AUDIT THAT ADDS VALUE

Over the years there has been an increasing demand for providers of external Audit services to deliver more in terms of value addition.

The roles of certified auditors like JW & PARTNERS and others has changed over the years but sadly most audit firms have not upgraded their abilities to squarely rise up to the occasion..

let me explain….

The ever changing business environment brings in new challenges that are responsible for the collapse of many big businesses of yesterday. Reducing them to just ordinary business generating far fewer sales than they used to. This puts a lot of demand on business owners and managers at levels of key decision making to seek more innovative ways and value addition capability to improve their organizations so that they, not only remain afloat, but also ensure a sustained growth and maximize compliancy to policies. Audit being the most fundamental business analysis activity, it follows that value addition will be demanded more from Audit service providers.

So how does an Audit give more value apart from the assurance?. It has been stated that the changing roles of an auditor or audit firm now demands a comprehensive understanding of the client’s business and the industry sector that he is found. There is more to understanding the business than just reading about it in their memorandum and articles of association or profile. An auditor, needs to among other virtues have a good understanding of business processes, and the mechanisms of how they are applied in each business or organisation in a sector.

The business processes include;

a)    Marketing processes

b)    Human resources management

c)    Administrative  management

d)    Operational management

e)    Accounting and financial Information management etc…

Value addition is key for prosperity of a business. Clients have often gotten raw deals when choosing Auditors paying lots of money on audit fees for far less value. You can tell an Audit firm that will add value to your business by how they describe you the client, the nature of your organization/business from a business process point of view, your challenges as a sector, opportunities and how they all affect the financial statements to which he will conclude by giving an assurance statement on. 

You see, the quality of an audit is not seen in the presentation of financial statements. After all they are prepared by the accountant of the organization which are (financial statements) also in turn generated from an Accounting software package.

You gauge the quality of audit from how the auditor conducts the exercise in interviews and meeting. How he engages staffs responsible while reminding or uncovering risk. Not only compliancy risks but also critical management risks that could have serious LEGAL consequences and other unrecoverable loses to the business or organization.

 The true value of Audit is in the qualities of QUERIES raised during the Audit and the recommendations suggested in the management letter. Quite often unreasonable queries raised during audits are as a result of shear ignorance and complete lack of understanding of the Auditee (client) by the Auditor most especially in the areas of management process. In addition to that some of the recommendations in the management letters if applied only cause more bureaucracy, clogging work flow and hence affecting efficiency.

As a client, you need a assurance that your business model is free of black spots and it is properly being applied to greatly guarantee that the business enjoys high levels of efficiency and a sustained growth with maximum compliancy to policies and regulations in the prevailing economic climate. This assurance can only come from an audit procedure that comprehensively takes into account the business processes and accurately relates it to management’s finance and accounting information of the client’s enterprise.

SO WHO EXACTLY ARE WE?

JW & PARTNERS is a certified Public Accounting firm offering Audit, Tax and a wide range of accounting and management consulting services. Formed in 1984 by two partners all indigenous, JW & PARTNERS has for over 29years served clients in various industry sectors. A journey that has seen it through some of the toughest times that only a resilient firm can go through. 

Our strategy is to serve clients with a service menu that will create development impact to their businesses or organization through value addition. We continuously research various industry sectors in Uganda and East Africa to ensure that our services stand out from most Audit firms. 

Our strength among others, is hinged on our comprehensive understanding of business processes and its application in various industry/business sectors. This is how we have built capacity to raise quality Audit queries to management and also make impactful recommendations in our management letters.

We don’t boast about experience because we have been around long enough and have served quite a number of clients in various sectors. Neither do we boast of academic qualification because they are the standard qualifications needed to practice CPA, ACCCA,FCCA….,But we boast of our in depth understanding of business processes. Our continuous research of industry sectors in Uganda and East Africa increases our innovative ability to deliver Audit value to clients.    

Benefit of a JW & PARTNERS’ Audit;

1.    New Clients will for the first time, be furnished with valuable concepts of enterprise management that will help them revitalize their business processes.

Out of our management reports, Management and owners will have more to discuss during their board and management meetings on how, to improve on their strategies or develop new ones. This is because our team of auditors form the core of all our innovative researcher department. 

Call for Action.

Try us. Offer us an opportunity to serve you with our Audit service.

To access this service you can call or write to us on email: jwandpartners@gmail.com , or call Managing Partner Mr. John Ochola +256 70 024835, Director Business Advisory Mr. Omony Patrick +256 772 564808  Office line; 0414 256408

Other related services offered;

Apart from External or Statutory Audit service, we offer a wide range of specialized management audits that would help improve management’s day to day capability to make profitable and effective cost cutting decisions.

These specialized audit services include;

·         Stock/inventory management Audit

·         Procurement management Audits

·         Fixed assets Management Audits

·         Human Resource Management audits 

·         Management policy reviews

·         Internal Audits (Accounting, Finance and internal control audits)