Successfully Providing Public Accounting Services for 30+ Years

Audit of Financial Statements

Under IFRS

IFRS is now known as a common global language for business accounting so that an entity’s operations and financial performance are easily understood and compared across international boundaries.

An entity’s management is responsible for preparation and fair presentation of financial statements under International Financial Reporting Standards (IFRS). The international standards on auditing requires an auditor to issue an opinion on the fairness of the financial statements prepared under IFRS.

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

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 of common reporting systems and consistency in statutory reporting.

Trading Global

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.

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

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.
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

Our audit tools include paperless 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 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.

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.

Communicate Result

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.