Audit and Assurance
shareholders, potential investors, lenders and other stakeholders
examine financial statements, they need to be assured of the quality and
completeness of the information. For this to happen, they need an
auditor they can trust. We have long been Guyanas forefront
commentators on matters of Governance and Transparency and provide all
our services with the highest regard for ethics and quality.
& McRae provides assurance services to some of the largest private and
public companies in Guyana dealing in industries such as banking and
insurance, mining, agriculture, services, manufacturing, retail and
distribution, and non-governmental.
We have the
knowledge and expertise to deliver high quality services and address
complex issues such as reporting under International Financial Reporting
Our audit methodology is designed for
today's fast-changing, global environment. It allows us to do more than
attest to the truth and fairness of your financial statements. It
provides a framework within which to execute an effective and efficient
audit, address high risk areas and complex issues by having timely
partner involvement, apply judgment, and provide knowledge and insights
that help you to manage your business risks and achieve your business
Key elements of our methodology are as follows:
Conduct client needs assessment exercise and entrance conferences to
gain a better understanding of the client, its service delivery needs
(what stakeholders value), help us achieve higher levels of client
satisfaction and identify ways to increase the value of our services.
Identify and orient an audit team that is suitably qualified and
Develop audit strategy which identifies high risk and complex areas
and propose solutions for dealing with these.
Understand significant account groups and the business processes that
drive these; identify and evaluate controls implemented by management to
manage business processes and risks.
Test internal controls to determine whether reliance could be placed
on these for the detection of fraud and errors and to obtain accurate
financial statements and management information.
Develop and execute final audit procedures to address areas of
weakness or those that are of a higher risk and complexity.
Draw overall audit conclusions, present the value of our results and
evaluate our performance.
The methodology ensures that throughout the execution of the audit there
is significant partner involvement, the needs and expectations of the
client are addressed, and that professional standards and our
responsibilities are considered. The communication of value to the
client, while minimising costs and risks, are critical to the
achievement of the objectives of the Methodology.
In addition to the financial statement
audit, our team could provide the following services among others:
Regulatory compliance reviews;
Due diligence services;
Training and development; and
Value for Money audits.
Please contact one of our leaders for additional details.