General
The firm has adopted a risk based approach that, early in the audit process, identifies the areas in the organization’s operations where the risk of misstatement of balances is highest so that greater audit resources can be committed to such areas. This means that the planning and initial audit work must be performed by the lead partner and the senior associate for the purpose of setting direction. Time is spent in understanding operations so that the actual approach used is appropriate.
This use of senior personnel is a feature of our practice which pays dividends by increasing the quality of the audit, minimizing the risk of missing out issues that we should address, including fraudulent actions and providing greater scope for developing value adding recommendations.