Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.

External audits play a major in the financial oversight of businesses and governments because they are conducted by outside individuals. External audits are performed to verify that the financial statements of an entity are correctly presented as well they will typically include a review of the company’s quarterly or monthly financial reports as well as statements on revenues and expenditures to ensure they are correctly tabulated and reported.

The purpose of a financial statement audit is to add credibility to the reported financial position and performance of a business. The securities and Exchange Commission requires that all entities that are publicly held must file annual reports with it that are audited.

Business Valuation is a process and a set of procedures used to estimate the economic value of an owner’s interest in a business.

Consolidation refers to the merges and acquisitions of many smaller companies into much larger ones. In the context of financial accounting, consolidation refers to the aggregation of financial statements of a group company as consolidated financial statements. The taxation term of consolidation refers to the treatment of a group of companies and other entities as one entity for tax purposes.

It is a checking of accounts required by law. The purpose of a statutory audit is to determine whether an organization is providing a fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping records and financial transactions.

Buyers, lenders and sellers involved in mergers or acquisitions must identify the risks and the opportunities associated with the business under consideration. Conducting effective financial due diligence can help buyers and lenders structure strategic transactions and avoid costly mistakes. It can also help sellers better understand the strengths and weaknesses of their position pursuant to a deal.

Bookkeeping is simply the recording of financial transactions which include purchases, sales, receipts and payments by an individual or organization.