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To audit accounting there are several check list such as verification/reconciliation of income, vouchers are complete and mathematically correct, correct entering of vouchers, complete arithmetical check of accounts, balance sheet and other financial evaluations of activities.

Besides that Procurement/Services are checked to ensure that procurement procedures exist and are followed, the material procured corresponds with the material billed, prices paid for procured goods conform to prevailing market prices, the goods and services procured are of satisfactory quality and are compatible. By end of period, audit will also includes checking inventory such as cash in hand; bank balances reconciled and physical verification of inventory and stocks.

Having such above audit can make a headache. In addition there are also some specific checks such as the expenditure and earnings are in accordance with the budget, the funds are used appropriately and economically, physical verification of assets/infrastructure and follow up of their maintenance procedures, that the local contracts conform to existing laws, planned purpose and are still available in the project, verification of the vehicle log books and if private utilisation of vehicles has been duly accounted for, that the functions of cashier, accountant, storekeeper and purchasing officer are separated and pending items from the last report have been dealt with. Many headaches won’t be appeared if using nevada corporation.

Since in the very beginning estate lawyer Philadelphia will help to arrange many issues such as tax saving, no cash restriction, one person can hold all position (cashier, accountant, storekeeper and purchasing officer) and so on. Audit is so simple and you are less headache. You have to deal with company to do this great mission. It’s not mission impossible but mission possible. It works effective and efficient.

This post written by Phil Thow

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