Assurance Audit
As stated earlier, the major aspect of our job is auditing – statutory and non-statutory. The purpose of carrying out audit is to ascertain whether the internal check and other system of controls of our client are in order. This leads us to report and form an opinion as to whether:
- The account prepared is consistent with the company’s accounting record, and the information and explanation obtained during the audit carried out,
- The financial statements show a true and fair view of the company’s affair including the Profit and Loss Account, and cash flow statement,
- All statutory requirements are complied with.
We would plan and conduct our audit in accordance with Generally Accepted Auditing Standards (GAAP), bearing in mind the requirements/ provisions of the following:
- International Auditing Standards (IAS)
- International Financial reporting Standard (IFRS)
- Generally Accepted Accounting Principles (GAAP)
- Specific Acts or Pronouncements bringing the organization into existence
- Relevant Accounting Policies
- Companies and Allied Matters Act (CAMA) 1990
To enhance the profitability and ensure efficient performance of client, we submit management report along with the annual audited accounts. The purpose of this is to assess the suitability and effectiveness of the internal check system, as well as highlight the areas of weakness discovered during the audit, with recommendations for improvements offered where necessary. It is also our practice to examine client’s systems, policies, processes and procedures with a view to determining their adequacy for achieving the ultimate profitability or improvement or for achieving cost-effectiveness. We also reconcile budget with actual performance, prepare report on any significant variance and take note of costly systems, if any.