Monthly review is an “internal audit” conducted every month, to meet the control and monitoring requirements of the management of a business entity.
It is carried out like an interim audit.
This requirement is prevalent in businesses where regular monitoring is advised.
If you genuinely have this doubt, you may get in touch with one of our auditors (click here) who will be in a better position to address your queries after studying your specific requirements.
Within a fortnight of the end of the month - Read More
Since monthly audit is specifically designed to cater to management needs, its promptness is of paramount importance.
Sometimes, management is willing to forego accuracy of the numbers and month end processing may not be carried out like year end processing. The requirement of each entity differs in the case of monthly audit reports.
Since it is more of a regulatory audit or a management audit, it is imperative that the information placed before its reader is fresh. Information more than a fortnight old is seldom useful for decision-making or monitoring, as a result of which, this audit is usually commenced before the first week of the consecutive month is over and is completed within the first fortnight, unless there is a lacunae in fulfilling the information required by the auditor.
Until we elaborate this paragraph in a unique manner, we request you to visit this paragraph in the annual audit service section on our website.
Since this is a matter of internal management of an entity, the service is provided globally.
It costs about 25% less than an annual audit to carry out a monthly audit.
Although the responsibility of an auditor of the monthly financial statements is towards the management / owners / selected internal audience and the extent of information verified is often different, the overall auditing and reporting effort is not reduced in any way.
You may wish to click here – the cost of an annual audit page – to know how much the annual audit costs.
You may also click here for the annual audit fee estimator and provide the details of your monthly results here. Where the amounts exceed AED 20 million, substitute with USD figures and apply that currency to the audit fee too. And although not provided there, discount the result by 25% for a rough estimate of the fee.
In the interest of the comfort of our viewers, we will shortly update this paragraph with pertinent information specifically designed to address monthly audits.
You may click here for enhancements and discounts on the annual audit fees.
However, the exceptional low activity 66% discount and the charity deserving 80% discount are not applicable for this service.
In most cases, businesses that need monthly audit also do not fall under the criteria that can satisfy the economy package – no frills 50% discount – so this usually becomes a premium service or a super premium service only. However, since monthly audits are generally carried out in off-season times, we ultimately offer the abovementioned 25% discount on the fee estimated by our calculator.
In the interest of the comfort of our viewers, we will shortly update this paragraph with pertinent information specifically designed to address monthly audits.
Due to the nature of the engagement, these audits are usually completed within a week. The engagement rarely extends beyond a fortnight.
The audit begins with the trial balance, as usual. The remaining information is defined by the conditions agreed at the time of commencement of the engagement and further refined by the auditor periodically or during the course of any particular audit.
We will update this section with some examples later on.
The process for the audit of monthly financial statements is almost the same as that for the statutory audit of annual financial statements. You may click here to view the process for annual audit till we upload sample content for some types of monthly audit.
We will upload sample audited monthly financial statements shortly.
While we design content specifically for this service, you may click here to refer the same for annual audits.
The monthly audited financial statements follow various formats.
For example:
Good is a relative term here.
More than our opinion, it is what the management wants that is covered in monthly audit reports.
You may click here to refer to annual audits till we upload the information tailored to suit audited monthly financial statements on this page.
