We provide quality audit and assurance services to clients in a diverse range of industries and scales including both private clients and public companies. Our audits are conducted in accordance with International Standards on Auditing (“ISAs”).
Audit methodology
Our audit approach is primarily risk-based and is focused on ensuring the financial statements comply with the applicable accounting standards, which are usually IFRS and/or IFRS for SMEs. As part of the audit, we provide management with recommendations to assist in improving internal controls, operational and administrative effectiveness and efficiency, and financial reporting.
Our Audit Approach includes the following five steps:
- Planning
In this phase, we understand the entity’s operations, control environment, accounts, and information systems.
- Risk assessment
We use our understanding of the entity’s internal control system and operations to identify the inherent audit risks and strengths of its businesses and information systems. By performing this risk assessment, we can customize our audit approach to focus our audit efforts on key risk areas.
- Testing and evaluation of controls
We will evaluate the entity’s operations and its internal control system. Based on the results of this evaluation, we determine the extent of our substantive testing.
- Substantive testing
When appropriate, we use audit software to assist with performing substantive testing, along with other procedures involving test of details, substantive analytical reviews, and confirmations.
- Concluding and reporting
We conclude on the financial statement, internal control recommendations, and reporting to those charged with governance, to meet requested reporting deadlines. Drafts of all of our reports are provided to management for their input and review shortly after the conclusion of the fieldwork.
Audit technology
Detailed planning and use of technology increase engagement efficiency, enabling us to provide timely delivery of services.
Each Grant Thornton member firm follows a consistent approach, so you can feel secure that the same high-quality standard will be provided regardless of the jurisdiction. Grant Thornton’s audit methodology is designed to deliver a consistent standard of audit service to clients, no matter where they operate. Audit teams, therefore, avoid the need to reconcile documentation from a patchwork of different tools. Grant Thornton member firms use a proprietary software tool called LEAP.
International Financial Reporting Standards (IFRS) and International Financial Reporting Standard for Small & Medium Sized Entities (IFRS for SMEs)
We assist clients with IFRS and IFRS for SME’s as follows:
- Assisting management with the evaluation and selection of IFRS and IFRS for SME’s accounting policies.
- Identifying the differences between IFRS and IFRS for SME’s and other GAAPs and the necessary information to perform the conversion.
- Evaluating the necessary adjustments to align the entity’s financial reporting with the proper basis of accounting.
- Assisting in the preparation of the financial statements and applicable disclosures and communications.