TAX & COMPLIANCE SERVICES
Internal Audit & Assurance Services
Our experts deliver unbiased internal audit services to enable financial transparency and high-level performance.
Why Choose Paro for Internal Audit & Assurance Accounting
Responsible businesses understand the immense value rigorous internal auditing provides. But building these capabilities in-house poses challenges, from staffing constraints to skill gaps in managing complexity. Paro’s accredited experts fill the void through on-demand internal audit services.
Get flexible support with proven methodologies honed through years of major firm and industry experience.
Our seasoned CPAs can:
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Safeguard assets and prevent losses from waste, fraud or abuse.
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Ensure accounting practices adhere to the latest compliance standards.
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Identify control gaps early before they escalate into issues.
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Prepare thoroughly for smooth external audits.
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Build internal bandwidth for your firm or business.
Your Guide Through Compliance & Accounting Standards
Master GAAP and ASC accounting standards with precision. Our experts can help your team understand and implement complex and evolving standards to help drive investor assurance and independent reporting to shareholders.
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GAAP compliance
Enhance credibility and transparency as a private or public company, whether you need to meet SEC reporting requirements or you want to provide standardized statements for lenders and investors. -
ASC 606 revenue recognition
Meet current revenue recognition standards with experts who deeply understand its principles, can analyze the structure and terms of customer contracts and properly identify performance obligations. -
ASC 842 lease accounting
Implement lease accounting standards and understand the implications of leasing decisions. Get assistance with lease classifications, statement disclosures and calculating the appropriate values on your balance sheet.
Bolster Financial Integrity With Internal Audit Services
Paro’s independent accounting services go beyond compliance to enhance the very core of your financial operations, fostering an environment of accuracy, efficiency and integrity.
Take advantage of our suite of bespoke solutions:
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Internal control implementation
Develop checks & balances as well as access control to sensitive information, in order to reduce fraud and errors. -
Audit preparation
Compile important reports and information for annual audits with greater efficiency. Document your systems and controls to standardize the process. -
Audit testing
Determine the accuracy of your published financial statements with Paro’s assurance services. Collect the necessary evidence and note any material misstatements. -
Audit sampling
Optimize and streamline your audit efforts by assessing just a portion of your data, rather than your full data. -
Forensic accounting
Establish evidence of inappropriate or illegal practices with a perspective on intent. Get support in tracing funds, identifying assets, reviewing data and more.
Recommended
Reading
Recommended
Reading
ARTICLE
ARTICLESteps for Following Revenue Recognition Standards
Understand the tenets of ASC 606 compliance and how to assess contracts to recognize revenue.
Read more › ARTICLE
A SOX Overview for Executives
Learn about the requirements of internal audits and quality financial controls in SOX compliance at public companies.
Read more ›
Navigate Regulatory Demands Seamlessly
Paro’s internal audit and assurance experts bring immediate support when your company needs it most.
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Specialized industry
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FAQ
Think of an internal audit as your company’s health check-up, conducted by experts who ensure everything in your financial operations works like a well-oiled machine—efficiently, effectively and in line with best practices. This includes:
- Planning and timing of internal audits
- Gathering information, documentation and evidence to support analysis
- Testing and sampling to validate accuracy and efficiency
- Data analysis to find trends and root causes for inaccuracies or fraud
- Reporting on findings and remediation of deficiencies and issues
Internal auditors are professionals who provide independent and objective assurance and consulting services designed to dig deep into your internal processes, governance, controls and risks, ensuring everything is compliant and efficient.
Internal audits are conducted by a company’s in-house staff or contracted accounting professionals to evaluate internal controls, risk management and operational efficiency. On the other hand, external audits are performed by independent certified public accountants (CPAs) who provide an objective assessment of financial statements and validate their accuracy for stakeholders.
Outsourcing internal audit services gives your business access to specialized expertise, advanced technologies and objective perspectives without retaining a full-time staff of internal auditors. This approach can be more cost-effective because it allows you to scale resources as needed. It also ensures you get an independent, and therefore less biased, evaluation of your organizational processes and controls
For publicly traded companies, internal audits are a requirement to satisfy regulatory requirements. But even if it’s not mandated, an internal audit is a crucial process to identify potential risks, improve operational efficiency and. ensure compliance with your internal policies and external regulations.
More specifically, internal audits help organizations find and prevent financial misconduct, evaluate how effective their risk management strategies are and gain valuable insights for strategic decision-making and continuous improvement.
Assurance in accounting is the process of improving the accuracy and reliability of financial information that’s used by stakeholders and decision makers. This is done by assessing the procedures, data and systems around financial reporting to identify risks, standards and other elements. Assurance services are often conducted by certified public accountants (CPAs).
We put our heads (and data) together to prioritize areas that matter most to your company’s success. It’s a strategic, risk-based approach that ensures our superpowers are used where they can make the most significant impact. Whether you need a full-scale internal audit team or an extra pair of expert hands during crunch time, we provide top-notch professionals who align with your business needs and seamlessly integrate with your team.