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Benefits of Financial Statements Audit under IFRS

Access Foreign Capital

The adoption of IFRS in accounting and reporting of financial statements surpass national boundaries and provide access to foreign capital and to analyze performance indicators of global entities with a common denominator. It also helps in evaluating performance and financial position of global entities for mergers and acquisitions.

Global Taxes assessed in Tax Home Countries

Tax authorities will find it easy to assess tax on global consolidated operations and extend credits for taxes paid in foreign countries that qualify under the double taxation treaties.

Cost Effective

The compliance will help streamline financial reporting and minimize reporting cost as a result common reporting systems and consistency in statutory reporting.

Trading Global Financial Instruments

The trading of shares and securities globally requires that the financial statements be prepared under a common accounting language, such as IFRS. Investors will be able to make logical and well-versed decisions.

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Why Choose Us as Independent Auditor of your financial statements prepared under IFRS

  • Risk Based Audit Approach

    We have adopted a risk-based audit approach. Our work includes an understanding and testing of internal controls, interviewing accounting and non-accounting management personnel to understand the business objectives and risks, new business developments, review of new contracts and how business risks transpires as audit risks.

  • Documentation & Communication

    We document and test each significant business operating cycle such as treasury, accounts receivable and revenue recognition, accounts payable and expense accruals, accounting for inventory, payroll, fixed assets etc. Our work involves communication with third parties such as banks, external legal counsels and accounts receivable etc. We also perform inventory physical count observation and test counts

  • Paper-less Audit Tools

    Our audit tools include paper-less audit software and applications, including detailed work programs to document the audit procedures performed and supporting documents such as copies of significant contracts, bank confirmations, investment balance confirmations, legal confirmation etc. Based on our findings, we issue a report on whether the financial statements are free of material misstatements and prepared in accordance with IFRS. Our risk based approach and paperless working environment has helped us work in a very efficient and effective manner, reducing the overall cost of an audit and improving our internal documentation and compliance with appropriate professional standards.

  • Our Managing Partner

    Our managing partner is an IFRS expert and has previously worked on many IFRS audits at one of the big four international accounting firms as an IFRS expert in the U.S. South-East region.

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Process of Financial Statements Audit under IFRS

Audit Strategy

Independent auditor seek to gather sufficient and appropriate audit evidence to support an opinion about the fairness of financial statements. In developing an audit strategy, an independent auditor considers internal controls & determines whether to rely on those controls for various components of the audit.

Audit Procedure

An auditor can perform a wide variety and combination of audit procedures at different stages of an audit to gather the evidence needed to support an independent opinion on the fairness of the financial statements.

Evaluates Results

As the audit progresses, the audit team completes its tests and evaluates the results. An audit opinion can be unqualified, qualified, disclaimer or adverse.

Communicates Results

The auditor then communicates the results of an audit to the audit committee or the governing body of the entity audited, including internal control deficiencies noted during the audit.

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Just get in touch for free consultation now for IFRS Audit

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