|Audit and Assurance|
Grant Thornton member firms share a common approach to perform audits that build on their expertise so that they can provide management with practical advice as well as providing assurance on historical information assurance on historical information. Their goal is to service clients by partner led professional teams which work to common Grant Thornton International standards throughout the world. Our approach – Horizon – employs technically-advanced audit software that helps capture information about clients' businesses and improves their understanding of how they operate, thus enabling member firms to better formulate their advice. Horizon is designed to meet the needs of both established and growing entrepreneurial companies. Our approach to the audit considers the risks and exposures inherent to the systems of internal controls. We concentrate our audit on the significant areas and devote less time to the more routine, well-controlled areas of the corporation. It is a common misconception that “all audits are created equal; they are just commodities.” Audits can be poorly planned and poorly executed, thrown together at the last minute, or carried out by auditors without the industry expertise, audit tools, or audit experience to conduct them efficiently. The audit can be a source of tremendous anxiety for client management when issues surface at the “eleventh hour,” requiring substantial amounts of management time for resolution. The process can be tedious for client staff if the auditors dwell upon issues of mechanical perfection that lack financial statement materiality. Indeed, audits can be exceptionally draining when the CPA firm loses sight of the fact that their real job is to conduct an audit - not to prepare for the possible resulting litigation. Any one of these problems results in substantially increased cost to the client. The audit fee is merely half of the equation. The other half is the “hidden audit cost” – the internal opportunity cost of client resources absorbed in the audit process. The first key element of our approach is the quality of the team we send to your place of business. You will not have to teach them about your industry. Far from it; they are trained professionals who know how to get the information they need without unduly burdening your staff. Planning is the second key element in our year-end financial statement audit process. Before Arab Professionals begins the actual fieldwork, we will meet with your management team and accounting staff to determine the timing of the work to be done, prepare a detailed list which will outline the tasks and analyses to be performed by your staff, and plan and arrange for completion of the audit of many areas at an interim date before year-end. We believe the key to a successful, cost-effective audit is a strong comprehensive plan combined with an effective working relationship with your accounting personnel. Our approach will allow them to make the maximum contribution to the audit effort without compromising their ongoing responsibilities. Communication is the third key element to our audit approach. Good accounting services cannot be accomplished in a vacuum. We want to be in frequent contact with you throughout the year. Any problem that might affect your financial statements will be identified and reported at an early date. We are committed to a policy of “no surprises.” Our experience has taught us that early identification provides the greatest opportunity for finding sound solutions. Our audit approach enables us to minimize time spent on audit details, freeing us to be sensitive to issues and opportunities for improvement in your systems and procedures.
The audit process culminates with the issuance of our management comment letter, which provides you with our observations and recommendations. We will discuss our observations with you as they are noted during the audit process, and we will submit a draft of our letter to management to assure that our observations are accurate and to provide management with an opportunity to reply