We offer both internal and statutory audit using tailor-made audit procedures. Our internal audits seek to assess internal controls system in an organization and provide recommendations that are expected to help your business run efficiently and effectively. On the other hand, our statutory audit is meant not only to help you meet the legal and regulatory obligations of your business, but also to provide you with valuable recommendations that will help improve your business.
Internal audit
We undertake a risk-based internal audit strategy which entails;
- Identification of areas that pose the greatest risk to the business due to errors or fraud
- Assess the level of risk through internal controls review
- Evaluate business processes to ensure that they are effective and efficient
- Undertake enterprise risk assessment
- Evaluate the opportunities and threats facing the business
Statutory audit
External audits are conducted by our Certified Public Accounting Firm, Waiguru & Company. We have a robust audit methodology that compromise of 4 phases:
- Risk identification and assessment
In this phase we develop a general audit program that helps us lay focus on areas posing the greatest risk to the business. We discuss with management to identify the audit expectations as well as understand key areas of audit focus. The phase also helps us obtain information regarding the key audit risks, significant audit areas and key audit matters (KAM). - Audit planning
We utilize our experience and the results of our business review to come up with our overall audit strategy which entails detailed audit tests of transactions, assertions, balances and controls. - Audit execution
We execute our audit using a risk-based methodology with our main focus being on the areas assessed to pose the greatest audit risk. We also ensure that special attention is given to areas identified by those charged with governance. - Audit closure and reporting
Significant matters identified during the audit are discussed and clarified with the management. During this phase, we also seek management’s comments on the issues identified and share our report formally with the Audit Committee of the Board.
If you are considering engaging an auditor for internal or statutory audit, please contact us and we shall be happy to arrange a meeting with yourself for further discussion including providing you with our competitive quote for the services.