DEVELOP AN AUDIT MANUAL FOR YOUR ORGANISATION

Most organizations even though they undertake routine or regular audit exercises, are still are unable to fully exploit the benefits of an audit service simply because they do not posses an audit manual. 

An audit manual is a carefully crafted document that will help the organization evaluate, assess and understand what it’s Audit needs are.

Audit needs are activities, events, procedures, processes that an would entity desires to have an independent report on. This report apart from looking at the statutory compliancy aspects, should also point out to leaders of the organization the direction and trends of the organization in terms of management efficiency and effectiveness as well as strategy. 

Pre- Audit exercise,Terms of Reference and Scope of Audit:
An audit manual will help guide the organization on how to prepare for this very important exercise like stock taking, verification of account balances and registers, develope Terms of Reference(ToRs),scope of Audit,duration etc..

This prior preparation provides good of information that would help the auditor understand the entity better and appreciate its audit needs which is very critical for effective audit planning and execution. 

So many organizations shun audit thinking it’s a waste of money and time and only do it because the law requires it or to show that they are a legitimate entity.


Audit expectations and Auditor's liability:

The manual will guide the engagement process and clearly state what the entity's expectations from the Audit and also lay down a mechanism that would hold the Auditor liable should anything damaging or un professionalism should it come out of the report.

Management's Responsibility:

An audit manual will hold management more accountable, to carry out its duties cautiously fully aware that they will have to keep good evidence of what has transpired for the auditor to examine. Its important to note that not every document is audit evidence, but the audit manual will help guide on that.

Developing an Audit manual is not quite that simple and JW & PARTNERS helps entities in this area.

It is also sufficient to say that an audit manual will continuously be adjusted through reviews or change in management’s strategic objectives. 

This will enable the entity put out well expressed Tender bids for Audit service that will help the organization identifying the most suited Auditor. It will also help an organization look beyond the auditors experience in auditing similar entities but assess the auditor’s understanding of  the entity’s  audit needs from the perspective of industry and sector, and management processes  from  his/her response to the Expression of Interest (EoI) for audit service. 

To develop a good Audit manual, requires someone with not only a good level of audit experience but rich knowledge of organizational strategy and structural development. 

Like all our other services, Designing audit manual is a service that JW & PARTNERS does very well, and we would be happy to service your organization in this respect.

Fixed Assets Accounting and Management information Systems

Fixed Assets Accounting and Management information Systems. 

Fixed assets are properties owned by an organization whose use are for economic gain to the organization. They should therefore be managed in systematized manner if this objective is to be realized.

When we make reference to system we mean a structure of coordinated and synchronized activities comprising of People, processes, Procedures and Technology.

There are many software application and various kinds of technology created to help an organization manage its Fixed assets and associated cost effectively and ensure good returns on investments.

It will be disastrous at this point for an organization to imagine that there is this piece of technology that will solve all its fixed assets management problems.

A fixed assets management manual should be designed. This will not only help the organization properly account for its fixed assets in the financial statement but also help management make proper decisions for the organization concerning its fixed assets.

Fixed Assets Policy and Procedures Manual.

The fixed Assets system is a subsystem of the entity’s accounting system that can be sub divided further into fixed asset accounting system and a fixed assets management system.

Fixed asset Accounting system is a system of policies, procedures and methods for recording and reporting monetary amounts associated with fixed assets’ transactions.

Fixed asset management system is a system of methods, policies and procedures which address the acquisition, use, control, protection, maintenance and disposal of assets.

A fixed asset management manual is not for the large organization. It is a necessary tool for an organization that wants to clearly relate its Fixed assets to its economic advantages or disadvantages.

JW & PARTNERS is your trusted partner to help your organization develop a tailor made manual that will give management structure for Fixed assets management in your organization …contact us...

PLEASE NOTE; Even when your fixed Assets system is working perfectly it is good practice to have the system reviewed to get assurance…Read Fixed Assets system Review…

Well Come to JW & PARTNERS

What is JW & PARTNERS?

J W & Partners is a medium size Registered Public Accounting Firm in Uganda.It is registered by the Institute of Certified Public Accountants of Uganda (I.C.P.A.U).

JW & PARTNERS was established in 1984 by two partners all of them indigenous .It offers Accounting,Audit, Tax and a wide range of Management consulting services. The quality of our advisory services hinges on our detailed knowledge and understanding of local customs, regulations and requirements.

We have served a wide range of clients in the categories of Public entities, Private businesses,   community based organisations (CBOs) and Non-Governmental Organisations (NGO).

Our Goal;
Our goal is to offer development impact service to our clients and also grow the industry’s knowledge of the service that we offer.

Our strategy;

Being an Advisory firm, our strategy is to build credibility and increase clients and prospects confidence in the firm and its services. We do this by delivering quality service in addition to giving out FREE resources on organizational development in our blogs and we encourage our clients and prospects to subscribe to our newsletters and visit our site for free Resource that they can use to improve their management style in their organisations and businesses. 

We have also developed Online service platform for our services. Here a client can be served online for all or the greater part of the engagement. This will save both time, travel cost and any other inconveniences. It will also increase our coverage and capacity to service more clients with a small work force…Read more about our online services… 

Category of Services Offered are;-
Statutory services 
 1. Audit:-

• External Audits
• Management/Internal Audits
• Procurement management Audit
• Fixed Asset management Audits
• Store/Inventory management Audit
• Forensic/Investigative Audit.

2.  Taxation:-
3.  Company Secretarial:-
4.  Business Process Management Consultancies

Business Process Management systems are the key driving tools for a successful organization or enterprise there is unfortunately a misconception about what a management system is. Quite often a management system has been thought to mean a soft-ware application and the supporting hardware like computers and accessories. But this not correct a system is a structure of synchronized methods of achieving a particular objective. This involves people, processes, procedures and the technology or tools needed to help the people carry out processes using the laid down rules or procedures.

We major in the following management systems consultancy:-

• Accounting and financial management System:- 
• Procurement Management system 
• Fixed Assets Management system.
• Stock/Store/Inventory Management systems.
• Human Resource system.

5. Outsourced services(BPO).
Business Process Outsourcing services offered by JW & PARTNERS include;-

• Accountancy services:- 
• Making Business plans and Budget preparation.
• Training accounting and financial management:-
• Recruitments in finance and Accounts department.

6. Specialized Consultancies.
Our specialized consultancies are;-

• Industrial Analysis
• Market research
• Policy Research

Who is JW& PARTNERS?

JW & PARTNERS has Mr. John Charles Ochola as the engagement Partners and   Mr. Omony  Mooni Patrick who is charged with business development

....click here for more about John Ochola and Patrick Mooni Omony.

We recognize that as professionals we need to have specialized knowledge and skills in order to carry out the assurance function. It rests at the back of our mind that owners of organisations and businesses may depend on our independent report to evaluate the stewards ship of resources they have laid under the control of management.

The International Education Standards (IESs) which defines an Audit professional accountant as a professional accountant with responsibility for significant judgments in an audit of financial statements, forms our basis of setting our highest level of professional knowledge, skill, values, ethic and attitude towards our practice. 

Vision:
Our vision is to offer a holistic most affordable, customer focused and quality service in the        market.
Mission:
To continually Improve and expand our range of services to meet our client’s needs.
Goals:

• To tailor our services to suit clients individuals needs.
• To educate and continuously update our clients while serving them on policies.
• To develop good and long lasting professional relationships with our clients.
• To acquire and retain clients by employing a strategy that is customer focused

Building other people. 

The Partners of JW& PARTNERS have adopted the spirit of nation building. Jw & partners does this by offering opportunity for interns to gain skills and experience .The firm has a policy which demands that at least one intern or other persons gets a chance to acquire experience, to develop his/her carrier in the Audit and Accounting Industry in the firm. The policy creates a slot for people without exposure to gain much needed on job training and experience by including them as part of the work force in the projects running in the firm. The firm also offers free career guidance to students and other individuals.                                                                                                                                           

 Forming Consortium.

JW & PARTNERS's exceptional leadership skills birthed out of the spirit of equal distribution of wealth, has enabled the firm fully understand the concept of consortium formation and its benefits. The firm stands out as a trusted entity to spear head association with other firms of similar size. This guarantees the firm’s ability to successfully take on bigger projects that are usually reserved for the very big firms.

 Business Process Out sourcing (BPO)

Out sourcing core activities can give an entity considerable mileage in terms of cost cutting  and efficiency hence a competitive edge in its industry, and also, improve its quality of out put with   the extra time and man power availed as a result. BPO services offered by JW & PARTNERS include;-

1. Accountancy services:
2.  Recruitment
3. Management Meeting Facilitation
4. Hire of Consultants

Many organisations find it easy to outsource less technical services like cleaning services, catering, security services etc.. 

 However in UGANDA and many parts of Africa , a huge gap still remains about the BPO Management model amongst the local entities both profit making and not for profit(NGO).There exists a challenge   in outsourcing technical core activities or functions such as Marketing, Accounting, Fixed asset management, Store/stock management, HR management services, procurement etc.., because many of them (entities) have not properly understood this concept. Only Organisations with fairly good working Internal control systems can safely make decisions to have part of , or whole of    their core function outsourced, with good measurement of its benefits to the Organisation.

Though outsourcing brings in great benefits to an Organisation and gives it more time to focus on core issues that matter to the Organizations’ sustainability and growth, Many businesses/organisations have still been frustrated with PBO. An organization has to develop working systems upon which it can decide on which part of the process or activity to outsource.

 JW & PARTNERS’ business out sourcing experts understands the numerous challenges and Risks associated with outsourcing. We help entities build good internal systems, and advise, on how they can  gainfully  engage in outsourcing of technical core functions...more on Outsourcing services...