Auditing & Assurance

Our audit staff is trained on the most updated audit techniques, using latest IT technologies. Our aim is to provide valuable insight to the client, therefore during the audit exercise we analyze performance comparisons, disclose the strenghts and weaknesses of our clients’ businesses and identify the vital and cricital areas of their activities.

This provides the business with information on its current financial position and a guideline on how to reach its future financial objectives.

Our Expertise

Parker Russell Turner is equipped with professional and qualified staff whom are selected after rigorous recruitment processes are undertaken. Furthermore, our staff is continuously trained on the latest methodologies which enables us to offer our clients the most competitive prices and the best technical advice. In fact, all our staff have a first degree and are also encouraged to continue their professional development through degrees such as the ACCA.

Financial Reporting & Auditing

All companies set up in Malta have a statutory obligation to have their accounting records audited by a qualified auditor. An audit includes the reviewing of the accounting system of a company and the internal control procedures carried out by the company. Through this exercise, the possibility of fraud and defalcations within the company is mitigated.

Unfortunately, the audit exercise is sometimes considered by the Directors of companies as an unnecessary expense. At Parker Russell Turner however we adopt a proactive approach to auditing. We do not only report to the Directors the outcome of the auditing exercise, but we add more value to it by outlining to the management the weaknesses of the company. We carry out our audits, by assessing the control environment of the entities and also asses the audit risk in each area. This is carried out by reviewing the system of controls and the accounting processes carried out by entities. Various audit techniques are applied to verify the weaknesses, and combination of tests performed. This is carried out by initially verifying the internal control procedure in conjunction with analytical reviews and substantive testing.

Since its establishment in 1997, the firm has gained experience in the auditing of a number of industries, including but not limited to: Construction / Property Development, Cooperatives, Hospitality, Importation and Wholesale, International Clients, Manufacturing, Public entities and Local Councils, Non Profit Organisations, Retail, Services, Investment, Maritime & Aviation, iGaming.

Internal Auditing

Our firm can assist clients in the setting up and in the re-structuring of client’s internal audit function. The internal audit department within a company is instrumental as it will instil the right discipline to set goals related to internal controls and also procedures ad hoc to the organization. Further, this will enhance the efficiency of the general operations and flow of procedures within the company.

Thus it is important that this function is robust and efficient to respond to the fast changing environment within today’s economic markets.

Through this function, we can assist you in designing an internal audit approach which is risk based, geared to reach the company’s vision and procedures required by the firm. We assisted a number of organizations also in setting up ISO compliant procedures, hand in hand with the management, to ameliorate internal audit processes. The following are the services that we offer related to internal auditing which are delivered by specialized staff who have vast experience in the field:

Assistance in the setting up of an Internal Audit Function;
Assistance in the ongoing maintenance or re-structuring within existing Audit Functions
Assistance in the documentation of System Operational Procedures (SOPs)
Training of staff on the designed SOPs
Implemenation and testing of SOPs
Documentation and reporting to Management.