INDEPENDENT. ETHICAL. INSIGHTFUL

Auditing and Assurance

11

OBJECTIVITY & TAILORED ADVICE: AUDITING AND ASSURANCE

Colenbrander provides independent assurance services, including the audit and independent review of annual financial statements. We follow a risk-based audit methodology that is compliant with the International Standards on Auditing. In conducting the audit, we are bound by ethical principles, including independence and integrity.

We also offer other assurance engagements, which require us to comply with the International Standards on Auditing, review engagements, assurance engagements, and related services. These other assurance services include independent reviews, other examinations, and agreed-upon procedures.

  • Reliable, independent auditing and reporting, adhering to the strictest ethical standards
  • Rich individual client and industry-specific understanding
  • Through abiding relationships, we provide tailored insights and advice on risks and opportunities
  • Assessment of processes, governance, systems, and controls to ensure compliance and strategic efficiencies
  • Effectiveness, quality, and value governed by our well-established methodologies
  • Responsive to the risks inherent in changes within your business

WHAT IS AN AUDIT?

It is the auditor’s responsibility to express an opinion on whether the annual financial statements fairly present the financial position and performance of the entity.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. Audits are conducted in accordance with International Standards on Auditing and, in doing so, the auditors are required to comply with ethical requirements.

The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

In making these assessments, the auditor considers internal control relevant to the preparation and fair presentation of the financial statements.

An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

WHAT IS AN INDEPENDENT REVIEW?

The procedures performed in a review are substantially less than those performed in an audit. An independent review has a lower level of assurance than an audit.

It is the independent reviewer’s responsibility to express a conclusion on whether anything has come to their attention that causes them to believe that the financial statements do not fairly present, in all material respects, the financial position, and performance of the entity.

A review is conducted in accordance with the International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to Review Financial Statements. This Standard also requires us to comply with relevant ethical requirements.

A review of financial statements in accordance with ISRE 2400 (revised) consists primarily of making inquiries of management and others within the entity involved in financial and accounting matters, applying analytical procedures, and evaluating the sufficiency and appropriateness of evidence obtained. A review also requires performance of additional procedures when the practitioner becomes aware of matters that cause the practitioner to believe the financial statements as a whole may be materially misstated.

11

OBJECTIVITY & TAILORED ADVICE: AUDITING AND ASSURANCE

Colenbrander provides independent assurance services, including the audit and independent review of annual financial statements. We follow a risk-based audit methodology that is compliant with the International Standards on Auditing. In conducting the audit, we are bound by ethical principles, including independence and integrity.

We also offer other assurance engagements, which require us to comply with the International Standards on Auditing, review engagements, assurance engagements, and related services. These other assurance services include independent reviews, other examinations, and agreed-upon procedures.

  • Reliable, independent auditing and reporting, adhering to the strictest ethical standards
  • Rich individual client and industry-specific understanding
  • Through abiding relationships, we provide tailored insights and advice on risks and opportunities
  • Assessment of processes, governance, systems, and controls to ensure compliance and strategic efficiencies
  • Effectiveness, quality, and value governed by our well-established methodologies
  • Responsive to the risks inherent in changes within your business

WHAT IS AN AUDIT?

It is the auditor’s responsibility to express an opinion on whether the annual financial statements fairly present the financial position and performance of the entity.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. Audits are conducted in accordance with International Standards on Auditing and, in doing so, the auditors are required to comply with ethical requirements.

The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

In making these assessments, the auditor considers internal control relevant to the preparation and fair presentation of the financial statements.

An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

WHAT IS AN INDEPENDENT REVIEW?

The procedures performed in a review are substantially less than those performed in an audit. An independent review has a lower level of assurance than an audit.

It is the independent reviewer’s responsibility to express a conclusion on whether anything has come to their attention that causes them to believe that the financial statements do not fairly present, in all material respects, the financial position, and performance of the entity.

A review is conducted in accordance with the International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to Review Financial Statements. This Standard also requires us to comply with relevant ethical requirements.

A review of financial statements in accordance with ISRE 2400 (revised) consists primarily of making inquiries of management and others within the entity involved in financial and accounting matters, applying analytical procedures, and evaluating the sufficiency and appropriateness of evidence obtained. A review also requires performance of additional procedures when the practitioner becomes aware of matters that cause the practitioner to believe the financial statements as a whole may be materially misstated.

CONTACT INFORMATION

Colenbrander Office Details

28 Hilton Avenue,
Hilton, KwaZulu-Natal,
3245

+27 (0) 33 343 0800
info@colenbrander.co.za

Mon – Fri 07:30 – 16:30

SOCIAL MEDIA

Drive Compliance. Inspire Growth

Work with Colenbrander for trusted, independent auditing and assurance services – and our experts will offer tailored insights and advice to help you achieve robust compliance strategies and effective financial processes.

CONTACT INFORMATION

Colenbrander Office Details

28 Hilton Avenue,
Hilton, KwaZulu-Natal,
3245

+27 (0) 33 343 0800
info@colenbrander.co.za

Mon – Fri 07:30 – 16:30

SOCIAL MEDIA