Auditing work is carried out through the application of RSM International Assurance Regulations which are strictly based on the International Audit Regulations issued by I.F.A.C. (International Federation of Accountants) and establish a methodology comprising technical, ethical, and quality control aspects of the work.
With regard to the technical aspects of auditing, we follow the same methodology applied by all RSM International member firms throughout the world. This methodology is based on five stages:
- Client Acceptance – Re-evaluation: All clients go through this stage annually in order for us to assess whether the associated risk is such that we will be able to accept and commit to working with them. The client’s integrity and management are evaluated, as well as its going concerns and our capability to fully develop the assignment.
- Pre-Planning: This stage involves obtaining necessary information about the client and its business in order to be able to plan the audit effectively. The main concern at this stage is to acquire an extensive background of knowledge on the client’s business and to identify areas of risk.
- Planning: It is during this stage that the audit is designed in order to assure that material errors are detected. In this way, the global audit plan and the programs that establish the nature, opportunity, and extension of the different procedures are developed and documented in accordance with the determined global risk and the control environment.
- Development of the audit: In this stage the audit team carries out the tests specified during the planning stage, evaluating the evidence and making conclusions regarding the fair presentation of financial statements.
- Completion of the audit: Having finished the field work and reached conclusions we are ready to prepare two important documents. In the first we provide our opinion on the reasonableness of the client’s financial and economic position. The second document is a recommendation report which we offer as value added to our work.
The development of an audit in all of its stages is fully registered on Lotus Notes’ database provided by RSMi, and is applicable to all firms operating in all countries.
The scope of our expertise is extensive. The following are some of the services we provide:
- Audit of financial statements for both national and transnational firms
- Audit of consolidated financial statements
- Audit of listed companies
- Audit of financial institutions
- Due diligence audit
- Operational and management audit
- Internal audit
- Audit with application of international accounting standards