KANOHI KI TE KANOHI
Audit Services / Tikanga Arotake Pūtea
Audit & Assurance Engagement
Audit & Assurance engagements are an independent professional service, usually provided by Chartered or Qualified Accountants, with the goal of improving the information or the context of the information so that decision makers can make more informed, and presumably better, decisions.
An audit involves detailed tests of accounting records using techniques such as inspection, observation, confirmation, recalculation and re-performance, as well as inquiry and analytical review.
The objective of an audit is to review the financial statements, internal controls, operating environment and risks of the organisation and provide an opinion that the financial statements as a whole are free from material errors or fraud. Reasonable or high assurance is not absolute assurance.
Review Engagement
A review engagement is a professional engagement in which the reviewer performs procedures designed to enable the reviewer to obtain a moderate level of assurance required to provide a negative assurance report.
In a negative assurance report, the reviewer states whether anything has come to the reviewer’s attention that causes the reviewer to believe that the assertions do not present a true and fair view, or otherwise comply with the criteria laid down for the engagement.
In order to provide a negative assurance report, the reviewer primarily uses enquiry and analytical review procedures. These procedures are designed to review the reliability of an assertion of one party that may be used by another party or to provide a review opinion on a matter that is not subject to a written assertion. Such procedures generally do not include inspection, confirmation or observation procedures, however, the evidence gathered in a review engagement must be sufficient to enable the auditor to provide a moderate level of assurance.
The objective of a review engagement is to review the financial statements and provide an opinion as to whether the financial statements as a whole are free from material errors or fraud.
Limited assurance is less than reasonable assurance.
Please feel free to contact us to discuss your auditing requirements.
An Agreed Upon Procedures engagement is a professional engagement in which an auditor agrees with the client to perform specific procedures with respect to information.
In such an engagement the auditor reports the factual findings resulting from the procedures performed.
The level of assurance given by the auditor in an Agreed Upon Procedures engagement will depend upon the nature of the specific engagement and the nature of the specific procedures requested by the client and the nature and extent of the verification work performed by the auditor. In such an engagement the auditor’s report of factual findings should be restricted to those parties that may have agreed to the procedures since others, unaware of the reasons for the procedures, may misinterpret the results.
Please feel free to contact us to discuss your auditing requirements.
Need more information on IFRS (International Financial Reporting Standards) or you need to present financial information in a certain manner but want to ensure that what you propose is within the financial reporting standards (or statutory requirements – Companies Act, Financial Reporting Act) and GAAP – Generally Accepted Accounting Practice) then Contact us for an opinion.
Reduce the risk of your systems leaking cash, debtors not being followed up, creditors growing.
We can design and perform procedures to test whether your internal controls and systems are doing what they are designed to do in the most efficient manner.
Please contact us for your audit needs
We have the expertise to provide independent stock takes and verification of Fixed Assets.
This can include full stock counts or sampling of and rolling counts. We can also review stock procedures and Internal controls and advise of weaknesses and improvements that can be introduced to prevent fraud and error.
We can also recreate schedule of assets by location to help maintain fixed asset schedules for insurance and accounting purposes
156 Guyton Street, Whanganui
112 Vivian Street, New Plymouth
19 Tamamutu Street, Taupō
7 Grey Street, Palmerston North, 4410