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Introduction

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Auditing is the process of checking and verifying a company’s financial records to make sure everything is correct, complete, and follows legal and accounting standards. Assurance means giving confidence to business owners, investors, or regulators that the financial reports are true and trustworthy. Audits help in finding errors, fraud, or weaknesses in a company’s financial system, and help improve transparency and trust.

Internal Audit

Tax Audit

This is conducted to check if the company has properly followed tax laws and paid the correct amount of taxes. It ensures that income, expenses, and tax filings are accurate as per government rules.

Compliance Audit

This type of audit checks whether the company is following external laws, regulations, and industry standards. It is important for avoiding legal issues or penalties, especially in highly regulated sectors.

Financial Audit

A financial audit reviews the financial statements (like the balance sheet and income statement) to ensure they are accurate and fair. It is usually done by external auditors and helps build trust with investors, banks, and other stakeholders.