At Kreston HM our primary objective is to provide a frame work for the application of uniform, effective and efficient audit approach. We act as auditors to numerous prestigious organization in Uganda.
The Assurance services include;
- Statutory Audit under various statutes of Uganda
- Management Auditing- Examination of the achievement of the organizational objectives in relation to the overall management system of planning, evaluating and controlling.
- Internal Audit, System and Operational Audit
- Value Added Tax Audit
Risk Based Assurance Approach
Our objective in an audit of the financial statement of an entity is to express our independent opinion on whether the statement as a whole has been properly prepared in accordance with the International Financial Reporting Standards (IFRS) and relevant legislation to have true and fair view of the financial position and results of the entity. In order to express such opinion, we need to perform our audit in accordance with generally accepted auditing standards.
To be efficient we need to obtain the evidence economically and in a way that is highly professional. This involves making the best use of resources available to us i.e the expertise of our team, their time and any information that is provided by our clients. Given this objective and diversity of the clients we have developed an audit approach that provides a high degree of flexibility.
Our Risk Based Approach is broken in following steps:
- Understanding the client , the business and the risk effecting the business process, if any.
- Preliminary Analytical Review
- The types of risks associated with any business
- Risk Assessment – Planning the assurance work
- Developing a strategy for audit tailored to those risks and needs
- Care and control in drawing together our findings and arriving at an audit opinion.
Developing Audit Strategy
We develop a strategy for audit tailored to those risks which may include the following types of tests:
Tests of Control:
We test the effectiveness of internal controls in place
Substantive Tests:
Where results of Test of Controls show that the internal controls are not effective, substantive tests are performed to get reasonable evidence with regards to assertions made which will help to draw conclusions.
Concluding Assurance Assignments
Performing final analytic review on draft financial statements and internal controls
Highlighting control weakness and suggestions to improve them