Audit & Assurance Services - JT Peculiar

- JT Peculiar

- JT Peculiar; Audit & Assurance Services Statutory Audit Services Audit Review & Compilation Agreed Upon Procedures Specialized Audit Services Internal Audit Procurement Audit Human Resources Audit Information Systems Audit Value for Money Audit

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Service Information

JT-Audit

  • Statutory Audit Services
  • Audit Review & Compilation
  • Agreed Upon Procedures
  • Specialized Audit Services
  • Internal Audit
  • Procurement Audit
  • Human Resources Audit
  • Information Systems Audit
  • Value for Money Audit

Statutory Audit

Our audits are performed by experienced personnel in accordance with the generally accepted auditing standards and are independently reviewed.

Audit Review & Compilation

Audit is a form of “assurance engagement”. The report given as a result of an audit demonstrates a high level of credibility in the financial statements audited. There are other forms of “assurance engagement” that auditors perform that are simpler in approach and generate a report which gives a lower level in the financial statements. These reports are appropriate to businesses which seek credibility in the information that they circulate but which do not need the highest levels of assurance conveyed by an audit report. Typically, such a business may be smaller in size, privately owned, or publishing financial statements which are not widely circulated. 

The most commons forms of “other assurance engagements” are review engagements and compilation engagements. 

The objective of a review engagement is to enable an auditor to state whether, on the basis of procedures which do not provide all the evidence that would be required in an audit, anything has come to the auditor's attention that causes the auditor to believe that the financial statements are not prepared, in all material respects, in accordance with an applicable financial reporting framework. 

A compilation engagement is an engagement in which accounting expertise, as opposed to auditing expertise, is used to collect, classify and summarize financial information. The experience of the accountant ensures that the financial information is presented in accordance with an applicable financial reporting framework. A report is presented which gives credibility to the presentation process.  

Agreed upon procedure

An agreed-upon procedures engagement is an engagement in which an auditor is engaged to carry out those 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. The recipients of the report form their own conclusions from the report by the auditor.  

The report is restricted to those parties that have agreed to the procedures to be performed since others, unaware of the reasons for the procedures may misinterpret the results. For example, an agreed-upon procedures engagement may be commissioned by an entity which is acquiring another business. The entity may engage an audit to report on specific aspects of the business that it is buying.

Internal Audit Services

  • Development of internal control system & manual
  • Development of financial, budgetary planning and control system
  • Development of accounting system and control system
  • Internal audit systems development
  • Development of capital assets and working capital management systems

 

Internal audit is a valuable business tool covering all ?nancial and operational aspects of your business. It includes:

Independent review of policies and procedures to evaluate effectiveness and whether they are being complied with

Identi?cation of areas for improvement and recommendation of action plans to help you minimize risk and achieve goals more effectively.

Using a risk-based approach and proven methodology, we focus on evaluating the effectiveness of your internal controls against key risks, business strategy and commercial needs. We can help you review your internal audit in the following areas;

  • Payables cycle and accounts payable.
  • Revenue cycle and accounts Receivable.
  • Production planning and control.
  • Inventory controls.
  • Fixed assets.
  • Treasury.
  • Accounting function and ?nancial close.
  • Human resource and payroll.
  • Investment management.
  • IT post application controls review.

Procurement Audit

JT audit reviews the procurement process to reduce fraud and offer suggestions for improvement. It includes the following procedures

  • Purchase Order Review
  • Vendor Evaluation and Selection Review
  • Internal Process Review
  • Findings and Suggestions

 



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