You are on page 1of 5


The objective of the firm is to establish and maintain a system of quality control to provide it with reasonable assurance that: (a) The firm and its personnel comply with professional standards and applicable legal and regulatory requirements; and (b) Reports issued by the firm or engagement partners are appropriate in the circumstances.

Brief Guidelines and Procedures
On Individual Client Accounting/Audit In our practice of audit, we implement those quality control procedures which are, in the context of the policies and procedures of the firm, appropriate to the individual audit. Our audit is then enhanced through timely communications throughout the audit process. We see to it that the professional competent of our assistants’ performing work delegated to them is considered when deciding the extent of direction, supervision and review appropriate for each assistant. Any delegation of work to assistants would be in a manner that provides reasonable assurance that such work will be performed with due care by persons having the degree of professional competence required in the circumstances. We assess the risks in an audit in a way that the higher the risk, the more persuasive the audit evidence needs to be to provide reasonable assurance on the audit and to mitigate that risk to an acceptable level. We exercise professional skepticism throughout the audit in gathering and objectively evaluating the competency and sufficiency of audit evidence obtained. Our methodology encompasses the following workflow: Risk assessment • Obtain an understanding ofthe entity and its environment, including internal control (i.e., evaluate the design and implementation of relevantcontrols) • Perform risk assessment procedures and related Activities • Identify and assess risks of material misstatement

Supervision Supervision means directing the efforts of professionals who are involved in accomplishing the objectives of the audit and determining whether those objectives have been met. and agreeing onappropriate conclusions. including overall review of financial statements • Document significant findings and issues • Consider if audit evidence obtained is sufficient and appropriate • Form an audit opinion • Communicate to the audit committee. and . timing and extent of audit procedures with which they are involved. reviewing the work performed. It also involves informing them of matters.• Design audit responses to address the assessed risks of material misstatement Testing • Test operating effectiveness of selected controls • Plan and perform substantive procedures Completion • Perform completion procedures. It is closely related to both direction and review and may involve elements of both. Direction involves informing assistants of their responsibilities and the objectives of the procedures they are to perform. Personnel carrying out supervisory responsibilities perform the following functions during the audit: (a) monitor the progress of the audit to consider whether: (i) assistants have the necessary skills and competence to carry out their assigned tasks. Direction We see to it that our assistants’ to whom the work is delegated receives the appropriate direction. (ii) assistants understand the audit directions. keeping informed of significant issues. our responsibilities under applicable auditing standards. an overview of the planned scope and timing of the audit. resolving issues. or those charged with governance. and significant findings from the audit. Elements of supervision include instructing and guiding professionals. such as the nature of the entity's business and possible accounting or auditing problems that may affect the nature.

(c) documentation of the audit evidence obtained from substantive procedures and the conclusions drawn therefrom. and the auditor's proposed observations/report. (b) assessments of inherent and control risks. made to the overall audit plan and the audit programme as a result of tests of control. and (e) the conclusions expressed are consistent with the results of the work performed and support the audit opinion. including the results of tests of control and the modifications. if any. (d) the objectives of the audit procedures have been achieved. (b) the work performed and the results obtained have been adequately documented. proposed adjustments in financial statements arising out of the auditor's examination. and (d) financial statements. . The process of reviewing an audit may include. (b) become informed of and address significant accounting and auditing questions raised during the audit. Review It is our policy that performance review for each assistant be based on a timely and objective evaluation of individual performance. requesting personnel not otherwise involved in the audit to perform certain additional procedures before issuing the auditor's report. and (c) resolve any differences of professional judgement between personnel and consider the level of consultation that is appropriate. The following need to be reviewed on a timely basis: (a) overall audit plan and the audit programme. The work performed by each assistant needs to be reviewed to consider whether: (a) the work has been performed in accordance with the audit programme. including the results of consultations. particularly in the case of large complex audits. (c) all significant audit matters have been resolved or are reflected in audit conclusions.(iii) the work is being carried out in accordance with the overall audit plan and the audit programme. by assessing their significance and modifying the overall audit plan and the audit programme as appropriate.

that each audit engagement is planned accordingly. provide business insights and share the results of the findings of the auditors. To operate at a function that all financial data are verifiable. c. Communication To conduct an audit where the auditor communicates the results of the assessment process to give credibility to the service or product for its users.QUALITY ASSURANCE FRAMEWORK  Effectiveness To conduct a quality audit that achieves the desired result that is consistent with the firm’s objectives and when the process is capable. Operations audit To study a specific unit of an organization for the purpose of measuring it’s performance. Audit committee To conduct an audit where the partners meet regularly with audit committees to discuss aspects of the audit. Comparability To conduct an audit in a manner that is consistent with the applicable financial reporting framework and adhering to any changes therein to achieve comparability among reports that user’s desire. b. communicate information on topics required under professional standards. a. and the risk is being assessed to design an audit procedure necessary to provide a reliable audit opinion. Efficiency To conduct an audit in a manner that the personnel delegated to each audit engagement has the necessary skills and competence and obtains the necessary knowledge about the clients business . Financial reporting To determine whether the financial statements of an entity are fairly presented in accordance with the applicable financial reporting framework. rules or regulations. efficient and consistent with objectives. Compliance To review an organization’s procedures to determine whether the organization has adhered to specific procedures.     .