Why should you audit your business?
Need a better understanding of your business? Want to reduce duplication of efforts and streamline your organization? Then our audit and advisory services are exactly what you need.
Audit and Advisory Services
The process at Teletax starts by utilizing a variety of research tools and data obtained from preliminary discussions with our clients to become fully familiar with their businesses and industries. Once we have established this knowledge base, we develop a strategy to establish the proper timing of the engagement and control fees.
Our methodology includes the review and evaluation of client accounting systems and procedures. Out team then develops an overall view of the entire operation, allowing us to make detailed practical suggestions regarding financial and operating controls.
Review of Internal Controls
As a critical part of our services provided to our audit clients, Teletax performs an internal controls evaluation. Our evaluation of internal controls is designed to identify the areas of largest risk and where controls are weak or missing altogether. We develop our plan to address these areas and reduce time spent in other non-critical areas. We utilize analytical procedures to determine whether a business's trends are in line, not only with internal expectations, but with comparable organizations as well. In this way issues can be addressed before they become costly problems. Teletax believes greatly in the importance of structured systems and works with our clients in developing, implementing and integrating such systems. We would be available to assist in formulating or refining projections and implementing meaningful budgetary controls that can be used as operational tools.
Management Letter
Teletax will prepare a Management Letter containing our specific recommendations and suggestions with regard to our client's business. This Management Letter discusses internal controls, tax planning and other matters which we believe will increase the effectiveness and profitability of an organization. We continue our communication throughout the year to correct potential weaknesses, maximize opportunities and assist with any internal problems management may have in implementing our recommendations. We believe this proactive advice to be one of the more important aspects of superior client service practices.