ACA’s audit and assurance services continually evolve to meet client demands, on enhancing internal control procedures, and complying with regulatory and technical standards and best practices in financial reporting.
At ACA, assurance services encompass more than assessing risk and applying audit procedures. These services help clients reach their goals and explore possibilities.
ACA approach is based on developing an understanding of the legal entity and of the risk it faces. Services are tailored to meet client’s unique circumstances and needs.
ACA Audit and assurance services comply of the following:
- Financial Statements Audit
- Internal Audit
- Audit Review and Compliance
- Financial Statements Compilations
Financial Statements Audit
When client needs a third eye to analyze and report on the financial status of its businessor its organization, ACA is there to help. An audit as an intensive and objective examination of client’s financial records provides the expression of an opinion as to whether financial statements are fairly stated.
ACA obtains an understanding of company's internal control and how it impacts the financial reporting process, performs test of clients financial data, confirms information with third parties as necessary, and analyzes the information for unusual trends or relationships.
Benefits from financial statement audit:
- Assurance on the financial performance, reporting and operations of client’s business or organization.
- Value-added recommendations on financial processes, key controls and performance indicators.
- Increased awareness of accounting and regulatory changes.
Whether client’s need is for an outsourced partner to support its Head of Internal Audit and in-house team, or the provision of a full outsourced internal audit service, ACA can provide client with a solution that will be tailored to client’s specific needs.
Assessing the client’s need will result in:
- Outsourcing internal audit function
- Coo-sourcing internal audit function, or
- Advising existing internal audit function
Benefits from ACA Internal Audit services:
- Cost-effective solution to risk management – as the price of qualified candidates continues to rise; the cost of hiring, retaining and training experienced internal auditor escalates.
- Expertise and Experience – The ACA professionals who perform the internal audit are highly trained and experienced auditors.
- Independence and Objectivity – ACA internal audit services can provide a “fresh-look” at client’s processes, which may help client’s organization operate more efficiently.
- Efficiency – ACA internal audit consultants are not continually on site, thus ACA knows the importance of completing the internal audit tasks efficiently.
- Obligation and responsibilities - Client will not have responsibility as they do have toward their staff. The contract can be terminated as agreed between two parties.
Audit Review and Compliance
A review service represents analysis of financial records, with limited assurance. It involves more limited procedures than an audit, primarily inquiries of management and analytical procedures applied to financial data. Based on these procedures, ACA reports to clients, for any material modifications that should be made to the financial statements in order for them to be in conformity with required standards.
Benefit from completing a review assurance:
- Although more limited in scope than an audit, a review may provide a cost-effective alternative for obtaining limited assurance with respect to the financial statements.
Financial Statements Compilations
If client requires assistance with the preparation of final accounts and financial statements, ACA will be able to help. Compiled financial statements represent the most basic level of service ACA provides with respect to assurance services.
Benefits a client can gain from financial statement compilation are:
- Improved quality of financial reporting and management information.
- Comfort that client is fully compliant with the relevant financial reporting standards and regulations.
- Improved finance staff's knowledge and expertise on the key aspects of financial reporting standards.