Service audit report is an insight of what has been done by the auditor and it shows the quality of the auditor as well as the related audit that has been performed. Making a good service audit report is something that should be done without any issue and it is for the same reason that most of the auditing firms in Nigeria also make sure that the employees are specifically trained in this regard. In Nigeria the broad of directors of the company makes sure that the proper record is presented before the audit firm which shows the financial management of the company in a clear cut way. It is also to be noted that the service audit report is a backbone of any audit that is performed as it clearly shows that how good a company is when it comes to the financial management and what steps are being taken to safeguard the interests of the stakeholders as well as the investors. Making a good service audit report is of vital importance and it is one of those documents which ensure that the future of the company is decided when it comes to investment as well as the related management. Following are the factors that might change the quality of service audit report from good to bad and therefore they should be avoided to maintain an accurate record which boosts the interests of the investors as well as shareholders:
- Presentation
The report should be presented in a well defined and professional manner as it is one of the deciding factors that ensure that the best is provided to the company and the confidence of the shareholders is boosted to a great extend. The service audit report which is not presented in a clear and professional manner give rise to ambiguities and leads the investors thinking which is considered to be fatal when it comes to financial and investment management.
- Financial Literacy
The audit committee members should be well versed in all the related fields of the finance that are important and they should also know the implementation of the related terms in the field. If the audit committee members are not literate enough then the quality of the service audit report will deteriorate significantly leading to a situation which no member of the company wants to face anytime. The financial terms should be used in the best possible manner making sure that the services rendered are state of the art.
- Area of influence of Audit committee team
The audit committee team should have a vast area of influence to impact the quality and the data that is presented in the service audit report. Larger the area of expertise greater will be the overall goodwill of the report leading to awesome results and making sure that the investment as well as the confidence of the shareholders is attracted in the best possible manner.
Each and every audit firm that works for the business makes sure that the best is provided to the client within the timelines that have been mentioned so that the time management factor is also preserved in this regard. Service audit report is one of the documents that allow the auditors as well as the related firms to do so. It is also to be noted that the service audit report has been defined in the business terms as one of the most important documents of all times that not only defines the future of the business but also makes sure that the best decisions are taken in this regard. Service audit report should therefore be prepared with extreme care and precaution to make sure that the information that is presented in this regard is awesome and state of the art. It is also to be noted that this report ensures that the stakeholders are satisfied in full to make sure that they continue their dealing with the business. Service audit report is prepared and presented to the board of directors of the company along with a presentation which is explained to all the participants in a manner that understanding becomes easy. It is the service audit report which concludes the audit and also decides the fate of the business in a manner which attracts more investment and allows the investors to find those points that could make sure that the business is worth investing in. To make sure that the best is provided to the business in this regard it is advised to make sure that the following characteristics are added to the service audit report before it is presented to the relevant authorities:
- Stakeholder related information
It is one of the best information that can change the quality of the service audit report in the best interest of the business as well as the stakeholders. It is also to be noted that the information might include the stock information, forecasting to some extent, financial management of the company and the related review. Making sure that the things are presented in the best possible manner it is advised to make sure that the report is presented to the board of directors for a review first so that only general info that requires change can be altered so that it becomes presentable. It is also to be noted that the financial information of the company is never altered no matter whatever the circumstances are.
- Quality
The service audit report should make sure that the quality information is added that makes sure that the core of the business operations are also exposed in terms of finance and the business gets or attracts investment in this regard. Making it one of the additions to the report will allow the investments to get to the company within no time.
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