The BDO approach to audits is based upon an
extensively researched methodology, which complies with international
and all other major sets of auditing standards, and centers around.
- Obtaining an understanding of the
business being audited, both in terms of its external influences and its
internal organization, and in terms of its main business risks;
- assessing the risk of material mis-statements and the controls in place to prevent these risks,
- choosing appropriate procedures to obtain evidence of the significant financial statement assertions
- rigorous control and review procedures to ensure that the chosen procedures are carried out and the correct conclusions drawn
- forming an opinion and reporting under the applicable laws and standards,
are some of the essential aspects of our methodology.
Our audits are carried out using an
internationally available suite of software called ‘Compass’ and
‘Caseware’ which was specially designed to support the BDO audit
methodology and to enable the use of efficient ‘paperless files’. BDO
also uses other software and tools extensively, for instance to
interrogate computer systems and to produce financial statements and
other reports.
Our Assurance practice is subject to a world
wide procedures manual which, as well as its audit approach, sets
standards on such matters as independence, confidentiality, training
requirements and quality control. BDO is subject to regular practice
inspections from BDO International to ensure these standards are being
adhered to.
