Audit Arrangement || Manhattan Management Consultancy FZE

FINANCIAL AUDIT SERVICES:

Financial Statement Audit

We conduct rigorous and independent assessments of your financial statements to ensure accuracy, completeness, and compliance with accounting standards.
Our team examines your financial records, transactions, and supporting documentation to provide assurance to stakeholders, including shareholders, investors, and regulatory bodies.
We evaluate your internal control systems to identify strengths, weaknesses, and areas of improvement.
Our experts assess the design and effectiveness of internal controls, including segregation of duties, authorization processes and risk management practices.
We provide recommendations to enhance controls, minimize fraud risks, and streamline financial processes.

Compliance Audit

Our team ensures your organization's compliance with applicable laws, regulations, and industry-specific requirements.
We conduct comprehensive audits to assess adherence to legal and regulatory frameworks, such as tax regulations, financial reporting standards and industry-specific guidelines.
We assist in identifying compliance gaps and developing corrective measures to mitigate potential risks and penalties.

Specialized Audits:

In addition to financial statement audits, we offer specialized audits tailored to your specific needs.
This includes audits of mergers and acquisitions, due diligence, internal fraud investigations, forensic accounting and more.
Our team utilizes advanced techniques and industry-specific knowledge to deliver comprehensive and accurate audit reports.

Follow-Up and Monitoring

The consultancy may provide post-audit support, assisting the client with the implementation of recommended improvements and corrective actions.
They may help the organization develop and enhance their internal controls, policies, and procedures to address identified weaknesses.
Periodic follow-up audits may be conducted to ensure that the recommended changes have been effectively implemented and to monitor ongoing compliance.
It's important to note that the specific steps and procedures within the audit process may vary based on the organization's unique circumstances and industry-specific requirements. The management consultancy works closely with the client throughout the process, maintaining open communication and providing valuable insights to support financial transparency, regulatory compliance and risk mitigation.

PROCEDURE FOR AN AUDIT:

Planning and Scoping

The management consultancy engages in initial discussions with the client to understand their specific requirements, objectives and timelines for the financial audit.
The scope of the audit is defined, outlining the key areas to be examined, such as financial statements, internal controls and compliance with regulations.
The consultancy assigns a dedicated team of financial experts with relevant industry knowledge and expertise to conduct the audit.

Risk Assessment

The audit team performs a comprehensive risk assessment to identify potential risks and material misstatements in the financial statements.

They analyze the organization's industry, operations, financial records and internal control systems to determine areas of higher risk.

This assessment guides the development of the audit plan and determines the extent of testing required for each area.

Data Collection and Analysis

The audit team requests financial records, supporting documents, and other relevant data from the client organization.
They review and analyze the data to gain an understanding of the organization's financial position, transactions, and compliance with accounting principles.
Advanced data analysis techniques may be employed to detect anomalies, patterns, or indicators of potential irregularities.

Testing and Evaluation

The team conducts substantive testing, including sampling of transactions and account balances, to assess the accuracy and reliability of the financial statements.
They evaluate the effectiveness of internal controls by conducting tests of control procedures, such as reviewing authorization processes and segregation of duties.
The consultancy may also perform analytical procedures, comparing current financial data with historical trends and industry benchmarks.

Documentation and Reporting

Throughout the audit process, the team maintains detailed documentation of their procedures, findings, and conclusions.
They prepare audit reports that summarize the results of the audit, including any identified deficiencies, significant issues, and recommendations for improvement.
The reports are typically presented to management and key stakeholders, providing them with a clear understanding of the audit outcomes and potential areas for action.

Data Collection and Analysis

The audit team requests financial records, supporting documents, and other relevant data from the client organization.
They review and analyze the data to gain an understanding of the organization's financial position, transactions, and compliance with accounting principles.
Advanced data analysis techniques may be employed to detect anomalies, patterns, or indicators of potential irregularities.