Financial Statement Audit

Financial statement audit and review services in accordance with relevant professional standards and regulatory requirements.

About the Service

Financial Statement Audit

Financial statement audit and review services in accordance with relevant professional standards and regulatory requirements.

The service scope, timeline, and required documents are determined after understanding the organization's activities, needs, and the nature of the professional engagement.

Initial Scope of Work

Understand the Organization & Its Control Environment
Plan & Perform Audit Procedures
Examine Audit Evidence & Accounting Records
Issue the Professional Report in Accordance with the Engagement Scope

Service Delivery Process

Service Delivery Stages

A clear and flexible methodology, tailored to the nature of the service and the scope of the engagement.

Understand the Requirement

Discuss the entity's activities, the objective of the service, and the related challenges or obligations.

Define Requirements

Prepare an initial list of the data and documents required to assess the scope of work accurately.

Proposal & Agreement

Define the service scope, deliverables, timeline, fees, and responsibilities before work begins.

Execution & Analysis

Perform the agreed procedures, analyze the data, and follow up on queries with the client.

Review & Quality Control

Review the work and deliverables internally, then discuss material observations when necessary.

Delivery & Follow-up

Deliver and explain the final outputs, and identify any subsequent steps within the engagement scope.

Start Your Service Request

What Does the Client Receive?

Clear Deliverables Aligned with the Service Scope

Final deliverables are agreed in the proposal and engagement letter and may vary depending on the volume of work and available data.

Audit Plan & Requirements

An initial plan and a list of the data and documents required to perform the audit procedures.

Documented Observations & Queries

Follow up on material observations and queries arising from the review of records and evidence.

Independent Auditor's Report

Issue the professional report in accordance with the engagement scope and the results of the audit procedures.

Closing Discussion

Discuss findings and observations with management, together with any additional deliverables specified in the proposal.

Frequently Asked Questions

Frequently Asked Questions About Financial Statement Audits

Practical answers about requirements, scope, timing, and expected deliverables.

What data is required to begin the audit?

This usually includes the financial statements or trial balance, general ledger, bank statements, balance details, contracts, and supporting documents. A detailed request list is provided after understanding the organization's activities.

Can the audit timeline be determined in advance?

The timeline is estimated after assessing the organization's size, record readiness, number of branches, and nature of operations. Meeting the timeline also depends on timely provision of data and responses to queries.

Does the audit include preparation of the financial statements?

This depends on the agreed engagement scope. Responsibilities for preparing the financial statements and for the audit are set out separately in the proposal and engagement letter.

When is the final report issued?

The final report is issued after procedures are completed, required documents and responses are received, material matters are resolved, and the final review is completed.