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.
Our assurance department assists management by advising on how the weaknesses outlined during the course of the audit, may be addressed and the relative processes ameliorated. Auditing will serve as a re-engineering tool to mitigate financial risk.
Our audit department is supported with a robust IT infrastructure which assists our staff in carrying out the audit exercise in an efficient and timely manner. This, together with the selection of the best human resource and the continuous training which is provided to our staff on the latest auditing methodologies, enables us to offer to our clients the most competitive prices, with the best technical advice.
The auditing approach adopted by the firm is audit risk based, whereby it identifies the risk areas of the company at hand and carries out the appropriate tests within each area. This is extended to the assertion levels area by area.
Every audit is planned rigorously between the auditor engaged on the job and the audit review manager. The engagement auditor together with the manager will carry out the audit plan, which is formulated at the outset to assist the audit team on the level of testing and to address and mitigate the audit risk. Reviews are carried out on-goingly with appropriate audit software. Once the audit is finalized, meetings are held with the client to discuss and conclude the audit exercise.
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
Importation and Wholesale
Public entities and Local Councils
Non Profit Organisations
Maritime & Aviation