- Category: General
- Published: Tuesday, 30 September 2014 21:22
- Written by Abdelhamid M. (ACPA)
In our financial statements audit, we undertake to gather evidence and provide a high level of assurance that the financial statements follow generally accepted accounting principles (GAAP), international accounting standards (IASs) and International Financial Reporting Standards (IFRSs) as well.
Through our financial statements audit we are searching and verifying the accounting records and examining other evidences supporting the financial statements.
By gathering information about the company and its environment, including internal control; inspecting documents; observing assets; making inquiries within and outside the company; and performing other auditing procedures, we will gather the evidence necessary to issue an audit report.
Partners and managers are taking active interest in the effectiveness of Risk Management and Control Assurance areas in their organization. Stakeholders are increasingly demanding a higher degree of transparency and ethical behavior.
Consequently, organizations are introducing risk-based internal audit plans, which are designed to focus on critical areas. Appropriate risk management systems enable organizations to take advantage of opportunities while effectively managing the accompanying business risks. Managing loss potential, while consciously taking acceptable risks directly enables the management to provide fair returns on investment.
As the economic downturn intensifies, the possibility of disputes and other difficulties arises more frequently. And when rules are broken—unintentionally or otherwise—organizations are exposed to risks and problems that they are often not used to dealing with, from fraud and abuse to errors and differences in understanding.
Remote auditing and data analytics is a process by which auditors couple information and communication technology with data analytics to assess the accuracy of financial data and internal controls, gather electronic evidence, and interact with clients, all without the need to be physically present.
The remote auditing has the advantage of assessing risk and reliability on a real-time or on-demand basis. One key benefit is the change in attention span of the organization.