Audit and Assurance Services

Financial Statements Audit

Do you want your financial statements to be audited? We are here to help you!

The objective of an audit of financial statements is to enable the auditor to express an opinion whether the financial statements are prepared, in all material respects, in accordance with an identified financial reporting framework.

We do this through a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between the assertions and established criteria and communicating the results to interested users.

In order for an unbiased opinion, auditors must be independent. Under section 290.170 of the Code of Ethics for Professional Accountants in the Philippines, “The firm, or a network firm, may provide a financial statement audit client that is not a listed entity with accounting and bookkeeping services, including payroll services, of a routine or mechanical nature, provided any self-review threat created is reduced to an acceptable level.”

In compliance with the code of ethics, we implement safeguards to reduce the threat to an acceptable level. Such safeguards include:

• Making arrangements so such services are not performed by a member of the assurance team;
• Implementing policies and procedures to prohibit the individual providing such services from making any managerial decisions on behalf of the audit client;
• Requiring the source data for the accounting entries to be originated by the audit client;
• Requiring the underlying assumptions to be originated and approved by the audit client; or
• Obtaining audit client approval for any proposal journal entries or other changes affecting the financial statements.

Review and Agreed-upon Procedures

Do you want a certain account, process or transaction to be audited or reviewed? We are here to help you!

The objective of an agreed-upon procedure is for the auditor to carry out procedures of an audit nature to which the auditor and the entity and any appropriate third parties have agreed to report on factual findings.

A Review on the other hand is the process of evaluating limited scope of evidences about economic actions to provide moderate assurance as to whether the financial statements are free from misstatements.