Throughout history, businesses have needed to record their transactions and measure results. Current national and international audit standards, however, are more exciting than ever. Global competition also requires all business entities to be built on solid foundations with effective management structures. Accordingly, we believe that our audit should provide value to our clients by focusing on information flow that helps them benchmark the performance rather than just a set of audited financial statements.
We believe that the success of any audit we carry out is dependent upon:
Understanding the client's business, underlying risks, and the legislation and regulations governing the business;
Understanding the client’s organizational, procedural and information system controls as well as their operating structure;
Ensuring that superior expertise and resources are available to satisfactorily carry out the audit;
Adhering to the firm's quality control standards.
All audits are carried out as per the firm's Audit and assurance Procedures Manual, which is based on International Standards on Auditing. Our audit approach is principally risk-based, and focuses on obtaining an understanding of the scope of the assignment, and developing an audit strategy to achieve the set audit objectives.
The firm has also developed industry specific manuals for industries such as banking and insurance that are subject to specific requirements. Partners and staff involved in industry specific audits are required to undergo regular training to ensure that they are conversant with the operations of, and the risks attached to, these industries and the legislation and regulations governing these industries.