Our Approach

APPROACH TO ASSIGNMENTS

At KNOC and Associates every assignment has a Partner in charge and Manager responsible for the engagement.

1. Our approach to assignment is largely risk based.

We intend to adopt the following approach to the delivery of the audit.

a) Pre- commencement activities and Entrance- This will include among other things, communication/discussion with auditee on operational details (dates, information required, meeting reporting schedule etc.)

b) Developing Audit strategy, Plan and Programme

c) Perform Field Work and obtaining Audit Evidence

• Compliance tests

• Substantive tests

• Analytical review

d) Review and interpretations of work done

e) Discuss Findings with Auditee

f) Reports preparation and discussion of drafts.

g) Presentation of Final Report

UNDERSTANDING THE ASSIGNMENT

a) Risks and assumptions affecting the execution of the assignment
.
In undertaking the assignment, we will assume that all Senior and Management Staff have followed the required processes e.g., stores management, accounting and monitoring systems, therefore we will review all the systems and controls in place. We will document each of the systems and evaluate the weaknesses therein. While deeming every aspect of the audit important, we will spend more time in the areas of weaknesses to satisfy ourselves that the potential risk does not exist or if it does, the full effect has been ascertained and recorded.

b) Understanding the Accounting System

- We will obtain an understanding of the accounting process sufficient to enable us to identify specific problems associated with it and to develop an appropriate audit plan.

- We will obtain and document the understanding of the accounting and internal control system sufficient to plan the audit and develop an effective audit approach.

- We will at this stage assess the adequacy of the accounting records and identify internal control weaknesses.

CLIENT SERVICE APPROACH

This is key to our Firm, hence, only detailed understanding of the client's relevant tailored needs and practical solutions are implemented.

- Client Involvement- We as much as possible encourage the extensive involvement of clients' staff. This ensures that systems and recommendations so developed become clients' staff initiative and ownership.

- Hands- on Implementation Solutions

KNOC & Associates always makes sure that for any solution proposed, it provides hands- on implementation so that the clients' staff can see it in operation.