Audit

We are thus very focused on delivering a very high quality audit, which is responsive to the business needs of our valued clients in Sierra Leone, to ensure profitability and efficiency, increasing shareholders' wealth and other stakeholders' interests and ultimately providing the basis for an efficient capital market.

At Crowe Decker & Partners, the element of professional scepticism is key to us in demonstrating unequivocally, an independent and challenging mindset of the auditor. This is a very fundamental concept and is core to audit quality in accordance with the requirements of International Standards on Auditing (ISAs).

From past experience, we noted that companies and organizations that successfully address audit issues when they do occur, improve the quality of their financial statements or information and reporting, and thus stand to gain global credibility with leading investors’ confidence and source of capital.

We therefore consistently strive to maintain our professional effort to build trust and confidence in the society we operate in, and to contribute towards solving problems affecting the entire industry and economy.  Hence at Crowe Decker & Partners we bring together all our expertise, connected thinking and global experience as one firm to execute and deliver our various audit and other assurance engagements, thus positively contributing to increasing shareholders’ wealth and building  a sound capital market.

We are focused on delivering a high-quality audit which is responsive to business risks.

As a leading accounting firm in Sierra Leone, our professionals use their sector specialist knowledge to bring value through the audit process. We are constantly investing in people, and in innovative techniques which elevates the audit to the next level to meet the current market expectations and our client needs.

We continue to make significant investment in training and retraining our talented professionals and couching them adequately, especially in the field. We demonstrate below the Crowe Global Audit Centre, which ensures high audit quality through resources and applications:

Eleven Steps involved in the Audit Process:

Step 1: Using the Audit Documentation tool embedded in the audit manual

Step 2: Face to Face engagement team and clients’ meetings

Step 3: Management of engagement and ensuring collaboration

Step4:  Securing digital confirmations

Step 5: Utilizing the Crowe Global Audit manual requirements

Step 6: Analysing various contracts and important documents

Step 7: Analysing data (systems documentation, risks identification, tests of controls, and substantive tests( test of details and or analytical reviews); all responsive to the risks identified.

Step 8: Valuing financial instruments

Step 9: Reporting:  Preparation of financial statements reporting and management report

Step 10: Client engagement close-out meeting with the client.

Step 11: Issuing reports to clients and follow up.

Together, we refer to the above audit steps as the Crowe Global Audit Centre

At Crowe Decker & Partners, and like in all other member firms within the network, we use the Crowe Global Audit Centre which comprises the necessary audit applications and resources which assist us in delivering a quality audit.

It is to be noted that our audit applications and resources do comply with the International Standards on Auditing (ISAs) as issued by the International Audit and Assurance Standards Board (ISAAB).

The ISAAB is an Independent Standard Setting Body which is hosted by the International Federation of Accountants (IFAC) and all member firms do participate in the Audit Quality Assurance Review programme, thus receiving periodic reviews of our audit practice in Sierra Leone, organized by Crowe Global.

Our deeply experienced expert audit and assurance teams and skilled specialists are always on top of financial reporting developments and the Centre for audit quality, which affect financial reporting. Thus, we do follow the highest standard of professional scepticism and critical evaluation of audits undertaken by us.

Specific Audits we undertake in Sierra Leone.

Statutory Audit

Statutory audits are legally required external audits which are conducted annually in Sierra Leone to meet a specific set of requirements, and for companies in Sierra Leone, this is required by the Sierra Leone Companies Act 2009, the Banking Act and Banking regulations of Sierra Leone, the Insurance Act (for financial services) and other legal and statutory documents for non- financial service organizations and entities.

In the midst of multifaceted and dynamic market conditions, we are very keen on attaining  organizational benefits and adding value to  all regulators, shareholders and other stakeholders by offering our international professional services in line with internationally accepted accounting standards ( IFRS Accounting Standards), and methodologies geared towards risk identification and developing the most responsive audit approach to express and independent opinion on a set of audited financial statements. In this light our exceptionally talented and innovative team is committed to undertaking all possible measures so as to detect, minimize and eliminate fraud, thus stimulating transparency by scrutinizing the financial statements and reporting methodologies of our clients. Our complete compliance with the local governing laws assists us to improve the clients’ audited financial statements by certifying accuracy and credibility at all times.

Our numerous years of experience and extensive technical knowledge in the financial and accounting industry helps us communicate with our clients those  business issues that help them to identify organizational areas that are highly susceptible to risks based upon which we design solutions that mitigate those risks. We also assist our clients in monitoring their organizational code of conducts, have regular reviews to assess the quality, economy and efficiency of the organizational performance and implement strategies for improvement. We thus structure our professional work by adapting to the nature and size of our clients and guarantee them of a true and fair view of the entity on the financial statements.

As a value-added service, we also provide our clients with a working guidance on regulatory reporting requirements when the need arises and the key areas we report on are financial reporting, public companies, liquidation reports and other real estate regulatory authorities when the need arises.

 Accounting and Financial Reporting

 As our clients prepare financial reports, it is very essential that they ensure the understandability, reliability, comparability, relevance and a well-structured presentation. We make sure that this stresses on the true view of the financial entity and thus providing its various users of the financial statements, adequate information that would help them in assessing the true value of the company.

At Crowe Decker & Partners, we have been providing financial reports and services based purely on professional standards for many years to our numerous clients and we are completely capable of guiding our clients towards the identification and analysis of any opportunity to manage risks effectively, achieve profitability and the required value in all possible ways; and most of our clients have confided in us in the critical areas of decision making and for providing outstanding services that excel in the financial world. We are thus confidently determined to continue providing highly sophisticated and specialized standards and ethical practices that guarantee our clients’ satisfaction in Sierra Leone. At Crowe Decker & Partners, we do not consider financial reporting as a merely routine preparation, but we do rely on our extensive and rich knowledge in designing and analysing customized reports that are really tailored to suit our clients’ specifications.

Human Resources Audit

A human resources audit is a systematic audit and comprehensive process, which is designed to examine the strategies, policies, procedures, documentation, structure, systems and practices relating to the entity’s human resources management, controls and accountability. This largely touches on the systematic and scientific assessment of the strengths, limitations and developmental needs of the existing and potential human resources capabilities from the point of view of enhancing the company’s performance.

Our service offerings in this area include:

• Personal interviews of employees, managers and other relevant personnel
• Assessing the effectiveness and efficiency of the existing management processes, policies and practices against predetermined standards
• Most importantly ascertaining the level of compliance with laws and regulations, industry standards and company policies
• Suggesting and implementing corrective measures by identifying policies and procedures that are not followed and complied with
• Identifying the need for additional training and retraining
• Developing HR auditing procedures that forms a continuing and sustainable element of the company’s internal controls

Agreed - Upon Procedures

An agreed-Upon procedures engagement is one in which the auditor is engaged to carry out procedures of an audit nature to which only the auditor and the entity and any other appropriate third parties have agreed, and to report on factual findings, and then it is the recipients of this report who form their own conclusions from the report submitted by the auditor.

The use of this report is therefore restricted to those parties who originally agreed to those procedures undertaken by the auditor, since other parties who are not familiar with the raison d’etre for the procedures may misinterpret the results.

Agreed- Upon procedures generally enhance the credibility of the information provided to third partied, such as banks, regulatory agencies, prospective investors or prospective purchasers

Crowe Decker & Partners provide specialized financial reporting in various situations when our clients desire an independently verified and reported information like inspection of documents or other transactions for specific information with third parties or comparing data with a defined standard. In many cases, agreed -upon procedures are done with the objectives to provide specific information and negative assurance to users within the company or to third parties.

Internal audit

 Internal audit is an objective assurance and consulting activity conducted to add value and improve the company’s operations. Internal audits, assist the entity to accomplish its strategic objectives by bringing in a systematic and disciplined approach in the evaluation and improvement of the effectiveness of risk management controls and other governance processes.

Crowe Decker & Partners and other member firm’s internal audit services helps boards and senior management and executives to better manage enterprise risks.

Crowe professionals help entities enhance the effectiveness, quality and value received from internal audit. Our understanding especially the distinctions between specific industry sectors and markets can help the internal audit functions of our clients to improve their performance and operating efficiency and thus bring value to their business.

Internal audit out sourcing

 Crowe member firms outsourcing engagements are recurring in nature and these normally take the form of the performance of all internal audit activities, including annual planning, execution of the annual plan, and reporting to the management and the audit committee. Usually under an outsourcing arrangement, the client may or may not have an internal chief audit executive.

Internal audit co- sourcing

 Here, these co- sourcing engagements are also recurring in nature and is made up of the performance of some percentage of the total annual internal audit hours for the company.

Internal audit expertise/ subject matter expert sourcing

Here we provide specific individual engagements when the client does require Crowe’s specialist skills and expertise to deliver internal audit services. Crowe member firm professionals either conduct the entire project on behalf of the client or combine specialist resources with the client team to deliver the internal audit engagement.

Internal audit resources/ loan/ secondment

 Here these loan staff engagements involve the provision of internal audit resources that are under the sole direction of the member firm client, and thus there is no Crowe management oversight visible to the member firm client, no review of any working papers or other member firm client deliverables performed.

Internal audit advisory

Here, the internal audit advisory engagements are those assignment to typically assist the client with internal audit services not mentioned above, such as general consultative advice or training.

Internal audit training

The discipline of internal audit is ever changing with new tools, practices and technology assistance being developed. Our trainers help our clients' internal audit staff to retrain, get continued professional education and learn new and improved ways of the profession.

Preparation of risk registers

Here a risk register is a tool in risk management used to identify potential risks in the company, In several sectors, the regulators require these so as to maintain a risk register and then perform a quarterly review and update of this risk register. Our team can assist clients in the preparation of the risk registers by liaising with each department and incorporating best industry standards. We also assist in performing quarterly review and updating of the risk registers.

In summary to the matters discussed above, our internal audit specialist adopts a risk-based approach in evaluating our clients’ operational effectiveness, financial systems and controls and compliance with laws and regulations. In addition to these, while preparing our audit plan and report, we also consider challenges and opportunities to the company.

No doubt our internal audit reports contain recommendations for the client to implement which are formulated keeping in mind the client’s objectives and limitations, and we strongly believe in following up with our clients' management regarding the implementation of our recommendations in the audit report.

The services we offer in this regard include the following:

• Internal audit
• Concurrent audit
• Management audit
• Compliance audit
• Preparation of risk registers
• Internal audit training
• Systems audit
• Investigation