Audit Methodologies

Our audit methodology is designed to ensure that our audits are guided by the best approach to methodology, processes and documentation. The audit procedures we follow are categorized in the following stages:
1. Planning of the audit strategy
2. Execution of the audit strategy
3. Audit conclusion and reporting

The audit procedures, which are discussed in various chapters of this manual, are summarized below:

1. Ascertain terms of the engagement
2. Determine team skills and competence
3. Understand the entity’s business
4. Understand entity wide internal control and the risk of fraud
5. Obtain high-level understanding of the accounting system
6. Follow-up of previous year’s recommendations
7. Identify significant provisions of laws and regulations. The audit team should specifically test for compliance with the financial management procedures manual. When testing the entity’s compliance with the manual, the audit team should also assess effectiveness of controls prescribed in the manuals.
8. Develop preliminary audit strategy
9. Perform tests of controls
10. Update combined risk assessments
11. Perform substantive testing procedures
12. Audit conclusion
13. Assignment reporting
14. Prepare the annual report
15. Measure performance, identify and address improvement areas