Hello guest! Welcome to KARA & Associates
STEP #1 - PRELIMINARY RISK ASSESSMENT PHASE Our firm follows such approach that allows us to combine our existing skills and competence with new tools and knowledge bases to provide high value assurance and improvement services to its clients. These services include: * Process analysis * Assurances about process controls * Measures and compliance with company policies or other standards (Best Practices) * Process improvement. The Audit team analyses the business and supporting technical risks to define the audit scope and identifies key business control objectives. The business control objectives are validated with the client to ensure that Audit's approach is in line with the business.
STEP #2 - PLANNING STAGE
The Audit team then gathers information on how management is controlling risks. Through discussions/ walk through with key contacts, identifies business control processes. An assessment is then performed to ensure that the control environment is adequate. Issues or control weaknesses are communicated and validated with the client immediately to ensure ongoing communication throughout the audit. The team then defines the testing strategy based on the assessment of the control environment and management's concerns. If testing is necessary to determine that controls are functioning effectively, detail test programs are developed.
STEP #3 - TESTING PHASE
The Team executes the test programs defined above. Throughout this phase, test results are analyzed to determine if additional test work is required, or if no further testing is necessary to conclude on the sufficiency of the control environment. We ensure timely communication...........drafted with the client as and when they are identified.
STEP #4 - COMMUNICATING RESULTS
Communicating Results is not considered a separate phase. It is embedded in all of the above processes. Throughout the audit, all issues identified are validated with the client and action plans are immediately developed by management. Audit recommendations and management responses are included in the Audit Report including an action plan of what will be done, by whom, by when, and to fix what problems.
Reports are issued with in Reasonable Time from the end of fieldwork.