Assurance

Our assurance approach is designed to minimize business risks and risks associated with the assurance process and to elaborate an efficient strategy that will minimize costs. The main bases of our approach are as follows:

  • Assurance engagements are staffed at the proper level of experience in relation to the complexity of the engagement.
  • Our assurance approach places emphasis on thorough planning to ensure timely identification of key business, accounting and auditing issues in order to implement efficient and adequate assurance strategies.

The following provides an overview of our approach :

Planning

This step consists of a meeting with senior management to clearly identify the lines of communication, perform a risk analysis, discuss any concerns and set expectations. We will also establish a preliminary timetable to ensure a smooth assurance process. Subsequently, we develop an assurance plan, which includes tailoring the assurance program and procedures, requesting working papers from our clients staff, arranging the exact time of preliminary and final fieldwork, and performing analytical procedures prior to the fieldwork date. This step ensures that all risks have been identified and addressed.

Perform Fieldwork

Fieldwork is the largest part of the assurance process and consists of both substantive tests, and analytical review, such as variance examination. We would expect to perform various assurance procedures prior to year end. For example, we may test major areas, such as accounts receivable and inventory pricing, based on interim financial records. By performing procedures prior to year-end, there is less strain on your accounting staff during the hectic fiscal year-end, and enables the completion of the year end mandate on a more timely basis.

Reviews and Wrap-Up

In order to assure that our mandates are of the highest quality, we review files and reports several times. Each review focuses on specific areas, with intentional overlap so that each part of the file is reviewed at least twice. We plan on performing all of these reviews while we are in the field. At the conclusion of both the preliminary and final fieldwork, we will discuss with senior management the results of our work and our preliminary recommendations.

Senior Management Presentation and Finalization

Upon completion of our review, we will meet with the senior management to discuss the results of the assurance process.