An audit may be required by statute; properly planned, it can become a useful management tool.
The audit approach which we have developed enables us to concentrate our time and effort on the most significant areas of the accounts. So, not only do we keep our time costs to a minimum, we also increase the effectiveness of the audit.
How do we go about it? Our first step is to obtain a comprehensive understanding of a client's business, accounting system and internal controls. Only after we have achieved that understanding will we draft a programme of work. That programme will be reviewed and approved by the engagement partner before our staff start their audit tests.
This approach means that the professional and commercial experience of senior members of the firm is constantly brought to bear on a client's affairs.
After we have finished, we report back to you quickly. If we found that controls were defective, we would report that; but if controls were duplicated or unnecessary we would bring that to your attention also. If we saw a quicker or more efficient way of doing something than a time consuming formal control, then we would tell you. If we believed that it would be in your interest to introduce controls where none previously existed, we would tell you that also.
Over the years, we have specialized in carrying out internal audit of large sized business entities. The thrust of our internal audit is to get irregularities rectified on an ongoing basis rather than only report these to the Management.