Audit and Assurance

In addition to our statutory compliance audits, we conduct due diligence reviews review, efficiency and effectiveness audits in addition to forensic accounting and investigative reports, support for litigation plans of arrangement, and other audits that are special in nature.

Our Audit Approach

Formal Risk Analysis

Our audit methodology is based on risk and is tailored to address operational risk areas as well as any regulations that your company may have. We are focused on not only knowing the business of our clients, but also the environment the environment in which they operate.

In preparing our audits, we get understanding of the operation and controls, and identify and evaluate the areas that are crucial to the company and, consequently, our auditing focus is on areas that are more likely for error due to material and we minimize audit procedures in which the risk of error is very low.

The formal risk analysis can help us assess the possibility of serious mistakes occurring in key areas of financial management.

The management process, coordination and plan of an audit project involves:

  • The preparation of a budget for resource allocation and a timetable for the scheduled allocation of resources
  • Examining the control environment in order to determine the amount of reliance to be placed on internal controls, if they are available.
  • Recognizing the most important audit areas of risk.
  • The audit strategy and method Based on the initial findings. The audit programs will be modified to meet the needs of the client.
  • Assignment of tasks to members of the audit team and informing them about the audit procedure, the details of the tasks to be completed and the timeframe available.

Management Letters

Any deficiencies discovered in an audit are communicated to Management by way of Management Letters for client’s comments along with our suggested solutions.

We are very keen in identifying areas for improvement in the areas of control weaknesses, as and when there could be commercial advantages. We will offer concrete and practical suggestions and implement the action(s) implemented. Our letters will be presented after the completion of the audit. This formal procedure will take place in addition to the meetings and discussions that take place when problems are identified. All suggestions will be discussed with the senior management team to ensure that the issues are adequately documented.

Contact to Internal Auditors

It is our practice to maintain contact with the internal auditors of our clients whenever possible in order to avoid duplicate efforts and utilize their expertise on the operation.

In the beginning to begin, we will establish contact with the most important people in these departments in order to assess their structure, staffing, and work programs. Then, we will work closely with the departments in order to ensure that the most efficient combined audit is conducted.

Audit Timetable

We know that senior management may not be aware of or have questions about the procedure and cost for changing the auditors.

We’ll try to speed up the process, and then assume our audit obligations as fast as we can with due care to plan.

The time for our visit will be contingent on the timetable of the client to finalize the audited accounts. We will arrange our resources to ensure that deadlines are adhered to.

The work we will undertake is expected to be completed in three major phases: the planning phase, an interim audit and a the final audit. Audit planning is expected to begin soon once our appointment has been confirmed and we have the required professional clearance obtained from the former auditors as well as any other regulatory authorities as necessary.