This is the "Top Shelf" assurance option, providing a reasonable to high (but not absolute) level of assurance.
WHY GET AN AUDIT?
An audit is commonly undertaken in any of the following circumstances:
- Your founding document requires it, to ensure good governance practices are in place.
- Your shareholders / bankers / funding agency require verification of the financial statements.
- Legislation requires it due to the scale of your operations.
- To get assurance that reliable financial reporting is providing the basis for making economic decisions.
An audit report provides positive assertion of our opinion on your financial report. This requires us to undertake the following:
- Gain an understanding of how your organisation operates, especially the financial reporting processes.
- Assess what internal controls exist that we can rely on.
- Perform an analysis of the financial report.
- Make a risk assessment based on all the factors above.
- Test accounting transactions and balances on a sample basis.
- Evaluate compliance with applicable financial reporting standards.
- Report back to the governing body on issues that come to our attention.
APPLICABLE STANDARDS THAT WE ADHERE TO: All 36 International Standards on Auditing (New Zealand)
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