This is one of our main activities, covering large, medium sized companies, partnerships and sole proprietorships. Our audit approach comprises a  risk based systems audit, balance sheet audit (both interim and final audits). It also goes much beyond the statutory limits by employing an exploratory approach that reveals lapses and evaluates performance.

The main features of our systems audit are:

  •   Planning
  • Control Evaluation
  • Compliance Testing
  • Substantive Testing / Comparative Analysis
  • Exit Meeting / Conference
  • Report Writing / Development
  • Conclusion

 PLANNING: Under planning we review the following:

  • Background of the Company
  • Nature of Industry – Services / Products
  • Nature of Relationship With Parent Body / Foreign Affiliate; If need be we might need an authoritative confirmation of some issues directly from the Parent Company
  • Regulatory Bodies
  • Significant Accounting Policies and Procedures

CONTROL EVALUATION:

  • Obtain Accounting System Documentation
  • Highlighting missing and ineffective controls, and documentation of weaknesses.
  • Ascertain the existence of Complimentary Control
  • Highlights all areas of danger, pitfalls and risks that come to light
  • Emphasis on areas of financial control and accounting system improvement.

COMPLIANCE TESTING:

  • Relate transactions to Norms and Policies as contained in Accounting System Documentation
  • Review and Assess level of compliance to Corporate Governance
  • Determine the extent of financial risk inherent in the system and for not compliance

SUBSTANTIVE TESTING:

  • Carry out detailed analytical review of transaction. The level of review will depend on the result of compliance testing
  • Carry out comparative analysis of transactions to ensure accuracy and determine exceptional case(s)
  • Performance Ratios Analysis to quantify variances

EXIT MEETING: 

  • Meet with Management to discuss and review observations
  • Agree on deliverables / presentations on some specific areas in line with statutory and accounting standards

REPORT WRITING / DEVELOPMENT:

  • Collation of data obtained in the field / from the client
  • Preparation of Financial Statements
  • Writing of Management Letter

CONCLUSION: 

  • Meet Management on the draft Financial Statement
  • Finalize the account

We ensure that we have a thorough understanding of our clients business, corporate culture and operational environment.

We are able to provide complimentary advice by way of a detailed audit observation.

In order to be able to serve our clients well and in a more competitive way, we have customized computer audit program that drives our audit process and trails as follows:

CLIENT TRIAL BALANCE / TRANSACTIONS

 PLANNING

 INDUSTRY OUTLOOK

 CONTROL / ASSURANCE

 DOCUMENTATION / ACHIVE