I ndependent assurance of performance is a critical tool for organizations to validate their claims, build stakeholder confidence, and demonstrate compliance with standards and regulations. It supports transparency, risk management, and strategic decision-making, making it a valuable investment for long-term success.
Internal Control Review and Attestation
process is designed to assess, validate, and provide assurance regarding the effectiveness of an organization's internal controls. These controls are policies, procedures, and practices established to safeguard assets, ensure accurate financial reporting, and promote compliance with laws and regulations. It is pivotal for organizations aiming to manage risks effectively, ensure transparency, and maintain operational integrity.
Internal Control Review
We evaluate the design and operational effectiveness of internal controls. The review typically includes:
- Scope Definition
- Risk Assessment
- Control Identification
- Testing Controls
- Gap Analysis
Internal Control Attestation
Attestation involves providing formal assurance on the internal controls based on the review. It includes:
- Independent Assessment
- Reporting
- Compliance and Certification
Outcomes are measured based on
- Improved Control Environment
- Stakeholder Confidence
- Regulatory Compliance
Financial Statement Review
We undertake a systematic evaluation of a company’s financial statements to ensure accuracy, compliance, and consistency with applicable accounting standards with limited assurance rather than a full opinion on the financial statements. This comprises:
- Analytical Procedures
- Inquiry
- Documentation Review
- Compliance Checks
- Limited Assurance
A review of the financial statement aid businesses
- Improve Financial Accuracy
- Adhere to Regulatory Compliance
- Build Stakeholder Confidence
- Cost-Effective Alternative to an Audit
- Limited Assurance
- Support Decision-Making
- Preparation for Audits
- Attracts Investors or Securing Loans
Financial Audit
A financial audit is a critical process for ensuring the accuracy, reliability, and integrity of an organization’s financial statements. It provides stakeholders with confidence in the organization's financial health and compliance with regulations. A financial audit is essential for fostering accountability, improving financial governance, and meeting regulatory obligations. By providing independent assurance, it enhances the organization’s reputation and supports sustainable growth. This:
Ensures Financial Accuracy
- Verifies that financial statements are free from material misstatements, whether due to error or fraud.
- Confirms that the financial records accurately reflect the organization's financial position and performance.
Enhances Stakeholder Confidence
- Builds trust with investors, lenders, customers, and other stakeholders by providing independent assurance.
- Demonstrates accountability and transparency in financial reporting.
Facilitates Compliance
- Ensures adherence to applicable accounting standards (e.g., GAAP, IFRS) and regulatory requirements.
- Helps organizations meet legal obligations, such as those under the Sarbanes-Oxley Act (SOX) or industry-specific regulations.
Identifies Risks and Weaknesses
- Highlights inefficiencies, control weaknesses, or areas prone to fraud.
- Provides actionable recommendations to strengthen internal controls and processes.
Supports Strategic Decision-Making
- Reliable financial data aids management in making informed decisions about growth, investments, and resource allocation.
Required for Certain Organizations
- Mandatory for publicly traded companies, government entities, and organizations seeking external funding or grants.
- Often a prerequisite for obtaining loans, raising capital, or engaging in mergers and acquisitions.
Compilation Work
At ConsultancyFields we assemble an organization’s financial data into formal financial statements without providing assurance about their accuracy. This helps organizations lacking internal expertise prepare financial statements in a professional and standardized format with applicable accounting frameworks (e.g., GAAP, IFRS).
Non-financial statement assurance
Non-financial statement assurance is valuable for enhancing the credibility of operational, environmental, or social data, fostering trust, and meeting the growing demand for transparency in areas beyond financial performance. The service addresses specific needs, supporting the organization’s strategic and compliance objectives.
As organizations non-financial statement assurance involves evaluating and providing assurance on non-financial information, such as operational, environmental, or social data.
