We perform audit work and assist in the preparation of your financial statements in which we can detect and/or identify problem areas in your accounting system. As part of our services, we submit a recommendation letter to help you improve internal control procedures, operational effectiveness and efficiency, and financial reporting.
The audit, A-five-step approach
In this phase we obtain an understanding of 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 efforts on key 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 perform substantive testing. This enables us to retrieve information from data files, if needed, without affecting the integrity of the data.
- Concluding and reporting
We conclude on both, financial statement and internal control letters, 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.
Detailed planning and use of technology increases 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. Horizon, 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 apply Horizon using proprietary software tool called Voyager.
International Financial Reporting Standards (IFRS)
Many countries have adopted International Financial Reporting Standards (IFRS) due to requirements of the International Accounting Standards Board or by recommendation of a specific jurisdiction. We may assist you with the following:
- assisting management with the evaluation and selection of IFRS accounting policies.
- identifying the differences between U.S. GAAP and IFRS and the necessary information in order 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.
- providing IFRS training to your accounting personnel.