• +255 2111057/2125963
  • taxprofessionals@taxprofessionals.co.tz
FEATURED: Importance of a Business Continuity Plan
TRENDING: TRA E-Filling System User Guide
All Services
Audit and Assurance
img

We approach each audit with sharp thought and common sense. In addition to authenticating that financial results are legitimately presented and meet appropriate professional standards, we provide observations and perception into the real performance of your business. Our risk based approach used by our firms consists of 4 steps

  1. Planning Stage
    img

    Our aim is to identify the areas with greater risks of material misstatements using our risk-based approach. The various procedures used such as observation, management interviews, inspection and analytical procedures. The results of these procedures will guide us to identify significant accounting issues and determine audit strategy. This is were we will produce our Audit plan for management’s approval which will be followed by the entry meeting.

  2. Controls Assessment

    We will gain understanding of the company’s control activities in order to assess the risk of significant misstatements. Our control assessment may include: The design and implementation of company controls, Testing the operating effectiveness of selected controls, Assess control risk and risk of significant misstatements.

    img
  3. Applicable testing
    img

    Firstly applicable procedures will be planned and we will test audit objectives using substantive analytical procedure, consideration of characteristics of classes of transactions, account balances or disclosures, not forgetting to test of details as well as substantive procedures to test any fraud risk we have identified.

  4. Completion

    In order to reduce the risk of significant misstatements, an overall evaluation of financial statements and related disclosures to determine if audit evidence is sufficient and appropriate for each audit objective. We will prepare and table for discussion to the management our management Audit Report at the exit meeting.

    img
Other Services (Audit and Assurance)
- Internal Audit

Our internal method evaluates risk exposures relating to the company’s governance, operations and information systems. Our risk based approach to internal audit entails the following phases

  1. Research- gathering extensive data on the company’s businesses.
  2. Planning- Data analysis to determine the priority and objective of the review with management
  3. Providing assurance- inform the management on how effective the system in place is working based on our audit.
  4. Consultation and Action- Management accept the risk of their actions or agree to implement improvements on those areas where opportunities or deficiencies are identified.
  5. Follow ups- routine review of implemented improvements
- Special Audits and Investigations

Depending on what the client needs.