Independent External Audit is conducted in order to report to the users of financial statements, including shareholders as to, whether the statements give a true and fair view. The audit report provides credibility to the shareholders, investors, state, customers, financial markets and the public in general. The report is prepared after detailed audit work is performed in accordance with the audit programme by competent and experienced auditors.
Erdal & Co provides professional independent financial audits to corporations, companies, charities, foundations and other non-profit making organizations. The audits are carried out according to the international auditing standards and code of ethics.
The audits are carried out with a teamwork making use of technology wherever possible. The firm has relevant and reliable knowhow and human resources to perform services at the highest standard. Majority of the audit team possess authorised accountant – auditor certificates from the Ministry of Finance. Ethical standards are strictly followed.
The teams are comprised of audit managers, senior and junior auditors. The audit teams are structured according to the risk, size and complexity of the clients’ business and the technical knowledge and experience required.
Erdal & Co audit methodology consists of, in terms of priority, Planning and Analytical Review, Fieldwork and Completion stages. The risks and materiality are determined in the planning stage for the preparation of the audit plan. The audit plan is reviewed and audit redirected if different risks or more are determined during the audit fieldwork.
In the completion stage, after the review of the audit manager, the audit files are reviewed by the responsible partner and audit is completed following any outstanding matters raised are cleared. According to the audit results the ‘Independent Audit Report’ is prepared. In addition any errors, weaknesses and omissions identified during the audit, and their potential consequences are reported to the Board of Directors together with Erdal & Co’s recommendations.
The audits of companies regulated by their own laws and regulations such as banks, insurance companies, international banking and business units and other companies are performed by senior auditors with extensive relevant knowhow. In case of any non-compliance, the senior management is informed and immediate action is taken in order to resolve the issue.
Erdal & Co has been continuing to provide auditing services to many multi branch and international corporations (including non-profit organizations, charities and foundations) since its establishment. The firm has also provided Expenditure Verification audits for EU Grants in North Cyprus.