Audit and Assurance
The provision of effective, efficient and independent examinations of a client’s financial statements in accordance with relevant statutory and professional requirements is at the heart of our business at Olayinka Oyebola & Co.
We employ a risk based audit approach in accordance with ISA 315 which requires that we assess the risk of a material misstatement of the financial statement whether caused by fraud or error by gaining an understanding of the entity and its internal control system.
Our audit approach is partner-led, especially in the planning phase when significant audit strategy decisions are made.
The benefits of this approach are:
- It focuses our attention on client’s needs and specific operational risks in the light of compliance with regulations and standards.
- It focuses our attention on the areas that are more risky and therefore have a greater possibility of being materially misstated.
- It facilitates early identification of potential audit and operational issues
- It ensures meaningful feedback on the effectiveness and efficiency of the control environment.
- It facilitates proactive response to risks in the design and performance of further audit and assurance procedures.
Our methodology is developed from the international Standards on Auditing. It comprises a 4-stage process incorporating our approach to achieve an effective and efficient audit. The 4 stages include:
- Pre-engagement activities.
- Substantive review.
Our methodologies ensure:
- Full compliance with local and international accounting standards.
- Critical emphasis on key procedures, risks and controls.
- consistency with global best practices