Audit & Assurance
Our external audit is performed and supervised by a team of highly expert auditors to obtain a reasonable and fairly presentation of client financial statements,
It is an independent review of an organization’s financial statements and records by an external, third-party auditor.
The purpose of an external audit is to provide an objective and unbiased opinion on the accuracy and completeness of an organization’s financial statements.
This is important for investors and other stakeholders who rely on the financial statements to make decisions about the organization.
External audits typically follow a standardized process, which includes planning, testing, and reporting on the financial statements.
At PAMG, we will assess the internal controls in place to ensure the accuracy and reliability of the financial statements, as well as evaluate the organization’s compliance with relevant laws and regulations.
Overall, our external audit helps to provide assurance that an organization’s financial statements accurately reflect its financial position and performance.
Our audit is designed to meet the 4 phases of an audit process:
- Follow up
Overall, our external audit is performed to prevent fraud by being proactive thorough the audit process and by understanding the client’s business, conducting risk assessments, and using analytical procedures, all the following will help us to have a fair presentation for our financial statements and to present our reports free from material misstatement.
At PAMG, we highlight the importance of conducting an internal audit as it is a really important aspect of any firm as it helps to ensure the effectiveness and efficiency of the organization’s operations, as well as compliance with relevant laws and regulations.
An internal audit can help identify potential weaknesses or areas for improvement within the firm, and can provide valuable insights and recommendations to management.
By regularly conducting internal audits, a firm can improve its internal controls and reduce the risk of financial mismanagement or other operational issues.
We include the following processes in our Internal Audit:
- Team of Auditors conduct interviews
- Reviewing documents
- Observing operations to evaluate the organization’s compliance with relevant laws and regulations
- Reporting for our findings
- Recommendations for improvement
Additionally, our internal audit can help to improve the overall transparency and accountability of the organization, which is essential for maintaining the trust and confidence of stakeholders. Overall, an internal audit is a valuable tool for any firm seeking to improve its performance and maintain its reputation.
Laws & regulations in compliance with ifrs
It is important for an audit to comply with international financial reporting standards because these standards provide a common framework for companies to follow when preparing their financial statements. this helps to ensure that the financial statements are consistent and comparable across different companies and industries, making it easier for investors and other stakeholders to understand and analyze the financial performance and position of the company.
Following these standards also helps to promote transparency and credibility in the financial reporting process, which can enhance the confidence of investors and other stakeholders in the company.
Furthermore, being compliant with the laws and regulations ensures that the audit is conducted in a fair and accurate manner. Non-compliance with laws and regulations can result in the audit being deemed invalid, which can have serious consequences for the organization being audited, such as fines, legal action, and damage to its reputation.
Additionally, compliance with laws and regulations helps to protect the interests of stakeholders, such as investors and customers, by ensuring that the organization is operating in an ethical and responsible manner. Overall, compliance with laws and regulations is essential for the success and integrity of an audit.