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Surprise Audit - The New Nightmare by Jason Ausie
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Surprise Audit - The New Nightmare |
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Finance & Investment
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In simple words audit is a formal examination of a person or organizations financial situation. It is an inspection of all the financial records, billings, statements and credits of a company to check whether the company is not misleading or indulging in any kind of fraudulent activities with money of the employees or the shareholders. If it does then the company or the organization as a whole is brought under heavy investigation to find the culprit behind these activities. Because of many people indulging in frauds, surprise audit is carried out whenever a company, organization or an employee is under suspicion. The main objective is to catch these culprits red handed so that their activities are brought to light and the damages be stopped. There are many auditing firms that help newly developed companies with the problem of surprise auditing. These firms makes the companies aware of the latest auditing procedures of the SEC thereby providing a fair and a detailed report of the companies audit to the clients. They sign an agreement with the concerned client stating that they will conduct a surprise audit at a time chosen by them without any prior announcement to the clients. They provide the result within 120 days and point out the mismanagement of funds or frauds taking place in the company and thus identifying the required individual behind these activities. To protect one's company from coming under the lens of the SEC, many resort to filing the SEC Registration forms formed under the securities act of 1934. It is a two stage process where the company as an 'issuer' describes the important and essential aspects of its business transactions such as its operation, financial condition and management. It is now a compulsory rule that every company and organization must have an SEC Registration form ready whenever they are being investigated. The second part is the most delicate and sensitive part of the agreement which the company does not wish it to make public such as its Research and Development department, classified activities. After all the verifications are done by the company, the SEC staff verifies the registration forms and the statements submitted to it and checks whether all the information provided to them are satisfactory and within their guidelines. The SEC has the final authority to cancel or suspend the license of the company or its registration statement if any of the documents are found to be. Author Bio: Finracompliance.com is the leading Securities Brokerage professionals providing Accounting, Back office and Compliance Services to Broker Dealer Firms that provide Surprise Audit and Adviser Compliance throughout the Nation.
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