METHODOLOGY - Assurance - Audit

Planning phase:
  • Obtaining preliminary client information and nature of their business
  • Enquiring about the controls in place
  • Ascertaining the statutes, rules and regulations governing the client and its reporting requirements
  • Risk assessement
  • Enquiring about the volume of work involved and based on above to assess the time required
  • Staff allocation based on skill set required, volume of work involved and reporting due dates
Execution phase:
  • The audit/review/verification processes are a composite of:
    • - Risk assessment & controls overview, analytical process reviews, trend analysis; followed by
    • - Detailed transaction checks, software testing in case required and physical audits
Reviewing & Summarizing:
  • Periodically reviewing the various observations and test results
  •  Summarizing the pending observations and matters for discussion with the client
Management discussions, follow-ups and conclusions:
  • Discussions with the client on pending issues and summarize follow-ups, in case required
  • Review follow-ups and conclude observations
  • Draft report as per regulatory framework / client engagement / scope for discussion
  • Issuing final report after management discussions
  • In case of compliance reporting
  • In case of subsequent audits/repeat assignments