Financial Statement Audits

1. Financial or statutory auditing services comprise of an independent auditor examining an organization’s financial statements and accompanying disclosures, which results in the auditor attesting to the fairness of the material presented. The key steps in a financial statement audit are planning and risk assessment, audit strategy formulation, collection of evidence (referred to as fieldwork that is usually carried out through two means of audit testing: substantive testing and controls testing), review and preparation of a draft report with the final stage involving finalization and completion

Audit Review Services

1. A review is conducted when a lower degree of assurance than an audit is acceptable. Financial statements are reviewed by conducting several analytical procedures such as ratio analysis, comparing the company’s operating statistics to prior periods or industry averages, as well as other financial analyses deemed appropriate.

Agreed Upon Procedures

1. Agreed upon procedures include reviewing specific areas of a financial statement without conducting a complete financial audit. This often results in cost savings as the scope of the audit can be tailored to the client’s specific objectives. For this type of audit, factual findings will be reported, and no opinion shall be expressed.

Internal Audits

1. Internal audit is an independent, objective assurance and consulting activity designed to add value and improve a company’s operations. Internal audits are risk-based, industry-specific and customized to the company’s operational size and structure. The key steps involved are understanding the business and risks involved and to focus on those areas that lack appropriate internal controls.