Our audit methodology is a “top-down”, operations risk focused approach, which, together with the use of technology, places it at the forefront of the current methodologies. Our audit approach encompasses the latest thinking on the use of controls and places significant emphasis on management’s role in controlling the operations.
In addition to understanding this role, the audit engagement partner and manager will invest time to understand the systems of your company and to tailor the audit plan by reference to the organization’s specific risk areas.
We will therefore focus our audit work on the way your company is managed and on those areas where issues are most likely to arise. Obviously, this methodology will enable us to direct our attention to those aspects of the operations which could significantly affect the financial statements, thereby avoiding unnecessary demands on your time and minimizing the disruption of your staff. Our operation risk audit methodology will leverage the risk assessment and controls that are already in place within your organization. There are three phases in the risk assessment process:
- Assessment – We will work closely with the organization in order to analyse your current and future issues
- Implication – We will identify the potential impact of these issues on your financial reporting
- Focus – We will concentrate our audit efforts to address the key risks which will have been identified together with you
Our controls assessment also has three phases:
- Identification – We will identify the processes put in place by management to control each of the key risks, discussing with them how these procedures are carried out
- Alignment – We will assess the extent to which the control is effective in mitigating the identified risks
- Validation – We will then corroborate the control performance through rigorous validation and testing