OUR APPROACH AND METHODOLOGY
A. OUR PHILOSPHY
The prime philosophy in determining our work approach and the performance of related procedures is customized in order to ensure effective execution of engagements and meeting the needs of our clients.
This requires that we understand your business and apply that understanding to develop our detailed work approach which involves:
- A commercial appreciation of the business issues and agreement supporting the business.
- Careful planning in order to identify critical and important arrears and to allocate our resources confidently.
- Proactive and responsiveness from our staff on the engagement.
- A close working relationship with the management of your company.
- Feedback to management on the quality of business and accounting controls.
B. OUR PARTNER-LED STRATEGIC APPROACH
The Managing Partner will be involved all the way through, starting by setting the strategy for the assignment, drawing on the understanding of your company’s business and his considerable professional experience.
The overall strategy will be determined through discussions with your company’s senior management. Based on your company’s view of key issues and risks, and our own analysis, a detailed work plan will then be formulated by the engagement team and discussed with the management.
The business risks relating to your business and your operating environment will be carefully analyzed and understood to ensure that an appropriate work strategy is developed.
C. OUR RISK FOCUSED AUDIT APPROACH
Our detailed audit approach will focus on the key business and financial risk faced by your company and will seek to rely on those controls senior management use to mitigate those risks in reaching our audit opinion.
We distinguish between the risk associated with routine and non-routine transaction and accounting estimates.
D. WORKING TOGETHER
We believe it is important to develop strong working relationship with your company at all levels while maintaining our professional independent status. We will ensure that such relationships exist to facilitate the smooth and timely performance of our engagement through closely working together; we will make sure that our agreed assignment is appropriately tailored and responsive to your needs. Working together is also the most effective means of maintaining and building on our understanding of your business.
We will issue a management report on the financial statement to the Board. However, before we issue our report, we will prepare an audit highlights memorandum, summarizing the key issues arising. This can include any significant control weaknesses. After the preparation of the memorandum A discussion with senior management will occur to incorporate their views which then can be documented for a meeting with your company before the statutory financial statement(s) are approved by the board.”
Our aim is a ‘’no-surprise’’ approach
Our business risk focused approach will assist us in reporting to the management on
- Identified weakness in internal controls;
- Identified departures from operating guidelines and policies;
- Other arrears of the system, control or operation of business where we consider that our views may be of use to management
We will review the system and operation of controls and will issue a detailed report covering these matters upon completion of the audit.
Once we receive full co-operation from you, no target date is regarded unrealistic by us in view of the fact that we have adequate personnel at all times.
We will plan our engagement in order to ensure that our work is concluded efficiently on a timely basis. Immediately after our appointment, we will hold pre-audit meeting with your management to agree on a working timetable and to discuss other business and audit related issues. This timetable will ensure that we meet your reporting deadline every financial year.
All assignments are manned by qualified and experienced personnel who are well-mannered, intellectual and very much up-to date. Every assignment is manned by a qualified accountant and supervised by the managing partner.