Audit & Assurance

If your company or co-operative needs audited financial statements, Saifudin & Co can help clarify the requirement and assess the appropriate scope. The starting point is the reporting purpose, the applicable requirements and who will rely on the report.

How we can help

• Assess the nature of the audit or assurance requirement and the intended report users.
• Plan a financial statement audit around the entity, reporting framework and relevant risks.
• Obtain and evaluate evidence within the agreed engagement and applicable professional standards.
• Consider reporting and group matters that affect the work and information required.

Clarify why the report is needed

A statutory requirement, lender, grant provider, shareholder agreement or another stakeholder may call for a particular report. Group structures, component entities and work by other auditors can also affect planning. Share the actual requirement and intended users so that the engagement and reporting framework can be assessed together.

How the work is organised

Before acceptance, we review the entity, ownership and relationships, reporting period, deadlines and independence considerations. Planning identifies the records and explanations needed from management. The reporting outcome follows the evidence obtained; it is not predetermined when the engagement begins.

Scope and responsibilities

Audit, review and other assurance engagements provide different types or levels of assurance. A financial statement audit seeks reasonable assurance that the financial statements as a whole are free from material misstatement, whether due to fraud or error. It does not provide absolute assurance. Management remains responsible for financial statements, records and internal controls.

Other reporting requests

Agreed-upon procedures, compilation, limited-assurance reviews and special-purpose reports have different scopes. These are explained under Special Assurance & Related Services. A request for one report should not be treated as a request for another.

Discuss your requirements

Discuss an audit or assurance requirement and tell us the entity, financial year, reason for the report, deadline and status of the accounts.

Further guidance

Company-law requirements should be checked against SSM’s current material; other entity types and contractual requirements may differ. Professional obligations include the MIA By-Laws. Our audit preparation article explains useful starting records.

Independence and acceptance

Before accepting an audit engagement, relevant relationships and circumstances must be assessed. Read how independence in audit engagements and our professional standards and conduct apply.