Our audit approach is risk-based, tailored to address the operational risk areas and any regulatory requirements of your business. We concentrate in not only understanding our client’s business but also the environment in which they operate.
In planning the audit, we gain an insight into the client’s operations and controls, identify and assess the areas which are significant to the business and therefore our audit effort is directed to areas with a higher potential for material error and minimise audit procedures where the likelihood of material error is minimal.
Such formal risk analyses will enable us to assess the likelihood of significant errors occurring in important financial areas.
The administration, coordination and planning process of the audit assignment involve:
- Preparing resource allocation budget and scheduled timetable
- Assessing the control environment to determine the extent of reliance to be placed on the internal controls, if available.
- Identifying key audit risk areas.
- Determining the audit strategy and approach based on the preliminary findings. The audit programmes will then be tailored accordingly.
- Allocating tasks to audit team members and briefing them on the audit approach, nature and scope of work to be done and the time frame available.