Owners need an examination
Understand the reporting presented and obtain an output addressing the agreed subject.
Audit and examination
Audit.
BMS performs audit work. Start with the purpose, reporting period and requirements for the final document. Examine the statements and supporting information, discuss findings and deliver the output for the accepted audit engagement.
Discuss an auditA defined audit engagement
InformationExaminationConclusions
Your situation
A clear task.
A starting point.
Find the situation closest to yours. Use it to start a conversation about the support you need.
A recipient has requirements
A bank, partner or other user has requirements that need to be shared before the engagement type is defined.
The scope needs clarification
Establish what will be needed to examine a particular period or subject before preparing the records.
Scope of work
What the
work covers.
These are the possible areas of work. Your proposal specifies the relevant tasks, outputs and responsibilities.
Engagement acceptance
Discuss the purpose, subject and intended users. Assess whether the particular engagement can be accepted and define its type.
Planning
Understand the business, reporting and accounting arrangements, then identify areas of work and coordination.
Examining information
Work with reporting, accounting records and supporting documents within the accepted scope.
Performing procedures
Compare information and consider calculations and explanations. Procedures depend on the engagement type and subject.
Discussing findings
Request clarifications, discuss discrepancies and consider additional information provided by the company.
Preparing the final document
Prepare the result according to the accepted engagement and its intended use. The document format is established in advance.
The output
What you
receive.
Agree the format and scope before work begins, so you know what you will receive and how it can be used.
Discuss the output I needThe final document required by the accepted engagement type and terms.
Explanations of findings in relation to the subject examined.
Significant clarifications discussed with the company’s team.
Clarity on the examination’s scope and limitations on use of its result.
An illustrative task
A recipient needs an examination of the reports
An owner or external recipient requests a document and the company needs a properly defined engagement.
The work
Review the original requirements, discuss the engagement, period and available information, then establish the applicable requirements and responsibilities.
What the company receives
An agreed audit engagement, required-information list and the final document resulting from the work performed.
The working process
From a conversation
to practical steps.
Establish the purpose
Discuss the period, reporting and requirements of the intended recipient.
Agree the engagement
Define its type, acceptance, scope and information exchange arrangements.
Examine and conclude
Perform the procedures, resolve questions and prepare the agreed document.
For the first conversation
Tell us about
- The audit purpose and intended users
- The entity, period and prepared statements
- Written bank, partner or other recipient requirements, if any
- Database condition, available documents and unfinished reconciliations
Before we begin
Other questions
to consider.
Who performs the audit?
BMS performs the work. Acceptance, subject, terms and working arrangements are discussed before the engagement begins.
Which final document do we need?
Start with the purpose and recipient’s requirements. Share any written requirements before agreeing the engagement.
What if reporting is still being prepared?
Describe its current state and unfinished areas. Discuss the records needed for planning and subsequent procedures.
Can a particular conclusion be guaranteed?
No. Conclusions follow the work performed and information obtained. Requirements for a document do not predetermine its conclusion.
Read before we begin
Understand the task.
Start with a conversation
What matters
to your business?
Tell us about your task. We can discuss the support you need and where to begin.
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