3.1. General
Our audit approach is risk based and controls-oriented and an assessment and identification of risk is performed continuously throughout the audit process. Our approach to these risks and their mitigating controls is outlined below;
3.2. Planning the Audit
A full scope statutory audit will be undertaken on the financial statements of your organisation.
To perform an efficient and effective audit, more attention will be directed to financial statement assertions which have a higher risk of material misstatement.
At the commencement of the audit, our focus will be on the company’s business, how it is organized, how its transactions are directed, controlled, and recorded. This approach will enable us focus on those aspects of business that significantly affect the annual financial statements and thereby reduce our time spent on less important aspects. This understanding provides bases for assessing risk and the determination of our audit strategy.
3.3. Risk assessments
The following risks will be considered to determine the appropriate audit emphasis and to direct our effort efficiently and effectively.
3.3.1 Operational risk
The risk of loss as a result of activities not being conducted in accordance with formally authorized procedures.
3.3.2 Liquidity risk
The risk of loss resulting from the inability to meet financial obligations because the cash flows arising on assets and liabilities do not match.
3.4 Key audit procedures
The nature, timing and extent of our audit procedures seek to combine reliance on controls, analytical reviews and a substantive examination of account balances to achieve a cost-effective audit at an acceptable risk level.
The overall approach is designed to confirm that we may place significant reliance on Internal Controls and Procedures and thereby manage the respective audit risks. The procedures will comply with International Standards on Auditing.
The key audit procedures that will be used during the audit examination are the following: –
- Compliance testing of selected controls
- Verification of selected assets and liabilities
- Examination of selected reconciliation and investigating of reconciling items
3.5 Reports and Financial Statements
- Financial Statements for the Company will be prepared.
- Long form Report
- Management Letter
Our management letter will report on any significant weaknesses that came to our attention during the audit.
3.6 Quality Control
We employ efficient ICT technology and processes in the provision of services, and this sets us apart from other firms. In view of the rapidly changing business environment resulting from globalization, Continuing Professional Education (CPE) for the firm’s partners and associates is considered mandatory.
MOA is committed to assuring the quality of our services to our clients. In addition to the
Continual Professional Education (CPE) that is required to be met for all our partners and professionals, MOA’s quality control system includes concurring partner reviews on all engagements.
In addition to our quality control policies and key success factors which are based upon and fully comply with International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA’s), there is a regular Review Programme which ensures that MOA’s processes are in compliance with policies and procedures prescribed in our Operational Manual. Quality performance reviews are an integral component of our system of quality control and are intended to fulfil requirements established by the International Federation of Accountants (Assuring the Quality of Audit and Related Service – Statement of Policy of Council) and International Standards on Auditing 220.
MOA Consult is committed to ensuring that our professionals maintain professional proficiency through continuing education in accordance with firm wide and industry professional standards and the requirements of their professional licenses.
- Our professionals are required to attend functional, and line-of-business specific continuing education courses organised by the Institute of Chartered Accountants (ICA) and external parties throughout the year.
- As part of our industry segment approach, our engagement team members also participate in internal and external industry-specific training programs, including technical updates, industry conferences and enabling skills training.
- MOA regards itself as the “Firm of Preference” for a wide spectrum of businesses and Consequently, appropriate actions are carried out to align our operations to ensure all assignments are conducted under international standards.
