An audit is the examination of the financial report of an entity, by an independent of that entity professional, the auditor. The annual financial report for an entity includes a balance sheet, an income statement, a statement of changes in equity, a cash flow statement, and notes comprising a summary of significant accounting policies and other explanatory notes.
The purpose of an audit is to form a view on whether the information presented in the financial report, taken as a whole, reflects the financial position of the entity at a given date. In carrying out its work an auditor follows auditing standards which are set by a government body. Once the auditor has completed their work, they prepare an audit report, explaining the work performed and giving an opinion based on the work carried out.
Audit is our core business, and it includes the following services:
- Statutory or special purpose audits
- Preparation of and reviews of consolidations
- Due diligence reporting
- Financial statements reviews
- IFRS conversions from local GAAP
Our audits are carried out under International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) and fully comply with the International Standards on Auditing. We are always updated with the developments in the auditing profession and the relevant accounting standards.
Agreed-Upon Procedures
With the design and execution of ‘agreed-upon procedures’ engagement, we aim to benefit our clients, as well as other specified users of our report. The procedures designed and executed are in line with pre-established criteria. Our report outlines our findings upon applying the agreed-upon procedures. Examples of such procedures are as follows:
- Special investigations and/or consultation
- Preparation and documentation of internal procedures and processes
- Evaluation and assessment of internal control systems by highlighting weaknesses and potential areas of risk
- Design and implementation of internal control system
- Compliance audit in accordance to laws, regulations, and contracts