Auditing Methods and Techniques

Audits of financial statements are conducted based on a schedule set as part of the planning process by the team of experts composed of chartered auditors, apprentices, and assistants. Audit schedules are based on financial reporting and are customized to fit a specific business entity. The allocation of work to particular members of the auditing team is performed taking into account the significance and adequacy of specific audited areas as well as the knowledge and experience of a relevant team member. While auditing financial statements, auditing procedures, methods, and techniques are used which result from national and international accounting standards. A chartered auditor who is an expert in a relevant field is responsible for the technical aspect of auditing a financial statement. Where doubts arise as part of the financial statement audited, we use services of other people (experts.) Due to the official secret requirement, we do not use the services of people who we do not know (coincidental people.) While allocating work at entities we have already audited, we make it a point to have one chartered auditor or a different member of the auditing team verify different areas audited. In line with the standards of professional conduct issued by the National Chamber of Statutory Auditors, we perform audits of compliance and assurance while setting appropriate audit risk and the level of significance. While specifying the scope of a task, we apply comprehensive or random audits in relation to specific areas. We also participate in the stocktaking of property items and in confirming settlement balances.