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Crowe Horwath Jamaica
AUDIT AND ASSURANCE SERVICES
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 �nancial
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 �rms for e�cient 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 �nding experienced auditors who truly value your business.
Select seasoned professionals with local expertise and a global network
Your business needs local expertise in the global markets in which you operate. You also need auditors with a strong international network. Crowe Horwath o�ers both. Our network of leading independent accounting member �rms 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
Crowe HorwathInternationalheightened concern for �nancial reporting and corporate governance. Streamlined audit processes result in timely �nancial reporting and disclosure, which is an expectation ofregulators, as well as creditors, lenders, investors, and otherstakeholders.
Insight: The audit professionals of Crowe Horwath member �rms have the ability to understand complex �nancial transactions and audit the e�ectiveness of internal controls. As the world becomes increasingly interconnected �nancially, our professionals also advise on the convergence of national accounting practices to International Financial Reporting Standards.
Service: Crowe Horwath member �rms take pride in �exible, well-designed processes that are risk-based and technologies that respond to client needs. Prompt identi�cation and communication of issues and timely delivery of results eliminate surprises, which promotes more respectful business relationships and improvements in �nancial reporting.
Uniquely quali�ed to deliver services worthy of your trust
Crowe Horwath member �rms 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 �rms throughout the world.
Crowe Horwath is a full member of the Forum of Firms, which is an association of networks of international accounting �rms that perform transnational audits. The objective of the Forum is to promote consistent and high quality standards of �nancial 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 �rms of Crowe Horwath, visit www.crowehorwath.net andcontact one of the experts listed on our Web site. In addition toproviding a full range of audit services, Crowe Horwath member�rms o�er consulting services for tax, risk management, andglobal corporate advisory matters.
Your management team and board of directors will appreciate the credibility, insights and responsive service that Crowe Horwath member �rms provide - at a competitive price due to highly e�cient processes and lower overhead expenses.
GROWING
INVESTING
SHARING
CARING
Crowe Horwath Jamaica
Service profile
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.
Our MissionTo be the Firm to work for and with:
▪ A Firm that understands what clients need and deliverswhat clients want with a high standard of quality, integrity and professionalism.
▪ A Firm that understands and values its people andencourages 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
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 �nancial statements, consolidated �nancial 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 �ndings and issues that may arise throughout
the engagement to ensure ‘no surprises’ and cost e�ectiveness. 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.
CONCLUSION ANDREPORTING
This third phase will be driven by the �ndings of the �rst 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 �eld work.
Continuous communication with management is crucial to the success of any audit. Any identi�ed 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.
The purpose of these meetings will be to discuss issues of signi�cance 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 �nancial reporting issues;
▪ Audit adjustments and unadjusted di�erences;
▪ Recommendations for improvements in policies, procedures, internal controls and accounting systems that we have identi�ed;
▪ Summaries of emerging accounting and auditing issues that may impact client in the future;
▪ Commentary on relevant industry developments; and
▪ Our proposed audit opinion.
STRATEGY ANDRISK ASSESSMENT
PLANNING ANDRISKIDENTIFICATION
During the planning stage of the audit we will work with the management to:
▪ Perform auditor transition procedures.
▪ Agree a timeframe aroundthe execution of the audit. Obtain a detailed understanding of the business.
▪ Perform an assessment ofinherent risks at the �nancial statement level.
▪ Make an initial determinationof materiality.
▪ Perform preliminaryanalytical review procedures.
▪ Perform detailed data analysis to assist inpinpointing risk areas andidentifying data andanomalies for reporting to management.
▪ Complete an Audit StrategyDocument; and
▪ Hold an audit planningmeeting with management.
These procedures and discussions with management will allow us to understand client's business, �nancial 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 identi�ed early, managed and resolved in a timely manner.
The �ndings of the planning and risk identi�cation 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 �nance team to understand the controls framework and how management and the Board satisfy themselves of the e�ectiveness 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;
▪ 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;
▪ Tailor the speci�c audit programmes; and
▪ Provide management with a detailed list of documentation and reports required for the completion of the audit.
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.
RESPONDINGTO THE ASSESSEDRISKS
Our quality assurance processes
Our Global Audit Process enables e�ciency 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 sta� 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 su�cient appropriate evidence primarily through intelligent enquiry, analytical procedures and discussion with responsive client o�cials to be able to draw conclusions.
3. Compilation Reports
The objective of a compilation engagement is to compile unaudited �nancial information into �nancial statements, schedules or reports based on information supplied by the client without undertaking to obtain or provide any assurance that there is no material modi�cation that should be made to the �nancial statements. Users of the complied information will derive some bene�ts 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 �nancial statements (which may or may not a complete set of �nancial 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, classi�cation and summarization of other �nancial 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 �ndings. Agreed-upon procedures are undertaken for special purposes, sometimes as part of an acquisition due diligence review.
We also perform a �nancial diagnostic review of a company, principally commenting on its �nancial structure and performance and the risks that it faces. Additionally, we can help client assess the operational e�ectiveness of their controls over key �nancial and business processes.
We can further assist client, subject to compliance with our �rm’s independence policy, in the following areas:
▪ Documentation of internal control over �nancial reporting;▪ Design of internal controls over �nancial reporting and recommendations for improvements;▪ Performance of tests on internal controls over �nancial reporting on selected areas. A report will then be provided on our
�ndings as well as recommendation for improvements.
