AUDIT & ASSURANCE
Confidence in the numbers.Clarity beyond them.
Independent audit and assurance help businesses strengthen confidence in financial information, meet reporting responsibilities and identify issues that deserve management attention.
M. Sochan & Co. combines professional judgment with a practical understanding of business to deliver audit and assurance work that is focused, clear and useful.
AUDIT WITH PURPOSE
More than a reporting requirement.
An audit is more valuable when it does more than confirm a result.
A well planned audit can strengthen confidence in financial reporting, bring attention to control or reporting issues and give management an independent perspective on information used by stakeholders.
Our approach focuses on understanding the business, identifying the areas that matter and carrying out the engagement with professional care and clear communication.
OUR CAPABILITIES
Assurance shaped around the requirement.
Select a capability to see how the engagement is shaped. Every description below is part of the firm's published audit and assurance scope.
01
Statutory Audit
Independent examination of financial statements in accordance with applicable reporting and professional requirements, carried out with planning, testing and clear reporting of conclusions.
Discuss a statutory audit02
Internal Audit
Independent review of processes, controls and risks to help management identify weaknesses, strengthen internal control and find practical opportunities for improvement.
Discuss internal audit support03
Risk-Based Audit
Audit work planned around the areas of greatest significance and risk, so professional effort is concentrated where it adds the most value to reporting and management attention.
Discuss a risk-based approach04
Special Purpose Audit
Focused audit work performed for a defined reporting, contractual or transaction related purpose, with the scope agreed in advance and conclusions reported against it.
Discuss a special purpose audit05
Due Diligence
Financial review and analysis supporting transactions, investments and important business decisions, bringing separate streams of information together into a clear picture.
Discuss a due diligence review01Statutory Audit
Independent examination of financial statements in accordance with applicable reporting and professional requirements, carried out with planning, testing and clear reporting of conclusions.
Discuss a statutory audit02Internal Audit
Independent review of processes, controls and risks to help management identify weaknesses, strengthen internal control and find practical opportunities for improvement.
Discuss internal audit support03Risk-Based Audit
Audit work planned around the areas of greatest significance and risk, so professional effort is concentrated where it adds the most value to reporting and management attention.
Discuss a risk-based approach04Special Purpose Audit
Focused audit work performed for a defined reporting, contractual or transaction related purpose, with the scope agreed in advance and conclusions reported against it.
Discuss a special purpose audit05Due Diligence
Financial review and analysis supporting transactions, investments and important business decisions, bringing separate streams of information together into a clear picture.
Discuss a due diligence reviewWHY IT MATTERS
Trust starts with informationpeople can rely on.
- 01
Confidence
Strengthen confidence in financial information.
- 02
Transparency
Improve visibility over important reporting matters.
- 03
Accountability
Support stronger financial governance and responsibility.
- 04
Decision support
Give stakeholders more dependable information for important decisions.
HOW WE WORK
Focused on what matters.
One continuous engagement pathway, from understanding the business through to reporting conclusions clearly.
01
Understand
Understand the business, reporting environment and engagement requirements.
02
Plan
Identify significant areas and establish the appropriate audit approach.
03
Examine
Evaluate relevant financial information, evidence and controls.
04
Assess
Apply professional judgment to findings and matters requiring attention.
05
Report
Communicate conclusions and relevant observations clearly.
WHO WE WORK WITH
Assurance for businesses at different stages.
- Private companies
- Growing businesses
- Groups and corporate structures
- Management teams
- Investors and other stakeholders
- Businesses preparing for transactions or reporting requirements
WHY M. SOCHAN & CO.
Professional judgment.Practical understanding.
Audit requires technical discipline, but effective engagements also require an understanding of the business behind the financial statements.
M. Sochan & Co. approaches assurance work with a focus on professional quality, clear communication and practical understanding of the issues that matter to management and stakeholders.
Learn more about the firmCOMMON QUESTIONS
Audit questions, answered plainly.
What is the purpose of a financial statement audit?
An audit provides an independent professional opinion on whether financial statements are prepared, in all material respects, in accordance with the applicable reporting framework. It is intended to strengthen the confidence that shareholders, lenders and other stakeholders can place in that information.
When might a business require an audit?
Requirements differ by jurisdiction, entity type and size, and an audit can also be requested by shareholders, lenders, investors or under a contract. We can review your circumstances and explain what applies to your business before any work begins.
What information is typically required before an audit begins?
Usually the draft financial statements, the underlying accounting records and reconciliations, supporting documentation for significant transactions and balances, and details of the systems and controls in use. The exact list is agreed during planning.
How should a business prepare for an audit?
Close the accounting period, complete reconciliations, gather supporting documents for significant items and identify the people who can answer questions in each area. Early discussion of judgmental or unusual matters usually makes the engagement smoother.
What is the difference between an audit and an internal audit?
An external audit provides an independent opinion on financial statements for shareholders and other stakeholders. Internal audit is directed at management and reviews processes, controls and risks to help improve how the business operates.
Does M. Sochan & Co. provide special purpose audit or due diligence services?
Yes. Alongside statutory, internal and risk-based audit work, the firm carries out special purpose audits for a defined reporting or contractual purpose, and due diligence reviews supporting transactions, investments and other important business decisions.
AUDIT & ASSURANCE
Need clarity aroundyour audit requirements?
Talk to M. Sochan & Co. about your financial reporting, audit or assurance requirements.