formulate a strategy and implement a suitable plan which caters to its internal and statutory requirements.


Why 2Max Group is the best audit firm in India?

As a leading audit firm in India,we ensure the delivery of quality services and solutions to help our clients formulate their approach for the internal control system and auditing. We work in partnership with our clients through our well experienced and certified team that is capable of covering all aspects of an internal audit. 2Max Group assists in:

  • Internal audit strategy making and planning throughout the period for audit engagement.
  • Providing a comprehensive internal audit service.
  • Knowledge sharing and assistance in training of the internal staff for internal audit, if required.
  • Quality Assurance.
  • Assessment of Key risk areas and solutions for the same.

 


FAQ: What types of companies require auditing?

Statutory Audit under Companies Act

  • Every Private Limited Company
  • Public Limited Company
  • LLP

is the benefit of audit planning?

Audit planning assists the auditor to manage and organizes the audit effectively and efficiently. Furthermore it helps identify and resolve relevant problems in a timely and daily basis.

How is Forensic audit different from Audit?

Forensic Audit and Audit are different procedures as their objectives and approaches are different. Audit is conducted as an audit is conducted with an objective to detect material misstatement in the financial statement s if any and not any immaterial fraud. Financial Statement audit is approached with the objective to obtain reasonable assurance that the financial statement is free from material misstatements and involves sample-based investigation which sometimes might not be able to detect frauds. However, Forensic audit is conducted as a response to the event of suspicion of fraud in a company. The approach followed in Forensic audit is an investigative and in-depth approach to collect the evidence for the determination of fraud and its impact and perpetrators responsible for such fraud. Financial Statement audit also has time and scope limitations attached to it, whereas there are no such limitations in the forensic audit because it is driven with an objective to investigate the records for suspected fraud.

 

What are Assurance Services in Auditing?

When an auditor completes a review of financial statements or performs a regulatory audit, they are offering assurance services.

Assurance Services

When most people think of what an auditor does, they think about assurance services. Assurance services are audit activities that provide an independent, objective assessment of financial statements or compliance efforts. The objectives of these audits are to assure management, the Board, and regulators that financial statements are accurate and operations are done in accordance with applicable policies and regulations. These compliance, regulatory, and financial statement audits are all considered assurance services. Other audit services, such as consulting and advisory audits – while important audit activities – are not part of the assurance audit service.

Auditing & Assurance Services in Kenya

Audit is not merely comparing the numbers in books with documents to confirm their veracity, it is quite more extensive than it sound

An annual audit of the business owner’s financial statements can be an obligatory, number crunching, time-consuming, and expensive process to satisfy the regulatory authorities. Here at 2Max Group, we aim to evaluate the existing business processes to assist our clients with the process of running their business efficiently and cost-effectively. We make sure all your troublesome reporting requirements are met as painlessly as possible, keeping banks, creditors, finance providers satisfied.

As the leading audit firm in Kenya, we believe in building trust between all stakeholders and management. Our audit processes reveal a clear picture of the company’s finances; thereby, helping management take the necessary steps required to improve the company’s growth potential. At 2Max Group, we deliver tailor-made assurance services to clients in Kenya and Globally, accentuated by exemplary quality for our clients in both the local and global marketplace.

We focus on assisting our clients with the process of navigating their way through complex professional requirements with clarity and agility. Our partner-led approach is designed to navigate complexities, providing insights into your business with customized solutions.

Our auditing and assurance services in Kenya include:

  • The audit of financial statements for businesses in Kenya
  • The audit of international GAAP financial statements
  • Stock auditors in Kenya

With the help of sophisticated techniques, exceptional audit tools and procedures, and experienced staff, we pride ourselves that we deliver the highest quality auditing services in Kenya. Our continuous effort, years of experience, and client satisfaction demonstrated the fact that the audits we conduct are of the highest quality. Our team of qualified professionals, including CAs, CPAs and ACCAs commit to providing you with a high-quality and deadline-driven audit.

We continuously engage with our clients to ensure adherence to statutory and regulatory requirements, including disclosures. And we aim to provide constructive, value-added delivery. Our auditing services help clients to realize their organizational objectives. Our tried and trusted methodology facilitates the involvement of senior personnel at regular intervals throughout the audit process; thus, ensuring value beyond our audit report’s ambit. As a result, 2Max Group employees and partners have audited various entities in Kenya(Stock auditors in Kenya) and abroad for more than two decades. Our satisfied clients encourage us to improve the quality of the audits that we deliver continually.



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