(Chartered Accountants & Business Advisors)

Audit and assurance

Audit & Assurance Service

Delivering Quality With Integrity

wners, management, investors, governments, regulators and other stakeholders rely on sound internal processes and credible financial information to make decisions and develop policies. At CLIFTAAS, our audit and assurance services seek to ensure that organizational processes are adequate and effective and financial records are fair representation of transactions. We have in place a robust system of quality control aimed at delivering quality services to our clients.

Our Audit and Assurance services include:

The companies Act 2019 (Act 992) requires companies to prepare annual accounts and have same audited. We conduct our audits in accordance with the International Standards on Auditing (ISAs) and in the manner required under the Companies Act 2019 (Act 992).

Our audit process is technology driven and in strict adherence to relevant international standards. The CLIFTAAS Audit Methodology blends technical competencies with a comprehensive knowledge of the client, its markets and the industry sector. Using this methodology, we offer tailored audit services with a strong emphasis on early planning. We identify key financial statement components and tailor procedures to the unique aspects, size and nature of your business.

Our internal audit services are designed to add value to and improve your organization’s operations. We provide independent assurance that your organization’s risk management, governance and internal control processes are operating effectively. Our service specializations include;

  • Operational Audit. We evaluate performance of key processes, procedures, system and departments with the objective of pointing out improvements that will increase productivity, as well as efficiency and effectiveness of operations.
  • Compliance audit Our goal is to ensure that organisations operate within the applicable regulatory environments. We check areas of adherence to established laws, standards, regulations, codes of conduct, agreements, policies, and procedures.
  • Management audit We help Board of Directors and owners of businesses assess management efficiency and effectiveness at achieving overall organizational objectives. We evaluate whether management teams are working in the interests of shareholders, employees, and the company as a whole.
  • IT audit and review Our team of experts examine and evaluate organization’s information technology infrastructure, policies and operations. Information technology audits determine whether IT controls protect corporate assets, ensure data integrity and are aligned with the business’s overall goals. We examine not only physical security controls, but also overall business and financial controls that involve information technology systems.

Before you make a major purchase, merger, acquisition, or investment, our team of experts can help you investigate and review all available information about the transaction to ensure that all financial, legal, operational and environmental issues are in order. We help you avoid unpleasant surprises after deals are closed. The scope of our services cover;

  • Financial due diligence This involves analysing financial data, including financial statements, performance forecasts, budgets, assets, liabilities, and any financing requirements.
  • Commercial due diligence We take our time to fully understand the target company’s current and projected commercial performance. We assess and evaluate the commercial viability of the businesses taking into consideration factors such as competitor analysis, value chain analysis, company reputation, market conditions, and customer satisfaction are taken into consideration.
  • Operational due diligence We assess the day-to-day operations of a target company to see if it supports the continued viability of the business. Areas such as staffing levels, senior management performance, pension plans or human resource activities are considered in the assessment
  • Legal due diligence Our legal professionals help you identify and analyse potential legal risks associated with the target companies. This could include legal ownership of assets, any legal claims made against the target company, or unsettled employment disputes.
  • Environmental due diligence We assess the environmental impact (environmental risks or hazards) a business activity could create.

Fraud has crept into every aspect of society and its occurring at very alarming and sophisticated levels. The Association of Certified Fraud Examiners (ACFE) in their “The 2020 Report to the Nations” indicated that occupational fraud is among the costliest forms of financial crime. The report estimated that, organisations lose 5% of revenue and a projected global loss of more than $4.5 trillion each year due to fraud. It is therefore important that organisations establish robust systems to prevent and detect all manner of fraud and malpractices.

CLIFTAAS’ team of investigators and examiners are ready to help you prevent, detect and/or investigate all actual or suspected cases of fraud and malpractices. Our services include;

  • Fraud Detection
  • Procurement
  • Malpractices
  • Expert Witness
  • Testimony
  • Asset
  • misappropriation
  • Corruption & bribery
  • Data analytics
  • Financial fraud

Our project audits help you assess the extent to which project management standards are being upheld. We verify compliance with established procedures, processes and identify areas for improvements.

We help organisations review quality management systems to ensure compliance with quality standards whether company specific or those established by external entities (regulators and customers).

  • Contract Compliance
  • Audits
  • Performance Audits
  • Grant Management
  • and Compliance
  • Review and
  • Compilation of
  • Financial Statements
  • Value for Money
  • Reviews

For any of our Audit & Assurance Services, please contact CLIFTAAS at info@cliftaas.com.