Audits are very complex process which requires technical know-how and experience. We have been performing Audit Assurance in compliance with provision of the Companies Act and Sri Lanka Auditing Standard (SLAuS) for 30 years and take pride that our mainstay service is the provision of audit and assurance services. Our audit assurance approach focuses not only on the financial statements of an organization, but also on the organization’s business operations and act trusted advisors. We are mindful that our role as auditors is to safeguard the shareholders’ interests.
Audit & Assurance
Statutory audits are for clients who require an audit for statutory reasons associated with the filing of their annual report together with financial statements, in order to meet the requirements, set by the Sri Lanka Companies Act. Statutory audits will be conducted in accordance with Sri Lanka Auditing Standards (SLAus). Those SLAuSs require that the auditors to plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements.
Our audit methodology, thorough understanding of our client’s business and risks, bears the following four approaches:
Planning – We identify and develop the overall audit approach with particular focus on key audit risk areas. Here, our expert teams work to understand your operations, internal controls and information systems. We’ll then construct an audit timetable that meets your requirements. The result: a tailored audit strategy that is structured around your business or organization.
Controls – We understand, evaluate and validate the key internal control areas and advise management of any issues during the audit. Robust internal controls are the key to a more stable organization. Where possible we’ll test your internal controls, and suggest improvements.
Substantiation – We carry out test of details on significant account balances and transactions during both the interim and final audits
Completion – We submit our audit opinion and a management letter.
Special Purpose Audits
Special purpose audits are performed according to the requirements and requests of our clients. We perform following services,
Agreed Upon Procedures
Purpose of an agreed-upon procedures engagement is for auditor to carry out procedures of an audit nature to which the auditor and the entity and any appropriate third parties have agreed and to report on factual findings.
Review Engagements
A review engagement is also one of our core services. It is not an audit; it is a limited assurance engagement. The procedures performed in a review are substantially less in extent than, and vary in nature from, those performed in an audit.
Compilation Engagements
A majority of our clients require a compilation engagement, also known as a ‘notice to reader’ financial statement. A compilation may be applicable for a business where financial statements are prepared for the exclusive use of management and/or for income tax purposes.
Our audit team comprised of qualified and experienced accountants, who are accustomed to the high standards of auditing set by us, and who are trained to provide good quality assurance services within the reporting deadlines.