Audit & Assurance

The importance of Audit and Assurance services to organizations today cannot be overstated. From meeting statutory obligations to giving your stakeholders confidence in you business, routine audit and assurance services has become an inevitable activity for every organization.

At Ronalds LLP, we do not only flag out the problems in your financial statements and internal controls, but we also ensure that we advise you of developments in accounting and auditing standards at the earliest opportunity, in order that their impact on your business can be assessed and discussed.

Under this banner we offer the following audit and assurance services;

Statutory / External Audits

Many organizations are not legally required to undertake an audit, howeverothers have a statutory obligation.Whichever the case, External Audit’s role is to provide an assurance that the financial statements presented by the management represent a true and fair view financial position of the organisation.

We adopt a Risk-Based audit approach which blends technical competencies and industry experience with a detailed knowledge of our client’s needs. We obtain an in-depth understanding of the risks associated with each operating cycle and focus more on the riskier areas.

Our approach to external audit minimizes the possibilities of audit objectives not being met and results in efficiencies when performing the audit.

Internal Audit

Internal Audit helps management to understand what the organization’s key risks to success of their strategy are and subsequently then provide assurance that the key controls to managing those risks are sound.

Our Internal Audit approach is agile, helping us to understand all the issues impacting your business and how to provide assurance over those key areas on a regular basis.

We do not just find where attention must be focused, but we also highlight areas that are over-controlled and showing weather too much time and cost is going into a particular aspect of operations without benefit.

Forensic Audit

Today, fraud is more sophisticated and devastating than ever. Morden fraud has become more complicated requiring a special skill to be able to unearth fraud, build a compelling case where needed and mitigating risks.

At Ronalds LLP, we recognize that every fraud is unique, as each fraud has its own set of facts and details. We seek to understand the nature of fraud and design our work approach and programs specific to the nature of fraud as well as the objectives and scope of the investigation audit and procedure to be performed.

Our Forensic audit team combines accounting, legal and Information systems expertise to tackle even the most complicated cases.

Inventory Audit

Inventory is generally considered a high risk account balance because it has a direct impact on profit. For companies whose principal activities are mainly trading, import or export of goods and manufacturing, there will be high volume of inventory movements which creates the risk of misstatement of these account balances.

Our vast experience in this field has enabled us to conduct Inventory Audits to our clients in the manufacturing and trading sector as well as companies in various fields of industries.

Information System Audits

Adoption of Information Technology (IT) in organizations has been growing at a rapid pace. The use of technology has evolved from the automation of structured processes to systems that are truly revolutionary in that they introduce change into the fundamental business procedures.

Our IT audit process is crafted to not only verify the internal controls and integrity of information but also to safeguard organization’s assets, maintaining the integrity of stored and communicated data, supporting organizations in achieving their objectives and achieving operational efficiency.

Other audits we carry out include:

1. Value for money audits
2. Process Audits