- Statutory audits
- International GAAP and specific jurisdiction GAAP audits
- Internal audit
- Agreed upon procedures and due diligence reviews
Our audit methodology is based on an assessment of risk. We consider the environmental factors, control risks and the significance of the financial statements assertions. An intelligent appraisal of the combination of these factors drives the audit strategy and the detailed audit programmes.
The extent of our audit procedures will depend upon a detailed understanding of your activities and transactions processing cycles. At the same time we will help you manage your risks by bringing significant exceptions to your notice.
Since the CPA audit methodology is risk based, it directs attention towards the main areas of concern. We recognise materiality and take into account the overall environmental considerations as well as the risk related to specific financial statements assertions. That way our audit remains business-like; and does not waste your money in fees in unimportant areas.
Put simply, the standard CPA approach is to look at compliance with policies and procedures (where necessary) and to assess the management of VSI’s business. This should demonstrate that we are comfortable moving from the traditional financial audit areas into the wider aspects of value added audits.
The central part of our audit methodology would be to plan the approach with the assistance of the management of VSI. This would direct audit effort towards areas of greater business risk. During this planning phase, key risks and issues are identified and strategies are refined through the application of an intelligent risk-based approach for gaining audit assurance.
To match with VSI’s requirements for the audits, our audit methodology will be broken into the following stages:
Stage 1: Planning and strategy
- carry out a kick-off meeting to gather our understanding about the business environment of Company and its operating system;
- assessing Company business risk and fraud risk;
- preliminarily assessing control environment; and
- determining audit approach and detailed audit procedures.
Stage 2: Audit fieldwork including site visits
- reassessing control environment;
- confirming audit approach and detailed audit procedures;
- carrying out detailed audit procedures; and
- evaluating result of work.
Stage 3: Review and reporting
- discussing with Boo Sung Vina Company Limited’s management about key issues noted during the audit fieldwork;
- expressing independent audit opinion on the financial statements; and
- preparing business management letter including weaknesses in the accounting and internal controls identified during the audit and constructive and practical recommendation and solution.
Stage 4: Audit finalisation and debriefing
- hold a closing meeting with Boo Sung Vina Company Limited’s management subsequent to issuing of the final report to summarise all issues of the audit;
- from this meeting we will collect feedback from Boo Sung Vina Company Limited’s management to ensure that specific requirements have been met and all parties are satisfactory with the result of the audit. Arrears for improvement would also be addressed to all parties to ensure that next year audit will be carried out more effectively and efficiently; and
- discuss with Boo Sung Vina Company Limited’s management on any specific additional requirements on the scope of work for the next audit.
Quality Assurance
Quality assurance is built into our methodology. All work performed is subject to be reviewed by an audit manager and audit director and then by an audit partner. All contentious issues and decisions require concurrence by an independent partner.
Further, it is very easy to say, “we deliver high quality service”. As you will know from your own experience, this does not happen without considerable effort. Our client service standards do not stand still. Outlined below are some of the key factors that are evidence of our commitment to this goal and to raise our service levels to a higher plane:
Client service plans – the team regularly meets Company’s management to ensure that information is shared, service delivery objectives are met and forthcoming priorities identified.
Client satisfaction review – We will periodically request you to provide feedback on our performance and your satisfaction with services. From this, the ongoing service plan for Company will be refined and agreed with you.
Feedback – we request your views at any time on our performance, be it via a formal review meeting or informally.
Customer care – all staff are trained once joining CPA Auditing on the importance of caring for the client’s needs.
Response times – all queries will be answered promptly.
The firm’s commitment – our experience indicates that it costs us five times as much to win one new client as it does to keep an existing client happy. The delivery of a quality service and opinion is therefore commercially imperative. Our approach is based on regular contact and on anticipating and reacting to your needs. Service quality is fundamentally a cultural issue – a frame of mind which all staff must share.
We deliver what we promise!
