Entities engage in external audits to obtain an independent, third-party assessment of their financial position and performance. At JASM Accountants LLC, our external audit aims to offer stakeholders reasonable assurance. The engagement team gathers evidence during planning, execution, and finalization, adhering to International Standards on Auditing (ISA’s) from the International Accounting and Auditing Standard Board (IAASB). Additionally, we follow local standards and regulatory guidance provided by relevant authorities.
Our risk-based audit methodology at JASM Accountants LLC ensures a comprehensive and efficient assessment. By conducting Test of Controls (TOCs) early in the engagement, we strategically determine the timing and extent of Substantive procedures, tailoring our approach to the specific risk landscape faced by the entity. The dynamic relationship between controls and risk guides our auditing process, emphasizing the significance of effective controls in safeguarding entities from potential risks. This approach not only ensures a thorough audit but also enables us to provide valuable insights to our clients for robust risk management strategies.
The risks faced by entities are contingent on diverse factors, encompassing external influences (Political, Economic, Social, Technological, Environmental, and Legal) and internal factors (non-systematic risk). Our application of substantive testing includes both Analytical Procedures (APs) and Test of Details (TOCs). Our conclusions are meticulously drawn, supported by evidence and guided by ISA's, local laws, regulations, and international practices. Findings, integral to our deliverables, undergo agreement with both higher and lower management stages within the entity. We prioritize value addition, ensuring our engagements adhere to professional standards and international practices for the benefit of our esteemed clients.
