Crowe Horwath Jamaica
AUDIT AND ASSURANCE SERVICES
Crowe Horwath International Is your audit provider delivering the audit value you deserve? Audit services are essential to establish credibility and build reputation – critically important assets in a global economy undermined by business scandals on multiple continents. Companies that successfully address audit issues improve the quality of their financial reporting and stand to gain credibility not only locally but internationally with leading sources of capital. Given the importance of audit services, many senior executives and audit committees look to Crowe Horwath International member firms for efficient pro cedures, the val ue of the ir wor k, and personal service. Your organization stands to gain in multiple areas - reputation, insight, service, and cost - by finding experienced auditors who truly value your business.
Select seasoned professionals expertise and a global network
with
heightened concern for financial reporting and corporate governance. Streamlined audit processes result in timely financial reporting and disclosure, which is an expectation of regulators, as well as creditors, lenders, investors, and other stakeholders. Insight: The audit professionals of Crowe Horwath member firms have the ability to understand complex financial transactions and audit the effectiveness of internal controls. As the world becomes increasingly interconnected financially, our professionals also advise on the convergence of national accounting practices to International Financial Reporting Standards. Service: Crowe Horwath member firms take pride in flexible, well-designed processes that are risk-based and technologies that respond to client needs. Prompt identification and communication of issues and timely delivery of results eliminate surprises, which promotes more respectful business relationships and improvements in financial reporting.
local
Your business needs local expertise in the global markets in which you operate. You also need auditors with a strong international network. Crowe Horwath offers both. Our network of leading independent accounting member firms includes more than 190 member firms and business associates with 684 offices and nearly 29,500 professionals and staff in more than 130 countries around the world. Crowe Horwath is ranked among the top 10 largest global network of indepedent audit and advisory services firms in the world. The professionals employed by Crowe Horwath member firms are highly experienced, and senior personnel are significantly involved in engagements. Due to the number of audits our member firms have performed, our professionals are widely respected in capital market circles by entities including investment banking firms and ratings agencies.
Audit services designed to meet your high expectations Crowe Horwath is one of the world’s top global professional services networks for the following Reputation: The methodologies and quality assurance programs of Crowe Horwath member firms help executives and audit committees manage their responsibilities in an era of
Uniquely qualified to deliver services worthy of your trust Crowe Horwath member firms meet the highest requirements for international audits. To maintain an elevated level of quality and consistency, the Crowe Horwath network regularly conducts quality audit reviews of the audit practices of member firms throughout the world. Crowe Horwath is a full member of the Forum of Firms, which is an association of networks of international accounting firms that perform transnational audits. The objective of the Forum is to promote consistent and high quality standards of financial reporting and auditing practices worldwide. As a member Crowe Horwath has committed to the Forum’s membership obligations and can provide input to the Forum, which has regular contact with international standard setters and regulators. To learn more about why executives are turning to the member firms of Crowe Horwath, visit www.crowehorwath.net and contact one of the experts listed on our Web site. In addition to providing a full range of audit services, Crowe Horwath member firms offer consulting services for tax, risk management, and global corporate advisory matters. Your management team and board of directors will appreciate the credibility, insights and responsive service that Crowe Horwath member firms provide - at a competitive price due to highly efficient processes and lower overhead expenses.
Crowe Horwath Jamaica Crowe Horwath Jamaica (Formerly UHY Dawgen), founded in 2002, is one of the leading mid-tier audit and advisory service firms in Jamaica. Effective July 2016, Crowe Horwath Jamaica has become a full member of Crowe Horwath International.
GROWING
Our Mission To be the Firm to work for and with: ▪ A Firm that understands what clients need and delivers what clients want with a high standard of quality, integrity and professionalism. ▪ A Firm that understands and values its people and encourages their development. To help our clients and people grow and succeed.
Our Services ▪ ▪ ▪ ▪ ▪ ▪
Audit and Assurance services Tax services Legal & Risk Advisory services Outsourcing services Other business-related services
Service profile
INVESTING
SHARING
CARING
The services Crowe Horwath Jamaica offers within our Audit and Assurance services division are conducted according to international standards on auditing and include: ▪ Financial Statement Audit ▪ Review Engagements ▪ Compilation Reports ▪ Agreed Upon Procedures
1. Financial Statement Audit Our Financial Statement Audit services include audit of statutory financial statements, consolidated financial statements, group reporting package and IFRS reporting. Our audit approach which is based on our Global Audit Process that combines Crowe Horwath International Audit manual and automated audit resources, not only ensures that we comply with all requirements of International Standards on Auditing but also assists us to focus on client risks then adopt correct audit approach to manage and mitigate those risks.
Our understanding of client’s needs Our strategy is to keep things simple, yet provide solutions appropriate for the size of client’s organization. We are easy to deal with and our experience, performance and client satisfaction are attestation to our approach. Our team will work in partnership with client, keeping client informed as to findings and issues that may arise throughout the engagement to ensure ‘no surprises’ and cost effectiveness. Our Partners are an integral part of our engagement team and are available for regular contact. Our audit global process is based on the principle of ‘no surprises’. To this end, we believe that listening to, and understanding client’s needs, are imperative to our delivery and the basis of a strong relationship.
“…We understand the complete range of audit services that clients require. We will deliver these in a timely and effective manner, in line with client’s advised deadlines…”
Our Global Audit Process Our Crowe Horwath International Global Audit Process has been outlined below through the four key phases to the execution of an audit and how we would apply our audit methodology to client.
During the planning stage of the audit we will work with the management to: ▪ Perform auditor transition procedures. ▪ Agree a timeframe around the execution of the audit. Obtain a detailed understanding of the business. ▪ Perform an assessment of inherent risks at the financial statement level. ▪ Make an initial determination of materiality. ▪ Perform preliminary analytical review procedures. ▪ Perform detailed data analysis to assist in pinpointing risk areas and identifying data and anomalies for reporting to management.
The findings of the planning and risk identification phase will drive the audit approach during the strategy and risk assessment phase of the audit. In this phase we will work closely with client's finance team to understand the controls framework and how management and the Board satisfy themselves of the effectiveness of the control environment. Our procedures will include: ▪ Documentation and completion of walk throughs over the internal controls at the entity, cycle and assertion level, including Information Technology operating platforms;
▪ Complete an Audit Strategy Document; and ▪ Hold an audit planning meeting with management.
▪ Tailor the specific audit programmes; and
These procedures and discussions with management will allow us to understand client's business, financial risks and strategy. It allows us to develop a sound knowledge of client's processes and control environment, which is fundamental to our assessment of audit risks for client. This understanding and our continuous communication with management will ensure that any issues are identified early, managed and resolved in a timely manner.
▪ Provide management with a detailed list of documentation and reports required for the completion of the audit.
Continuous communication with management is crucial to the success of any audit. Any identified issues will be discussed and resolved on a timely basis so as to ensure there are no surprises towards the end of the audit. Our detailed audit timetable includes timely meetings with management and the Audit Committee.
CONCLUSION AND REPORTING
▪ Conduct an indirect tax interview and assessment to ensure that all required tax laws are being adhered to; ▪ Perform fraud procedures in accordance with ISA/VSA 240 The Auditors Responsibilities Relating to Fraud in an Audit of Financial Statements;
PLANNING AND RISK IDENTIFICATION
This third phase will be driven by the findings of the first two phases of the audit. The approach for this phase will be documented in the Audit Strategy Report, which will have been communicated with management and the Audit Committee prior to commencement of interim and year-end field work.
RESPONDING TO THE ASSESSED RISKS
The purpose of these meetings will be to discuss issues of significance and our conclusions on the audit procedures completed. Our Audit Closing Report will include: ▪ A summary of the results of the audit procedures performed on the assessed risks; ▪ A summary of financial reporting issues; ▪ Audit adjustments and unadjusted differences;
STRATEGY AND RISK ASSESSMENT
These procedures and discussions with management will allow us to further understand client's risks and strategy. Together with the knowledge of client's processes and control environment, they will be fundamental to our risk assessment for client.
▪ Recommendations for improvements in policies, procedures, internal controls and accounting systems that we have identified; ▪ Summaries of emerging accounting and auditing issues that may impact client in the future; ▪ Commentary on relevant industry developments; and ▪ Our proposed audit opinion.
Our quality assurance processes Our Global Audit Process enables efficiency and collaboration that helps to deliver a quality audit. In order to ensure the maintenance of quality and the highest standards for all services provided, all client engagements involve the allocation of highly trained and professional partners and staff that have a professional obligation to plan and participate in a continuing education program, tailored to meet their own needs. We and each member of Crowe Horwath international have adopted quality control policies and procedures that apply the requirements of the standards and guidance issued by the International Auditing and Assurance Standards Board (IAASB). We and each member of Crowe Horwath International apply the Code of Ethics issued by the International Ethics Standards Board for Accountants (IESBA).
2. Review Engagements For a review engagement, we provide a moderate level of assurance that the information subject to review is free of material misstatements, expressed in a form of negative assurance. For the purpose of expressing negative assurance in our review report, we obtain sufficient appropriate evidence primarily through intelligent enquiry, analytical procedures and discussion with responsive client officials to be able to draw conclusions.
3. Compilation Reports The objective of a compilation engagement is to compile unaudited financial information into financial statements, schedules or reports based on information supplied by the client without undertaking to obtain or provide any assurance that there is no material modification that should be made to the financial statements. Users of the complied information will derive some benefits as a result of our involvement because the service has been performed with professional competence and due care. This ordinarily entails reducing detailed data to a manageable and understandable form without a requirement to test the assertions underlying that information. Based on client’s general ledger balances, we can prepare financial statements (which may or may not a complete set of financial statements) presented in accordance with Vietnamese Accounting Standards (VAS), International Financial Reporting Standards (IFRS), or other applicable reporting standards. Our work may also include the collection, classification and summarization of other financial information.
4. Agreed-Upon Procedures The objective of an agreed-upon procedures engagement is for us to carry out procedures of an audit nature to which we and client and any appropriate third parties have agreed and to report on factual findings. Agreed-upon procedures are undertaken for special purposes, sometimes as part of an acquisition due diligence review. We also perform a financial diagnostic review of a company, principally commenting on its financial structure and performance and the risks that it faces. Additionally, we can help client assess the operational effectiveness of their controls over key financial and business processes. We can further assist client, subject to compliance with our firm’s independence policy, in the following areas: ▪ Documentation of internal control over financial reporting; ▪ Design of internal controls over financial reporting and recommendations for improvements; ▪ Performance of tests on internal controls over financial reporting on selected areas. A report will then be provided on our findings as well as recommendation for improvements.
Contact details
Mr. Dawkins Brown Managing Partner
dawkins.brown@crowehorwath.com.jm
Head Office: (1876) 9084007