The standards our audit work is built on
"Audited" is not one thing. A limited company's statutory audit, a state agency's audit and an internal audit engagement are governed by three different bodies of standards, and an engagement run against the wrong one produces a report that does not say what its reader assumes it says.
For private sector audits and agreed-upon procedures engagements, our work conforms with International Auditing and Assurance Standards. For public sector audits, it conforms with the International Standards of Supreme Audit Institutions, which carry expectations around regularity, compliance and performance that a company audit does not. For internal audit engagements, we work to International Internal Audit Standards. Across all statutory work we report in accordance with the duties placed on external auditors by the Companies and Allied Matters Act.
Standards set the floor, not the plan. Within that framework we design the audit programme around the accounting problems particular to your organization — where the money actually moves, where the records are weakest, and where a misstatement would matter — rather than working a standard file from front to back.
If you are unsure which standard applies to an engagement you are about to commission, ask us before the terms of reference are written. It is a cheaper conversation then.
For private sector audits and agreed-upon procedures engagements, our work conforms with International Auditing and Assurance Standards. For public sector audits, it conforms with the International Standards of Supreme Audit Institutions, which carry expectations around regularity, compliance and performance that a company audit does not. For internal audit engagements, we work to International Internal Audit Standards. Across all statutory work we report in accordance with the duties placed on external auditors by the Companies and Allied Matters Act.
Standards set the floor, not the plan. Within that framework we design the audit programme around the accounting problems particular to your organization — where the money actually moves, where the records are weakest, and where a misstatement would matter — rather than working a standard file from front to back.
If you are unsure which standard applies to an engagement you are about to commission, ask us before the terms of reference are written. It is a cheaper conversation then.
