An audit is an independent and objective observation of the information contained in a set of financial statements with the purpose of determining whether the financial statements are free from significant errors or to detect fraud within the financial statements. We conduct our audit in accordance with International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements.

 

The major components of the audit process include:

  •  Ensure that a proper accounting system is in place to prepare the necessary audit schedules including the trial balance, to prepare the audited financial statements.
  • Liaise with the previous auditor, if applicable to agree on the opening financial statements balances.
  • Obtaining information on the client's system of internal controls.
  • Evaluating and assessing the effectiveness and efficiency of the system of internal controls.
  • Identify and document specific audit risks. Assessing these risks and the impact on the company’s operations and how to mitigate these risks.

Perform audit test of details on the transactions and balances to ensure that the financial statements are free from material misstatement. These includes:

  1. Confirmations from customers, suppliers and bankers
  2. Physical inspection of fixed assets or and inventory
  3. Examination of supporting documents.
  4. Discussions with management.