Audit & Assurance
When 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 Guyana’s forefront commentators on matters of Governance and Transparency and provide all our services with the highest regard for ethics and quality.
Ram & 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 Standards.
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 objectives.
Key elements of our methodology
- 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 experienced.
- 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:
• Interim reporting;
• Regulatory compliance reviews;
• Forensic accounting;
• Due diligence services;
• Internal audit;
• Training and development; and
• Value for Money audits.
Please contact one of our leaders for additional details.