Is your audit firm able to provide seamless audit services across the globe, including a dedicated Ind AS audit team in countries like the US, UK, Canada, Netherlands and Singapore?
KNAV knows the importance of performing audits efficiently with minimum disruption and 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.
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, assurance to your directors, and insights to your leadership to improve systems while managing risk.
We are committed to delivering highly personalized, technically proficient services to each and every 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. Our seamless communication channels between your management team and our audit team help us 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 your business and tailoring our approach and advice; &
- Ensuring that each project is partner-led.
The KNAV audit approach is applied consistently by our teams around the world, so we can focus on your organization’s needs and requirements, everywhere your business operates. Our comprehensive analysis is based on a thorough understanding of your business’s risks on your separate and consolidated financial statements. We develop a tailored 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 that 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 company. We deliver far more than an auditors’ report on your financial statements. The KNAV audit approach gives your company’s leaders a deep understanding of your systems and reporting, so you can improve performance across the enterprise.
Audit quality - our employees, your potential
We invest 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 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 globally situated accounting institutes.
Performance of audit
We follow a risk based audit methodology and 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 effort stop 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 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 time and money;
- Advanced data analytics tools mean a faster, more insightful review of information from your accounting system;
- Testing your systems and processes so that the ultimate reporting of transactions is accurate; &
- 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. 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.
Financial statement audit
Financial statement 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 to your needs to help you build trust and confidence through clarity, consistency and transparency. And with KNAV, you will appreciate the exceptional service with which it is completed.
Our audits begin with our experienced assurance team’s understanding of your business. We work alongside your management and in-house financial people to deliver every obligation, addressing the needs of stakeholders, while uncovering and developing ways to improve upon your internal systems and processes.
We specialize in the following services:
- Statutory audits in accordance with relevant local legislation;
- Review engagements; &
- Compliance engagements.
Special purpose and compliance audit
Connectivity across the world today is reshaping business. 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 fulfill 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;