Audit and Assurance Engagements
Financial statement Audit (Statutory audits)
As Financial Statement Auditor,our multi-industry experience team that is not only independent on engagement letter, but also in spirit and action.
Our audit approach, tailored and scaled differently for multinational enterprises and SMEs and fully compliant with International Standards on Auditing (ISAs), is designed to build trust and confidence in our audit reports and provide the assurance on reliability of financial information reported to stakeholders.
Our Industry focussed and risk based audit approach takes into account:
- a) The need to understand the full scope of business, organisation structure and economic environment that an organisation operates in;
- b) New financial reporting regulations that impacts the financial statement audit;
- c) Government regulation (enacted) and those proposed (Bills) having an impact on the organization’s business;
- d) Operational complexity of the business;
- e) Inherent financial reporting risks considering the users of entity’s financial statement;
- f) Importance and need of business transparency
- g) Ascertain how well the management’s internal control mitigate the risk of material misstatement in the financial statement
Independent Assurance and Related services engagements under International Standards conducted are as follows
- a) Review engagements under International Standards on Review Engagements (ISRE) 2400 E.g. Reporting accountant report issued when we are not the statutory auditor of an organisation. This a limited assurance engagement where conclusion in form of negative assurance is provided.
- b) Compilation engagement under ISRS 4410 where we use our accounting and financial reporting expertise (not an audit) to collect, classify and summarise the financial information. E.g. IFRS convergence and producing IFRS compliant financial statements, Conversion of Group GAAP to IFRS financial statements, Conversion of Local GAAP to Group GAAP;
- c) Agreed-Upon Procedure under ISRS 4400 where we perform a set of audit like procedures as agreed between us, entity and any third party who are the intended user of the report. A factual finding is provided by the report without expressing any opinion or assurance. The users of the report are required to form their own conclusion based on the finding. E.g. Forensic investigation, special audit engagements certain account balances;
- d) Assurance Engagements to Report on the Compilation ofPro Forma Financial Information (PFI) Included in aProspectus under ISAE 3420
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