Audit and Assurance

Davella’s audit & assurance practice is rooted in the professional standards, deep understanding of different industries and markets and professional judgement of our experts that enables us to customize our audits to your business and unique risks. We are continuously learning and improving our approach with this understanding in order to increase the effectiveness of our audit procedures and achieve efficient audit processes. Our Audit and Assurance services include:

i. Statutory Audits

Most organizations prepare annual financial statements to report their activities, for example, to satisfy the needs of a regulator or other interested party. Statutory audit is designed to provide a reasonable level of assurance to users of accounting information. Our audit services will help you meet regulatory requirements, as well as the particular needs of your organization.

We meet all your needs for full financial reporting in compliance with various statutes. We ensure that your financials meet not only the high standards imposed by the International Financial Reporting Standards but also that they are fully compliant with the laws of the land. We work to ensure that your organization is meeting all its obligations under the statutes and provide practical, proactive and up-to-date advice to help you continue to do so.

ii. Special/Independent Reviews

We provide special purpose audits or independent reviews for those Organisations that may want to be audited even if audit is not a statutory requirement for them. The main reasons why Organizations may elect to have non statutory audit include:

· Meeting their stakeholders’ expectations

·  Identifying and addressing their financial and system issues

·  Facilitating effective governance

·  Getting reliable information on which to base critical decisions.

·  Audits required for a specific or special purpose

iii.  Project Audits

Project audit is designed to provide a reasonable level of assurance to providers of grants and management engaged in using funds for projects and other value for money considerations. Our project audit solution will help you meet donor requirements as well as the specific needs of your organization. We carry out audits of time-bound projects, ad-hoc audits of components of a project or entity and similar assignments. We also carry out non-financial audit work e.g. monitoring and evaluation.

iv. Agreed Upon/Limited Scope Audits

 a.  Expenditure Verification Assignments

We carry out a range of expenditure verification assignments on behalf of various parties.

 b. Asset Verification Assignments

We carry out a range of asset verification, asset count, cash count assignments on behalf of various parties.

 c. Financial Compliance Reviews

We carry out internal control and project funding compliance reviews which may or may not include a financial component. We monitor adherence to specified transaction policies and procedures and provide advice on how to maintain a high level of compliance.

 d.Statutory Compliance Reviews

We conduct compliance checks either for regulators or for clients needing to report to regulators. This type of service may or may not include a financial component.

 e.Internal Control Reviews

We carry out detailed reviews of corporate internal controls, subjecting them to evaluation and where necessary, making suggestions for improvement. We also monitor compliance with the laid down controls and actively seek to identify ways to make them more efficient, more effective and less intrusive wherever possible. 

v. Preparation of Final Accounts

We understand the stress the audit exercise sometime present to Organizations. It strains resources making it difficult for the business to focus on their core business and deliver to its clients. It doesn’t have to be so. We can provide you with expert support when you are preparing your year-end statutory accounts. Depending on the level of assistance you need, we can help you get ready for an audit or undertake the complete preparation of your accounts in time for your annual audit. We cover all kinds of organisations, including limited companies, partnerships, charities, trusts, sole traders, joint ventures and other business entities.

vi. Financial Reporting/Returns to Regulators and Other Third Parties

In exercise of their regulatory mandates, various regulators require Organizations under their regulation to submit various regular Financial/Other returns. Accurate preparation and timely submission of the regulatory returns can make all the difference. Yet, not many Organizations have developed sufficient competencies in their staff to process such returns in a timely and accurate manner. Moreover, their staff may not properly interpret and communicate the impact of the information on business decisions. Our financial reporting solution addresses this gap. We support Management in processing, interpreting and applying the information for improving business strategies.

vii. Internal Audit

Technology and globalization has presented a need for businesses to respond faster to  clients. Speed of action, flexibility and responsiveness to change are increasingly vital in strategy execution. Internal Audit has the potential to be one of the most influential and value-adding services available to the Governance Organs in enhancing the vital ingredients aforementioned. It is critical in identifying opportunities, risks and exposures that can determine success or failure.

We provide outsourced internal audit services. Further, we can help you transform your internal audit department by making it more risk-focussed - aligning the internal audit effort with the risks which threaten the achievement of the business objectives and corporate mission. We can provide you with a tailored strategic approach to help you identify and understand a whole spectrum of risks; to define the level of risk your company is willing to accept; and to identify and focus on the opportunities available to your company.