AUDIT & ASSURANCE

Audits are the hallmark of our Assurance Services line. In today’s changing and complex business environment, the audit provides an opportunity for a global view of your organization, providing the highest level of assurance and credibility to your organization’s financial picture. Our audit teams have deep industry experience and expertise in understanding systems, controls and the business challenges our clients face. From this understanding, we design a risk-based audit that is efficient and effective in the delivery of quality audit services.

Audits can improve an organization’s efficiency and profitability by helping management better understand their own financial reporting systems. Risks in the organization are well-studied and controls are evaluated. No matter why you need an audit – regulatory compliance, a loan contract, shareholder requirements, a merger or other reasons – GMC’s auditing and assurance services team can meet your needs thoroughly, reliably and responsibly.

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Statutory Audit

While statutory audits are often conducted in order to meet government or specific industry requirements, their benefits are valuable. GMC’s statutory audits can facilitate the fulfillment of your statutory obligations in addition to helping you avoid financial challenges by identifying potential risks and procedural weaknesses. Our overall goals as your statutory financial audit service provider are to assist in your organization’s compliance with reporting under specific statutory requirements and providing assurance to the members that the financial statement gives a true and fair view of the organization’s financial position. At GMC, we develop our audit approach based on firsthand knowledge of our clients’ individual technology, infrastructure, and processing environments. We integrate industry expertise, business knowledge, and risk assessments, in order to give quality reports. A crucial part of the audit process is the value we seek to add to our clients with our management letter comments. These are observations discovered during our audit that are directed toward improving your organization in the areas of internal controls, operating matters and tax considerations.

Internal Audit

The role of an internal audit is to provide independent assurance that an organisation’s risk management, governance and internal control processes are operating effectively.
GMC will work with you to:-

  • Assist in setting up an internal audit function in your organisation
  • Handle your internal audit function
  • Supervise your existing internal audit function
  • Advise on the internal controls & management information systems development

We offer this service through a combination of assurance and consulting works. The assurance part of our work involves telling the management how well the systems and processes designed to keep the organisation on track are working. Then, we offer consulting services that help to improve those systems and processes where necessary. Our solutions-based Internal Audit approach is comprised of six phases:

  1. Develop an understanding of the company’s operations and co-develop engagement expectations
  2. Document internal controls and assess design effectiveness
  3. Develop test plans and assess the operating effectiveness of internal controls
  4. Reporting and communication summary of findings and recommendation
  5. Remediation
  6. Evaluation

Forensic Audit

No business owner wants to imagine that their employees may be stealing from them. Still, statistics show it happens daily and that small businesses are the most vulnerable. It is estimated that 75% of all theft goes undetected.

A forensic audit involves the application of accounting methods for the detection and gathering of evidence of fraud, embezzlement, or any other such white-collar crime.

One thing is constant … fraud is always a surprise. Our clients say, “We never saw it happening.” Solid internal controls, implemented and followed correctly, are the best deterrent to fraud.

At GMC, we set up controls to help eliminate fraud opportunities and prevent wrongdoing. If fraud is discovered, we have the personnel and experience to begin a timely investigation, prevent further loss, determine the full extent of the fraud and prepare reports that can be used for litigation and recovery purposes.

Special Audits

Occasionally, organizations find themselves in reporting situations that may not involve a traditional financial statement audit. Other times, organizations simply want to address specific areas of concern or assess risk in a specific business area.

At GMC, we work with you to identify and focus on specific areas of your organization’s reporting needs. Our procedures conform to professional standards, and we work with stakeholders to design cost-effective solutions. We have the experience and technical skill to perform any number of procedures for any number of reasons, such as:

  • Agreed Upon Procedures Audit
  • Inventory Audits
  • Information System Audits
  • Tax Audit
  • Due Diligence
  • Value for Money Audit
  • Satisfying specific requirements for regulators, investors or other stakeholders
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