Audit & Assurance
Audit is about much more than just the numbers. It’s about attesting to accomplishments and challenges, and helping to assure strong foundations for future aspirations.WAFI ACCOUNTING illuminates the what, how, and why of change so you’re always ready to act ahead.
An audit is a systematic and independent examination of books, accounts, statutory records, documents and vouchers of an organization to ascertain how far the financial statements as well as non-financial disclosures present a true and fair view of the concern.
Assurance service is an independent professional service, typically provided by Chartered or Certified Public Accountants or Chartered Certified Accountant, with the goal of improving information or the context of information so that decision makers can make more informed, and presumably better, decisions.
Auditing Standards & Procedures
Standard on Auditing (SSAs) are adopted in performing audit procedures. Audit firm is required to conduct audit in accordance with SSAs. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.