Sunrise Accountants

Services

Risk Management

Risk Management involves identifying, assessing, and mitigating financial risks to safeguard an organization’s assets and operations. The Statutory Audit is a mandatory examination of financial statements to ensure accuracy and compliance with legal requirements.

01

Statutory Audit

The Statutory Audit is a mandatory examination of financial statements to ensure accuracy and compliance with legal requirements.

Key Activities:

  • Checks adherence to accounting principles and regulatory requirements.
  • Verifies the accuracy and completeness of financial statements.
  • Issues an audit report detailing findings and offering an opinion on the financial statements.


Importance: Statutory audits enhance credibility by providing assurance that financial statements are reliable and comply with regulations, thus fostering trust among stakeholders and ensuring legal compliance.

02

Internal Audit:

Internal Audit reviews and assesses the effectiveness of an organization’s internal controls, risk management practices, and governance processes. It aims to improve operations and ensure compliance with policies and regulations.

Key Activities:

  • Analyzes the efficiency of internal controls and procedures.
  • Identifies and evaluates operational and financial risks.
  • Provides suggestions for improvements to enhance performance and control.


Importance: Internal audits help organizations detect and address inefficiencies and compliance issues, thereby improving overall operational effectiveness and reliability.

03

Efficiency Audit:

An Efficiency Audit assesses how effectively resources are utilized to achieve organizational goals. It focuses on improving operational performance and identifying areas for cost savings and better resource allocation.

Key Activities:

  •  Analyzes how well resources are being used.
  • Identifies areas where cost savings can be achieved.
  • Recommends changes to enhance operational efficiency.


Importance: Efficiency audits help organizations optimize resource use and operational processes, leading to cost savings and improved productivity.

04

Forensic Accountancy:

Agreed-upon Exercises involve performing specific financial procedures and reporting findings based on an agreement between the accountant and the client or other stakeholders. These exercises are typically limited in scope.

Key Activities:

  • Clearly outlines the specific procedures to be performed.
  • Conducts agreed-upon procedures and collects relevant data.
  • Provides a report based on the agreed scope and procedures.


Importance: Agreed-upon exercises offer tailored financial insights for specific issues, enhancing transparency and meeting particular stakeholder needs without full-scale audits.

05

Agreed-upon Exercises:

Conducts specific financial procedures and reports on particular aspects based on mutual agreement between parties involved.

Key Activities:

  • Identifying eligible exemptions that reduce taxable income or tax owed.
  • Filing claims for refunds of overpaid taxes.
  • Reviewing and correcting previous tax returns to ensure accurate refunds.


Importance: Identifying and applying for exemptions and refunds can reduce tax liabilities and recover overpaid taxes.