What We Do
- Taxation
Our firm provides invaluable advice on tax matters and obtaining tax holidays under the investment laws, or resolving tax issues with the Ghana Revenue Authority. Where individuals and organisations are required to obtain Tax Clearance Certificate as a prerequisite for engaging in certain transactions, we would assist clients when we are specifically requested in arranging for such certificates with the revenue Authority.
We would also, when requested, represent clients before the Commissioner- General of the Ghana Revenue Authority for the purposes of reaching consensus on tax obligations and negotiating for payments.
We also advice clients on major changes in the tax laws and regulations that may arise from time to time.
- Accounting Services
We provide Accounting Services to clients using our efficient and cost –effective staff and in – house accounting department.
Added Value
In addition to the statutory audit, our firm also provides a range of other professional services with the view of enhancing the overall operating efficiency and capacity of our clients.
The key objective here is aimed at assisting companies to manage their growth process; advising on finance, investments, tax and management issues and generally adding professional value to our clients operations.
Our firm will offer the following services under this category:
Finance and Operational re-engineering including training
Cash Flow Planning and Investment Advisory
Taxation Planning, Management, and Compliance
Accounting and Payroll services
Feasibility Studies and Corporate Planning
Fund Management
Working Capital Management
Change Integration
Strategic Planning
OUR AUDIT APPROACH
The audit approach used by the firm is tailor made to suit individual client needs.
It identifies the processing points where accounting controls should exist, and evaluates only relevant and effective controls. It also highlights missing and ineffective controls for corrective actions and generally ensures that while covering other important areas, significant effort is concentrated on areas where greatest risks exist.
The audit approach involves five phases and enables us to report on the entity’s/ organisation’s financial statements. We also provide practical and constructive reports to management to help improve the performance of the organisation.
The complete Audit Approach
The five thematic phases involved in the audit are:
Strategy and Planning >> Obtaining Audit Evidence >> Review and Interpretation>> Reporting and Presentation >>Debriefing
1Strategy and Planning
We set the direction of the audit on understanding of the company/organisation’s business, an evaluation of risks (inherent and control) and define the most efficient way of obtaining relevant and effective audit evidence. This would involve the review of all material matters with continuing relevance to the assignment including agreements, contracts, budgets, financial reports, procedures and corporate policies.
The review would result in designing strategy documents and work plans which would highlight reporting dates and appropriate audit tests that would enable us adequately report on matters required under statute and requested from the assignment. We would arrange an entrance interview with management to discuss and review operating activities over the related period and to confirm areas requiring special attention.
We would, at this stage, consider how the business is run and controlled, access the risks involved and document in sufficient detail our understanding of the organisation’s control environment, internal control structure and accounting system with the view of assessing the reliability of the information generated.
We would also review the status of management actions taken on findings and recommendations reported upon in previous audits, and follow up on known findings that could have an effect on current objectives.
We further ensure that our engagement teams are made fully aware of all matters of relevance to ensure that such matters are highlighted and brought to the attention of superiors and management in a timely manner.
2Obtaining Audit Evidence
Our field audit efforts are primarily directed in obtaining sufficient, relevant and effective audit evidence to support our reports and opinion.
The levels of audit test we would perform would depend on the results of our assessment of the organisation’s control environment. We would confirm the physical existence and conditions of inventories and fixed assets, such as buildings, equipment, and vehicles constructed or acquired to carry on the business of the company. We would reconcile cash and bank balances at the end of the related accounting periods.
We would also examine locations established to store company items including stocks, tools implements, spares and library and research materials to ensure that procedures are adequate to safeguard assets procured for stores purposes.
All information obtained during the planning stage is corroborated and tests are carried out to ascertain that the effectiveness of established controls and procedures are being complied with.
In order to achieve the above objectives, we would do the following:
a) Review the cash and bank books and examine mandates provided to the bank. This would enable us determine whether bank accounts are being operated in accordance with approved financial regulations.
- Examine written procedures for contract administration and approval to incur both capital and revenue expenditure being followed. We would also examine written procedures for procurement and determine whether these are in compliance with approved procedures. We would otherwise establish current practice and where necessary provide constructive advice for improvement.
- Examine the existing accounting system and records maintained to ascertain whether they facilitate:
- Complete and accurate reporting of incomes generated and expenses incurred
- Timely and accurate reporting of financial transactions
- Retrieval of underlying documents supporting each expenditure and whether cheque payments are properly processed, authorised and recorded.
- Follow through a sample of transactions from initiation to completion including physical inspection of memoranda raised for expenditure, invoices, vouchers, authorisation, cheques and receipts. We would also compare actual expenditure to approved delegated authority limits.
- Confirm reconciled bank statement balances and check other financial and management reports for accuracy and consistency with activities over to related accounting periods.
- Examine arrangements in place to ensure that approved costs are not exceeded and that procedures for approving any excesses are being followed.
- Examine Internal Audit reports if any, and determine the degree of support these reports make to the implementation of systems instituted for proper resources management and accountability.
- Examine other Statutory and Regulatory reports if any and consider management responses and compliance.
3Review and Interpretation
It is the policy of our firm that audit evidence is reviewed by an independent person other than the prepare. This is to ensure high quality control objectives for which our firm is committed to.
The review is performed by the Engagement Partner in charge of the assignment and includes a detailed consideration of presentation and disclosure issues. Where audit risk is assessed to be high, a second review by a Second Partner or the Consulting Partner may be desirable to ensure a wider perspective opinion.
4Reporting and Presentation
We would issue the following reports on assignments
- Audit OpinionWe would prepare and present a formal audit opinion to confirm whether or not the financial statements being reported on is true and fair, and free from material misstatement. We generally report in accordance with accepted Auditing Standards and Ghana Companies code of 1963 (Act 179 as amended) and other regulatory legislations.
- Management Letter
It is also the policy of our firm to issue a management report at the completion of every audit. The letter would draw management attention to weaknesses identified in the internal control systems and/or other matters that may have come to our notice during the course of our work. We would then indicate their implications and provide recommendations for their correction and improvement.
The reports are written in a constructive manner, and would focus on issues of relevance and where appropriate, from a commercial and cost effective standpoint.
5Debriefing
This is an internal and formal self-examination process and the objective is to eliminate any inefficiency on our part. It thus provides an even more valuable and valued service to our clients.
In the course of the audit, we would always note ways by which we can improve on the quality and efficiency of our service.
We would invite suggestions from client management on how our services could be improved upon. This is key and fundamental to our being able to identify and satisfy client’s needs / requirements.
We would follow up and act on initiatives recorded during the debriefing session and incorporate them into subsequent years audit strategy and planning.
We would also highlight matters arising during our exit meeting with management and significant issues would be included in this report.
The primary purpose for our debriefing process is to ensure that the next audit assignment is performed in a relatively effective and cost efficient manner.