Audit and Assurance

Full Outsourcing
Execution of a full scope, risk-focused internal audit plan.
This include:

1. assessing, evaluating and profiling key business risks;
2. designing risk-focused internal audit approach;
3. performing risk-based internal audit review;
4. recommending value added solutions to improve risk management, governance and internal control processes;
5. continuously follow up on the status of implementations of agreed action plans; and
6. providing assurance to the Board and Audit Committee that the financial, operational, compliance and information technology risks are managed appropriately.

Co-sourcing
Adopts a similar overall approach as the full outsourcing model, but the execution of the audit plan is shared between us and the In-House Internal Audit Function established. Normally, under a co-sourcing arrangement, we will handle specialised areas or those areas where it is more cost effective to outsource and the In-House Internal Audit Function will handle more routine control assessment work. However, in any co-sourcing arrangement, the support provided by us will be further customised with reference to the following:

1. the experience and technical expertise of the In-House Internal Audit Function;
2. the availability of resources; and
3. the required internal audit coverage.

Internal Control Review and Assessment
Planning and performing a full scope internal control assessment on the operations, risk management and governance structure of an organisation going for Initial Public Offerings.

The full scope internal control assessment uses the COSO model as a basis for evaluating the efficiency and effectiveness of the systems of internal controls, which are assessed through the following 5 inter-related components of internal controls:

1. Control Environment
2. Risk Assessment
3. Control Activities
4. Information and Communication
5. Monitoring Activities

Through the assessment, we identify strengths and weaknesses of the current systems of internal controls, identify control gaps where improvements are required and provides value added recommendations to tighten the overall systems of internal controls, risk management and governance structures for meeting the organisation’s operational, compliance and reporting objectives.

Engagement Process
Prior to the performance of the engagement, it is important that there is a clear understanding as to the nature and extent of the services to be provided and the responsibilities of all parties. Meetings will be held to:

1. understand the purpose of the engagement,
2. discuss and agree on the specific approach and procedures to be performed,
3. discuss and agree on the anticipated form and content of the final report on the factual findings, and
4. discuss and agree on the limitations where no assurance on assertions will be expressed.

A formalised letter of engagement will be issued and agreed prior to the commencement of work which detail down the understanding established.

Performance of the Agreed Upon Procedures Engagement
We will perform the specific procedures on the subject matter and report the factual findings based on the work carried out in accordance to the letter of engagement.

Reporting on an Agreed Upon Procedures Engagement
We will present the evidence collected in a formal report prescribed in the letter of engagement, and only report the factual findings of the agreed upon procedures performed and will not express any assurance on assertions. Based on the agreed upon procedures performed and the factual findings detailed in our report, the Client must form their own conclusions on the subject matter.

Our Approach
Our approach is designed based on our thorough understanding of our Client’s businesses including:

1. the industry in which our Client operates,
2. the business and operational risks that our Client faces,
3. the risk culture, appetite and tolerences of management,
4. the transparency of reporting to stakeholders and
5. the latest applicable regulatory standards.

Our approach is executed in the following key phases:

1. Audit Planning which assess, evaluate and determine our overall audit approach, through discussions and analytical procedures, for obtaining appropriate audit evidences that the financial statements are not materially misstated, with particular focus on high risks areas.
2. Audit Execution which comprises of control evaluations and substantiation of significant account balances including continuous assessment and evaluations on the overall audit approach established during audit planning to ensure its applicability.
3. Audit Communication which provides a platform of communication between our audit team and the Client including those Charged with Governance, to highlight issues in relation to the audit engagement and to communicate areas of control weaknesses where management attention is required.
4. Audit Conclusion which details our audit opinion and finalisation of the audited financial statements and management letter for issuance.

1. Audit on annual accounts of Societies, Clubs, Partnerships and etc.
2. Special audit or investigation of the financial affairs or specific areas of the company or account balances.
3. Independent attestations and certifications on grant claims, qualifying capital expenditures for tax incentives, and etc.