Assurance services
Assurance Approach
PricewaterhouseCoopers Trinidad provides a full range of Assurance Services to clients operating within the public and private sectors and includes a majority of the publicly quoted companies on the local stock exchange. We apply to all assignments, be it a statutory audit or a complex consulting engagement, a uniform approach based upon a philosophy of aligning our objectives with those of our clients.
A "business" approach which addresses the needs and concerns of management and users of reports, building on a thorough understanding of the business being audited.
Emphasis on professional judgement which must be applied consistently in assessing the reasonableness of management decisions and estimates. Sound professional judgement also ensures that the trivial matters are set aside and effort is directed to that which is genuinely of significance.
A risk based approach which focuses attention on those elements of the business under review which are susceptible to errors or misstatement.
Our audit will be performed in accordance with International Standards on Auditing. Our approach will comprise three essential phases:
- Planning
- Execution
- Review and Report
This approach ensures that all requirements are met effectively and efficiently and a high quality output is delivered.
Based on our understanding of your needs, we determine our approach and the methodologies which will best ensure successful delivery in the most cost-effective manner and specifically meet all requirements of the legal and reporting environment. We identify the particular technical skills and expertise needed on every assignment and mobilized the most appropriate team. We determine exactly how we will plan and execute every assignment.
Three essential phases
- Planning
- Execution
- Review and report
Planning
Planning is the backbone of our efficiency and effectiveness. Therefore, the starting point of any assignment is gaining an understanding of the business with the objective of identifying key issues, potential risk areas and materiality levels.
By meticulous attention to planning, we determine precisely what steps must be taken to meet assignment objectives. Furthermore, we discuss with management our assignment plans before commencement of fieldwork to ensure their concurrence with planned approaches. In this way, firm timetables can be set, meetings scheduled, and most importantly, fee estimates can be converted into fee commitments.
This phase includes:
- Meeting with representatives of The Companies to gain an understanding of its business.
- Review of all applicable documents considered necessary to perform the audit - agreements, sub-agreements, contracts, all relevant Acts.
- Review and assessment of the accounting systems and control environment, specifically those established to record the utilization and disbursement of funds.
- Development of work programmes based on the assessment of the accounting systems and control environment.
- Approval of audit plan and work programs by engagement partner, and quality assurance partner ensuring that your requirements have been satisfied.
Contact us
Kerry-Ann Chevalier
Territory Risk Management Partner, PwC Trinidad and Tobago
Tel: 1 868 299 0700 ext 2028
