OUR OBJECTIVE
- Understanding of Clients operations
- Preparation of an audit strategy.
- Preparation of the audit plan
- Appraisal of accounting systems and control environment, and detailed testing and revision of the plan where necessary.
- Finalization and review including review of financial statements to ensure compliance with IFRS.
- Ensure that financial statements comply with reporting requirements, and the audit objectives have been met.
- Ensure recommendations are implemented.
HOW WE ACHIEVE THEM
- Develop and expand any existing knowledge of the client and obtain all related documentation, manuals written policies, relevant procedures and other regulatory guidelines
- Identify key areas of work, addressing your needs and concerns to meet the objectives and strategy identified.
- Focus the audit to key risk areas based on the information available and assessment of the control environment.
- Critically review the systems and key controls. Discussions with key personnel. Compliance testing with policies, procedures and local legislation. Carrying out substantive tests and analytical procedures to obtain sufficient audit evidence.
- Review by engagement partner. Draft financial statements issued and management report issued for comments. Finalization meeting with management to clear outstanding issues.
- Audit completion procedures, attendance to clients clearance meetings and present the final reports
- Review of audit recommendations periodically in liaison with clients Directors and management
RESULTS
- Meetings between The clients management and Njuguna Kioi & Associates personnel resulting in greater clarity of the operations.
- Agreement of detailed timetable and strategy, taking into accounts your requirements.
- Thorough and clarified identification of errors and weaknesses identified, and Recommending possible improvement, where necessary.
- Close liaison and agreement of findings between Njuguna Kioi & Associates and the clients directors on Final financial statements.
- Monitoring by Njuguna Kioi & Associates to ensure recommendations are
Working with you to meet your reporting deadlines
We are able to gain sufficient comfort in the audit process by performing a significant amount of our audit work during the year under review to give you early clearance on your financial statements.
Advice in the application of accounting policies
Njuguna Kioi & Associates has extensively reviewed International Financial Reporting Standards (IFRS), and have prepared locally tailored specimen financial statements for different sectors which comply with IFRS. In our experience with the various sectors of the economy, we have been able to advice management on the appropriate accounting treatment for the various incomes, expenses, assets and liabilities components of the income statement and balance sheets components.
Helping you ensure compliance
The audit process is not designed to provide you with absolute assurance on the organization is compliant with those sections of the law that affects its operations. However, we would normally review the compliance that comes to our notice, we would design a tailored disclosure and regulatory checklists to facilitate this review.
We would also carry out limited tests to confirm that you are applying the requirements of legislation governing the administration of taxes. Should you require a more extensive review of these areas, our tax advisors would be available to provide such assistance, which would fall outside of the audit engagement.
Continuous communication with management
Our audit is a process of continuous dialogue with you spanning the entire audit period. To ensure this we are committed to addressing your questions as they arise, being accessible at short notice for consultation and encouraging regular two-way communication on key business issues, we also commit to proactively contacting you to discuss and offer suggestions in relation to developments in accounting and legislative issues.
Working with the clients management
We recognize your efforts to achieve improvements in the area of corporate governance and it is our policy to ensure effective communication with all levels of management and the Directors, in line with the principles of good corporate governance.
At the minimum we would expect to meet the Directors/Management thrice during the audit; first at the commencement of the audit process, to discuss our proposed scope and confirm the expectations of the Directors, and second, at the completion of the final audit and prior to the approval of the financial statements, to present the results of our work. In addition to this, we would expect that there would be open communication between your management, and ourselves as and when matters arise that would benefit from our mutual input.
In developing our audit plan, we will liaise with your internal financial advisors to ensure that our work is properly coordinated with theirs.
Continuous efficiency gains through technology
Our audit approach will make maximum use of technology to ensure that your audit benefit from:
- Real time access to the latest industry knowledge, benchmarks and best practices
- Tools to ensure rigorous application of current financial reporting standards.
- An efficient communication platform both within our team and to yourselves
Review of Policies, Procedure and Reports Designs
During the course of the audit we shall review Account procedure Manual and Procedures for Financial Transactions and Controls.