Joris Jordan

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STRATEGY AND PLANNING

Here, we set the direction of management style and define the most efficient way of obtaining relevant and effective management and audit evidence regarding internal control issue and the control environment as a whole.
This will involve all the review material information with continuing relevance to the assignment, including agreement and references, financial and other reports, procedures policies adopted in the management in the company’s investments as well as detail/appropriate audit test that would enable us report adequately on your company internal controls and also highlight control failures
We expect to have discussions with the management/officials of the company in obtaining information and preparing our strategy and planning document. At this stage, we would also discuss and review management activities, identifying areas requiring special attention, among others.
We would also consider how the initiative is being run by documenting in sufficient detail our understanding of the control environment, management/internal control procedures and accounting system and assess the reliability of information generated
Members of our team for this assignment would then be made aware of matters of relevance to the engagement to ensure that due attention is given to critical areas and that all matters arising there are brought to the attention of management promptly.

OBTAINING EFFECTIVE EVIDENCE

Evidence obtained would be analysed. We would be at the stage consider the various options available for improving the financial management capability and internal controls. These will be view discussed with management and feasible recommendation made taking into account possible constraints within which the fund operates and future plans.

Information obtaining our strategy and planning stage will be corroborated during this process.

Sufficient and relevant evidence addressing specific goals in the accounting and internal control procedures as highlight in our strategy document would be obtain from various sources as considered necessary to enable us report adequately thereon.
All relevant accounting and procedures manual used by management in its operation would be reviewed and compliance therewith assessed and documented. Tests will be carried out to ascertain the effectiveness of established controls and procedures to c confirm compliance.
Revenues and expenditures will be reviewed to assess their relevance and also to identify misstatement of omissions. This will be supplemented by reviews of documentation of actions taken by management to rectify such situations.
Control in place to safeguard the assets of the company would be assessed for adequacy.
Substantive test would be done where appropriate to supplement analytical reviews.

Analytical reviews. Management representation will also be obtained to confirm the completeness of financial
records and related data submitted to us, and the non-existence of material irregularities or possible violation of laws and regulations which, if any, would be considered for disclosure.

ANALYSIS, REVIEW AND INTERPRETATION

Evidence obtained would be analysed. We would be at the stage consider the various options available for improving the financial management capability and internal controls. These will be view discussed with management and feasible recommendation made taking into account possible constraints within which the fund operates and future plans.
The result of our fieldwork would be reviewed to ensure the achievement of quality control considerations-include critical objectives to ensure that these have been properly addressed.

The reviewed would be performed by the engagement partner and would include detailed
consideration of presentation and disclosure of issues.

REPORTING AND PRESENTATION

REPORTING AND PRESENTATION Our final reports which shall be issued in accordance with the teams of reference would comprise:

(I) An audit opinion issued in accordance with the provisions of Ghana companies
code,1963 (act179);
(II) Management letter highlight shortcoming(s) and/or weakness (es) in internal controls,
possible implication(s) thereof and our recommended corrective action.
(III) Reporting covering any related services as may be required by the Board.
We would assist in the preparation of the statutory financial statements to ensure its compliance
with the reporting requirement of the Ghana companies code, 1963 (Act 179) and international
accounting standard.

DEBRIEFING

This is an internal and formal self-examination process which is aimed at eliminating any shortcoming on our part and providing an even more valuable and value added in future in a
relatively more efficient and cost effective manner. Throughout the audit and reviews, we note ways which can improved the quality and efficiency of our service. We invite suggestions from
management on how our service could be improve upon. This is fundamental of our being able to identify and satisfy your requirements.

We act upon initiatives recorded during the debriefing process and incorporate them into any subsequent auditing that we may carry out on the same lines.

Highlights of matters arising during meeting with management will also be documented under this sections.

TIME AND REPORTING

We expect to submit draft internal audit report within four (4) weeks of being commissioned to carry out the audit. The draft would be discussed with you and should there be no outstanding issues, we would be in the position to submit the final audit report with a week thereafter.

(iii) Work plan and time schedule

The field work portion of the engagement is estimated to cover one month and will involve us visiting the Office. The location is expected to host the team for the verification and other field
work.

Since we render partner led service, the engagement partner will be in regular contact with the management of the company to ensure smooth facilitation of the assignment. If possible, we will like to have periodic meeting that will focus on matters arising from the audit. This will help us effectively discharge our audit responsibilities.