Are you looking for a creditable CPA firm to undertake special purpose audits that focus on providing assurance over particular areas of your business on one part and are designed to provide confidence in compliance and regulations to management and stakeholders?
KNAV recognizes the fact that connectivity across the world today is reshaping business. We keep ourselves abreast of new trends that are rewriting the financial and reporting environment. We are aware of the significant challenges faced by key management personnel, board of directors and, audit committees while finalizing special purpose and compliance audits.
We provide the following services:
- Agreed-upon procedures engagements;
- SSAE 16 attest assignments;
- Employee benefit plan audits; &
- Financial and accounting due diligence.
Our audit approach
Audit quality: Our employees - your potential
We invest heavily in training and development of employees to safeguard the high standards of our audit and related services. Our quality assurance and risk management activities are guided and supplemented by stringent internal policies.
The conduct of our people and their reporting duties are governed by our independence policy, which ensures that they remain independent when accepting and performing audits and other engagements. We ensure compliance of independence rules prescribed by the AICPA (USA) and the PCAOB (USA).
Our audit performance process entails the adoption of a risk-based audit methodology and we use the latest technological tools for:
- Identifying risks relating to financial statement misrepresentation and misappropriation of assets. As required by professional standards, we conduct a brain storming session with appropriate members of the organization, and make inquiries of management personnel regarding the organization’s efforts to prevent fraud and encourage its reporting by any one who believes it exists;
- Deepening our understanding of your internal controls, policies, procedures, objectives and goals to assist in determining best practices;
- Evaluating the effectiveness of systems, processes and the people that control and process transactions or monitor and evaluate risk;
- Testing your systems and processes so that the ultimate reporting of transactions is accurate;
- Reporting the results of our testing to management, the audit committee, and the board of directors; &
- Based on our assessment of the effectiveness of internal controls within your business processes and the insights gained from our analyses, we finalize the relevant substantive and analytical audit procedures required. This provides greater audit assurance and allows us to determine which areas we need to pinpoint.
- Our audit teams begin engagements by developing a collaborative understanding of information needs and your organization’s timelines for completion. We work with you to develop meaningful key performance indicators so that we can focus on critical relationships in your operations and financial information;
- Whenever possible, we make use of existing management reports, saving your team's time and money;
- Advanced data analytics tools mean a faster, more insightful review of information from your accounting system; &
- By using outside information sources to benchmark your operations and corroborate audit findings, our audits uncover critical insights about your organization, industry, and marketplace.
We rely on industry-leading data analytics tools like IDEA™ and CapitalIQ™. By taking a deeper view of your operations and providing a comparative analysis of others in your industry, we can more quickly understand what makes you different, and how that helps or hinders your business goals.
Audit tools & software
KNAV’s experienced audit teams are supported by today’s accounting tools, including Thomson Reuters SMART Practice Aids and Caseware. Our real-time access to guidance from the FASB, AICPA and Checkpoint keeps us current and updated.
These industry-leading tools contain modules and product aids for preparing and documenting the audit plan, risk assessment procedures, evaluation of internal controls, audit procedures and disclosure requirements, as well as planning and performance of compilation and review engagements.
KNAV knows the importance of performing audits efficiently with minimum disruption. Our expertise allows us to do this while providing insights that you and your stakeholders can use for accurate reporting. In addition, we help to identify potential risks, plan for transactions and improve the quality of information so that you can make the best decisions for your business.