Category Archives: Audit

Avoid issues that arise on SSNIT Audits

ssnit audits

SSNIT audits companies to ensure compliance with pension laws. Various difficulties can arise for organizations during these audits. In this article, we cover common issues in SSNIT audits and offer strategies to stay compliant. Some typical issues that arise: Inconsistent employee numbers Auditors may detect disparities in the recorded employee count and the actual number […]

Billing Scheme Frauds Hurt Your Business

Billing Scheme Fraud hurt your business

Last year we published this blog, Fraud Deterrence for Small and Medium Enterprises (SMEs), tohighlight the common organizational fraud that SMEs experience. Billing schemes are one such type of fraud. What is a Billing Scheme? A billing scheme fraud occurs when by deception the organization makes a payment to an employee and record it as […]

Do You Want Efficient Tax Audits? Use Data Tools

Tax management is a perfect place to exploit the potentials of data analytics because tax involves examining transaction data. Data analytics can help the tax professional cut the time spent performing time-consuming manual processes. So, he can spend his time on analysis and delivering insights for tax management. It enables company leaders to find trends […]

Common Pain Points that Come Up in a Tax Audit

In 2019, the Ghana Revenue Authority (GRA) begun aggressively auditing companies. That posture will not change soon. Expect an tax audit at some point. The auditors approach the audit with an attitude – to raise the maximum amount of taxes. If you don’t know the law and don’t have enough documentation, you may end up […]

The Benefits of Financial Statement Audits Go Beyond the Audit Report

Financial statement audits have benefits beyond the audit report. Most businesses won’t get the benefits because they see the audit as a necessity to abide by the law, not to improve their business. Small and Medium Enterprises (SMEs) rarely have the skills they need to build sound accounting systems in-house. They need the benefits a […]

After the Crisis: Enhancing Our Audit Approach to Build Trust

We have a crisis of confidence in audits in Ghana. That audits matter hit home when some banks failed, and the Bank of Ghana stepped in to rescue the weak banks. The public asked, “where were the auditors”? “Can we trust our auditors”? We are acting to make sure you can count on our audits. […]

How Much Will the Audit Cost?

“How much will the audit cost? It is a fair question, but our response will be, “to give you a quote we need to know a bit about your business.” So, what factors go into deciding how much the audit will cost? The auditor’s constraints Audit and accounting standards control the auditor’s work. Whichever approach […]

How Financial Statement Audits are Performed.

Introduction A business carries out several transactions in a year. How are auditors able to audit businesses and issue opinions? How do we perform financial statement audits? I’ll take you on a short tour of how auditors perform financial statement audits. Taking the time to understand how financial statement audits are performed helps you get […]

Choosing an auditor? What should you consider?

An annual audit is required for all companies registered in Ghana. Each year, businesses of all shapes and sizes must hire an external auditor. And many struggle to make this decision. So, what must you consider as you search for an appropriate financial statement auditor? Let’s find out. Think about the following: The factors to […]

Common fallacies about external audits

Anxiety. Fear. Stress. These are common feelings people have when it’s time for an external audit. And I can understand those feelings. An audit puts people’s work under scrutiny, and some have had poor experiences with auditors in the past. Yes, some auditors are tough to love. But your fears and anxieties are often the […]