GCAS uses a financial audit process which is based on the latest professional standards and includes six phases that assures delivery of excellence on every engagement. With a commitment to Christian Service, we apply this six phase audit process as an expression of our values of Integrity, Respect, Professionalism and Efficiency. We believe in being faithful stewards of God’s resources and demonstrate this by delivering to our clients the highest quality service at the lowest possible cost. We now invite you to explore the aspects of our financial audit process.
The first step in the audit process is the engagement letter. This letter defines the relationship between GCAS and its client. It covers the terms and conditions of the audit, outlines constraints and deadlines, and explains what the audit can and cannot do.
The next step in the process focuses on gaining a more thorough understanding of our clients and evaluating the effectiveness of internal control. This step must be rigorous in order to gather and verify all key control procedures, documentation, and transactions that are related to the financial reporting process.
Identifying and assessing the risk of misstatement due to error or fraud in the financial statements is the third step in the financial audit process. This step in the process also evaluates and reports on how the client responds to managing or addressing that risk.
The fourth step in the process involves gathering evidence to support whether the financial statements our clients prepare are free of any material misstatement. It is in this step that a clear connection can be seen between the procedures the auditor performs and the overall risk assessments that have been made in the previous step.
After the evidence has been gathered, reviewed and assessed, the auditor then formulates an opinion on the fair presentation of the financial statements.
After the appropriate opinion has been determined a report is then drafted, reviewed, issued, and presented to the management of our clients and their respective audit committees. This represents the final step in the financial audit process and completes our important role in ensuring that the cycle of credibility continues without interruption.