Foreign Currency Audit
A Foreign Currency Audit evaluates a company that deals in foreign currencies, which are, of course, subject to change due to the fluidity of political and economic conditions. Therefore, when monitoring, managing, or evaluating this type of business, one must take the aforementioned conditions into account. When dealing with a foreign currency business, there are two categories that their accounts can be broken down into: foreign currency transaction and foreign currency translation.
Foreign Currency Transaction: describes transactions denominated in a foreign currency. When a company has accounts that are in a currency other than their functional currency, fluctuating exchange rates will cause either gains or losses.
Foreign Currency Translation: describes how to convert an entire set of books to a new reporting currency.
Lehman Brown International Accountants have experience dealing with foreign currency businesses and have the tools and knowledge necessary to keep up with the fluidity of the currency exchange market when evaluating a business’ assets.
Lehman Brown is established in its skills and this places us in a perfect position to develop an understanding of a business and its particular risks and attributes, as well as taking into consideration industry norms and other background information. This preparation on our side allows us to prepare an audit program tailored to the specific needs of the foreign currency operations that are appropriate for the given business model.
To make an enquiry concerning LehmanBrown Foreign Currency Audit Services, please contact firstname.lastname@example.org