3. 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 procedures, the value of their work,
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 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 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
Crowe Horwath
International
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.
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.
4. GROWING
INVESTING
SHARING
CARING
CroweHorwathJamaica
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 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
The services Crowe HorwathJamaica 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…”
5. 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 AND
REPORTING
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.
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.
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;
▪ 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.
STRATEGY AND
RISK ASSESSMENT
PLANNING AND
RISK
IDENTIFICATION
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.
▪ Complete an Audit Strategy
Document; and
▪ Hold an audit planning
meeting with management.
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.
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;
▪ 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 specific 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.
RESPONDING
TO THE ASSESSED
RISKS
6. 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.
7.
8. Contact details
Mr. Dawkins Brown
Managing Partner
dawkins.brown@crowehorwath.com.jm
Head Office: (1876) 9084007