Boon Kiat Wong
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ATTEST - AUDIT UNDER VARIOUS COUNTRY GAAS AND CERTIFICATION SERVICES
If you’re looking for seamless audit services across the globe specializing in various accounting principles such as Ind AS, USGAAP, IGAAP, and IFRS, you are in the right place . With dedicated teams based out of countries like the United States of America, United Kingdom, Canada, Netherlands, Singapore, and India, KNAV is well-equipped to provide its clients with unified audit services, with special attention to cross-border transactions.
At KNAV, we believe in performing audits efficiently, with minimum disruption, and our expertise allows us to achieve this. We focus on providing crucial insights that you and your stakeholders can use for accurate and resourceful reporting. In addition, we strive hard to identify potential risks, plan for transactions, and improve the quality of information, so that you can make the best decisions for your business.
The KNAV audit approach is pragmatic, relying on a risk-based audit methodology, built on extensive planning and client input, and is fully supported by the latest technology and tools. Our audit team delivers credibility to your financial statements and reports, provides assurance to directors, and insights to your leadership to improve systems while managing risk.
We are committed to delivering highly personalized and technically proficient services to each client, in every jurisdiction where they operate. We address matters of specific interest to your management team, and identify and resolve issues that may arise early in the process. With seamless communication between your management team and our audit team , we deliver finely detailed audit reports on time and within budget.
THE CORE THEMES OF OUR SERVICE METHODOLOGY ARE:
- Developing and maintaining strong relationships with our clients;
- Understanding the business and adopting a tailor-made approach to best serve specific business requirements for our clients;
- Adding value towards increased business efficiency and improvement of business functionality; and
- Each engagement is partner-led to ensure our clients receive insights from industry leaders.
The KNAV audit approach is applied consistently by our teams across the world. Our comprehensive analysis is based on a thorough understanding of your business’s risks on your standalone as well as consolidated financial statements. We develop a client specific audit strategy that balances cost-efficiency and appropriate risk identification, incorporating all relevant national and international auditing standards.
Auditing standards require that we plan and perform audits to provide assurance that your financial statements are free of material misstatements. We draw on our extensive experience to develop and implement a customized audit plan that suits your organization. The KNAV audit approach gives your organization’s leaders a thorough understanding of your systems and reportingThe leadership team is made aware of the risks associated with the business, so that mitigation strategies can be implemented and performance improved across the enterprise.
AUDIT QUALITY – OUR EMPLOYEES, YOUR POTENTIAL
We invest in training and development of our employees, to ensure our team is updated and well equipped to for provide high quality of audit and related services to our clients. Our quality assurance and risk management services are guided and supplemented by our internal policies.
Our people’s conduct and reporting duties are governed by our independence policy – to ensure that they remain independent when accepting and performing audits and other engagements. We ensure compliance with independence rules prescribed by the AICPA (US), PCAOB (US), and CPA Ontario (Canada), and other global accounting institutes.
PERFORMANCE OF AUDIT
We follow a risk-based audit methodology and use the latest technology and tools for:
- Identifying risks relating to financial statements, misrepresentation and misappropriation of assets. As required by professional standards, we make inquiries of the management personnel regarding the organization’s efforts to prevent fraud and encourage its reporting by anyone who believes it exists;
- Deepening our understanding of your internal controls, policies, procedures, objectives and goals to enable us to determine most suited practices and procedures;
- Evaluating the effectiveness of systems, processes, and 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; and
- Based on our assessment of the effectiveness of internal controls within your business processes and the insights gained from our analyses, we use the most relevant substantive and analytical audit procedures. This provides greater audit assurance and allows us to determine which areas require more attention.
- 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 aspects in your operations and financial information;
- Whenever possible, we make use of existing management reports, saving your team time and money;
- Use of advanced data analytics tools provide a faster, more insightful review of information from your accounting system;
- Providing client and industry specific training to our employees, to enable them to provide quality services and critical business insights
- 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 business and its operations and providinga 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. Access to 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.
Audit of financial statements
Financial statements audits play a critical role in creating and maintaining investor confidence while unlocking valuable insights into the business. At KNAV, we are committed to public interest. We believe that it is our duty to challenge assumptions and uncover valuable insights based on a thorough understanding of each client’s business and industry. We utilize apt audit methodologies to stay aligned with the most current requests. Each audit engagement is customized based on the business and industry that our clients operate in. This helps to build the trust and confidence of our clients and their stakeholders through clarity, consistency and transparency.
Our audits begin with our experienced assurance team’s understanding of your business. We work alongside your management and in-house finance team, to deliver every obligation, addressing the needs of stakeholders, while uncovering and developing ways to improve upon your internal systems and processes. We provide the following services:
- Statutory audits in accordance with relevant local legislation;
- Review engagements; and
- Compliance engagements.
Special purpose and compliance audit
Connectivity across the world is reshaping business today. New trends are rewriting the financial and reporting environment, creating significant challenges for key management personnel, board of directors, audit committees, and auditors. We find our clients requesting special purpose audits that focus on assurance over particular areas of business and audits designed to provide confidence in compliance and regulations to management and stakeholders, in diverse locations.
Financial reporting advisory
We provide advice on specific financial reporting and accounting matters to many national and international businesses across a broad range of industries. At KNAV, we also fulfil your transaction service needs, such as due diligence activities and the preparation of independent accountants and expert reports. We provide the following services:
- Advice on application of accounting policies and accounting and auditing standards;
- US GAAP advisory;
- IFRS and Ind-AS advisory;
- Financial due diligence reviews; &
- Financial reporting;