Assurance Services (External Audit)
Businesses are under increasing pressure to ensure their audit and financial reporting meet ever more robust requirements of regulatory and tax authorities. External audit is also necessary to increase the credibility of the financial statements enabling these acceptable to stakeholders, tax authorities, regulatory authorities, financial institutions, and business partners.
We follow risk based approach from planning to execution, and perform audit in accordance with International Standards on Auditing (ISAs) issued by International Auditing and Assurance Standard Board (IAASB). Each audit is headed up by a dedicated partner and team leader whose job it is to ensure we deliver what we promise.
Internal Audit and Risk Management Services
Where appointed as your internal auditor, we review client's systems and procedures, identify the key controls to mitigate business risk, and test their operating effectiveness, enabling management to make the right decisions for the business and its future success.
We provide insight and recommendations based on analyses and assessments of data and business processes. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
Generally for internal audit assignment, we adopt following approach:
• Establish and communicate the scope and objectives for the audit to appropriate management.
• Develop an understanding of the business area under review. This includes objectives, measurements, and key transaction types. This involves review of documents and interviews. Flowcharts and narratives are created where necessary.
• Describe the key risks facing the business activities within the scope of the audit.
• Identify and assess five components of controls (control environment, entity's risk assessment process, information systems, control activities, and monitoring controls) used to ensure each key risk is properly controlled and monitored.
• Develop and execute a risk-based sampling and testing approach to determine whether the most important management controls are operating as intended. Report issues and challenges identified and negotiate action plans with management to address the problems.
• Follow-up on reported findings at appropriate intervals