An independent audit / review of financial statements lie at the heart of effective operations. MAISHA Consultants external audit focus on a combination of a balanced Risk Based Approach and System Based Approach which enables us to develop a deeper understanding of clients business and management strategies. Our audit methodology involves three stages which are assessment of clients risks, preparing solutions or programs to address assessed risks and reporting the results of the audit to Those Charge with Governance.
Risk Assessment:
in this phase, we obtain preliminary information to
enable us understand the client before accepting
engagement and issue engagement letter. After
accepting engagement, we begin our audit planning
process by performing assessment of business & fraud
risks (including significant risks) and the design /
implementation of relevant internal controls. We
summarize identified risks and assess risk of
material misstatement at both the financial
statements level and at assertion level. Significant
controls deficiencies are communicated to Those
Charged with Governance. Development of the overall
audit strategy begins at the commencement of the
engagement, continues during the initial planning of
the engagement and is completed after the risk
assessment phase when the overall responses and
further audit procedures are designed.
Risk Response:
composition of the audit team members depend on
assessed risks. We work together as a team and we
prepare audit programmes relevant to address the
assessed risks. Field work is done according to
agreed plans and procedures, at each stage partner,
manager and senior review the work of their juniors.
We revise our procedures if need arise so as to
address new risks identified during course of doing
audit.
Reporting:
in this phase, we communicate / discuss with
management identified misstatements, audit findings
and obtain written representation. Audit file is
completed by cross-referencing final report to audit
evidence in working papers, completing various
checklists such as going concern assessment, events
after balance sheet, companys checklist, IFRS
checklist etc. Based on audit evidence gathered, the
audit team form an audit opinion after evaluation of
audit evidence. Under assurance services, we also
provide internal audit to strengthen clients
internal controls in key business areas and further
explore and enhance the profitability of business
operations.
Forensic and Due Diligence audit:
we provide special audit for special case such as to
be used as an evidence in the court or to confirm a
loss caused by an employee of the client. We also
conduct due diligence work to assist our client to
reach an informed decision regarding intended
investment or acquisition.
Management audit:
A review of the overall business operations to
address the concerns of management.