Accountancy and Financial Statement Audit
The Accountant’s report gives an independent statement, supported by an opinion, of financial information for the entities concerned or, if it has subsidiaries, for group, which together with other information in the prospectus may assist potential investors in making the decisions they require. Also, an independent interpretation of figures in the Financial Statement can be done on management’s request. The IRPM helps Organizations to establish controls, which aim to provide accurate accounting records and to achieve accountability. These would apply to:
- The recording of transactions
- Establishing responsibilities for records, transactions and assets
The controls that will be created would apply to procedures/assets and liabilities such as cash and cheque, stock, sales and debts, purchase and creditors, fixed assets, investment, capital expenditure, and debt capital and equity.
The IRPM conduct a systematic examination of the activities and status of an entity based primarily on investigative analysis of its system, control and records. For Business efficiency purposes we conduct the following audit:
Cost Audit: This involves the verification of cost records and accounts and a check on adherence to prescribed cost accounting procedures and their continuing procedures relevance. Environmental Audit: We conduct a systematic documented periodic and objective evaluation of how well an organization; its management and equipment are performing with the aim of helping to safeguard the environment by:
- Facilitating Management controls of environmental practices
- Assessing compliance with company policies and governance regulations
Financial Statement Interpretation: Most senior Managers and investors find it extremely difficult to interpret financial statement and to make decisions on them using the present social, economical and political satiations of both the firm and the country.
The IRPM provides professional interpretation of financial statements. External Audit: A periodic examination of the books of accounts and records of an entity to ensure that they have been properly maintained, are accurate, and comply with established concepts, principals accounting standards, legal requirement and to assess with the financial state of the entity is true and fair.
Internal Audit: The IRPM in collaboration with entities management carries out an independent appraisal activity by examining and evaluating the adequacy and effectiveness of other controls, and management tool which analyze the effectiveness of all parts of the entity’s operations and management.
Management Audit: This audit assesses the adequacy of management controls structures and the effectiveness of managers to achieve the objective and policies of the corporate structures.
Risk-based Audit: We place judgment to determine what level of risk pertains to each area of systems and devise appropriate audit tests.
Social Audit: examines the entities role in the community and society in general.
System Audit: This involves the audit of an organizations internal controls environment and procedures.