How we work
Every engagement follows the same steps, set by the Standards on Auditing, SQC 1 and the ICAI Code of Ethics.
Acceptance
We first understand the matter and check that we can take it up: competence, time, independence and conflicts of interest, as SQC 1 requires. Before accepting an audit, we communicate in writing with the previous auditor, as the Code of Ethics requires.
Engagement letter
The scope, the responsibilities of management and of the firm, the form of report, timelines and fees are agreed in writing before work starts (SA 210 for audits; an engagement letter or a written confirmation of terms for other services).
Planning and fieldwork
Audits are planned (SA 300), with procedures based on the risks identified (SA 315 and SA 330), and conclusions are supported by evidence recorded in the working papers (SA 230). For tax, GST and compliance work, figures are reconciled to the books and to the department's records before filing.
Review and reporting
Work prepared by the team is reviewed before any report, certificate or filing is issued (SA 220). Where SQC 1 calls for it, an engagement quality control review is carried out. Audit reports follow SA 700 to SA 706, certificates follow ICAI's Guidance Note on Reports or Certificates for Special Purposes, and each carries a UDIN.
Delivery, documentation and follow-up
You receive the report, filing or submission with an explanation of what it means, and we follow the matter until it is closed. Working papers are retained as SQC 1 requires (at least seven years for audit engagements).