Phase 1: Planning
We obtain an understanding of your operations, control environment, accounting and financial reporting systems.
Together, we agree on a timetable for service delivery.
- smooth transition and an agreed-upon timetable
- saves time
- lessens staff burden
- on-time service to review and address concerns
- no surprises
Phase 2: Assessing risk
We use our understanding of your company to identify financial statement risks.
We customise our audit approach to focus our efforts on the financial statement risks we identify.
- customised audit focused on risks
- issues identified early
- extent of audit effort commensurate with the level of risk, resulting in a more effective audit
- audit team with a deeper understanding of your company to provide recommendations
Phase 3: Testing internal controls
We evaluate whether your significant accounting applications and financial reporting systems are well-controlled and whether such controls are effective. Based on the result of this evaluation, we design appropriate audit tests.
- comprehensive assessment of internal controls and suggestions for strengthening internal controls
- stronger internal control over time
Phase 4: Testing accounts and transactions
We use IDEA to perform testing and analyse your financial data files.
Our audit programs call for the use of IDEA, which helps teams thoroughly and quickly execute tests.
- less time spent gathering and analysing data
Phase 5: Concluding and reporting
In the concluding phase of the audit, we bring together all the work performed by the audit team. The most experienced team members confirm that the financial statements make sense, based on their understanding of your company. They also ensure the delivery of a high-quality audit.
- advice and recommendations to improve operations
- an audit opinion from a firm with a reputation for high-quality audits