Audit Approach

Services

PHASE 1: PRELIMINARY ACTIVITIES

We obtain an understanding of your operations, control environment, accounting and financial reporting systems.

Together, we agree on a timetable for service delivery.

Benefits to clients:

Smooth transition and an agreed-upon timetable
Saves time
Lessens staff burden
On-time service to review and address concerns
No surprises

PHASE 2: RISK ASSESSMENT AND PLANNING

We use our understanding of your company to identify financial statement risks.

We customize our audit approach to focus our efforts on the financial statement risks we identify.

Benefits to clients:

Customized audit focused on risks
Issues identified early
Extent of audit effort commensurate with the level of risk, resulting in a more effective audit
Deep understanding of your company to provide recommendations

PHASE 3: RESPOND TO RISKS

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.

Benefits to clients:

Comprehensive assessment of internal controls and suggestions for strengthening internal controls
Stronger internal control over time

PHASE 4: EVALUATE AND CONCLUDE

We use IDEA to perform testing and analyze your financial data files.

Our audit programs call for the use of IDEA, which helps teams thoroughly and quickly execute tests.

Benefits to clients:

Less time spent gathering and analyzing data

PHASE 5: REPORT AND COMMUNICATE

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.

Benefits to clients:

Advice and recommendations to improve operations
An audit opinion from a firm with a reputation for high-quality audits