FAQs: Audit Support Services

1. What is audit support, and why is it important for my business?

Audit support involves helping businesses prepare their financial records, internal processes, and documentation for audits—whether internal, external, or regulatory. It ensures:

• Accuracy and completeness of financial data
• Compliance with Ghanaian regulations and international accounting standards
• Smooth, prompt, and stress-free audit processes
• Increased investor or stakeholder confidence

2. What types of audits do you support?

We support preparation for:

• External audits by independent firms
• Regulatory audits by the Ghana Revenue Authority (GRA), SSNIT, etc.
• Donor and NGO audits for funding compliance
• Internal audits to assess internal controls and processes
• Forensic audits in fraud or mismanagement cases

3. What services do you offer as part of audit support?

Our comprehensive support includes:

• Reviewing and reconciling financial records
• Organising and formatting source documents (invoices, receipts, payroll records)
• Drafting financial statements in compliance with IFRS and GAPS
• Creating audit schedules and audit trails
• Assisting in responding to auditor queries
• Supporting management during audit meetings
• Helping implement audit recommendations post-review

4. Do you help in preparing for GRA audits?

Yes. We guide businesses through:

• PAYE and VAT record preparation
• Withholding tax (WHT) reconciliations
• Income tax filings and declarations
• Ensuring tax compliance and documentation is audit-ready

5. How does audit support reduce business risk?

Proper audit preparation helps:

• Find and correct financial or compliance errors
• Avoid penalties or fines for non-compliance
• Build stronger internal controls
• Improve financial reporting and transparency
• Enhance business credibility for investors, lenders, or regulators

6. Can you support NGO and donor-funded project audits?

Absolutely. We specialise in:

• Preparing documentation for international donor requirements
• Ensuring fund use aligns with approved budgets
• Creating expenditure reports and fund accountability statements
• Responding to auditor and donor queries efficiently

7. What if we do not have organised records or proper accounting systems?

No problem. We:

• Help you reconstruct financial records
• Set up simple accounting systems if needed
• Guide your staff on how to maintain proper records moving forward
• Provide templates for expense logs, bank reconciliation, and ledger summaries

8. Are your services compliant with Ghanaian laws and audit standards?

Yes. We operate under:

• The Companies Act, 2019 (Act 992)
• Ghana Accounting Standards (GAPS) and International Financial Reporting Standards (IFRS)
• GRA regulations for tax audits
• Guidelines from the Institute of Chartered Accountants Ghana (ICAG)

9. Do you work with auditors directly?

Yes. We can liaise with your appointed audit firm or help you select a qualified external auditor. We act as your liaison to ensure all information is accurate, submitted on time, and reflects your business truthfully.

10. How do I start audit support with One Sphere Solutions?