E.I.D.A is committed to assuring the quality of our services to our clients. In addition to the continuous education required to be met for all our professionals, E.I.D.A’s quality control system includes the direct involvement in the discharge of engagements by the Partners. Quality performance reviews are an integral component of our business practice’s system of quality control, and are intended to fulfil requirements established by the relevant regulatory bodies. E.I.D.A is committed to ensuring that our professionals maintain professional proficiency through continuing education in accordance with business wide and industry professional standards. And also, our professionals are required to attend functional and line-of-business specific continuing professional education courses throughout the year.
(i) Experience with Standards
As a professional business, E.I.D.A has vast resources available to its staff and invests continuously in these resources in order to service our clients in accordance with the reporting standards and relevant professional requirements. Relevant staff with the appropriate knowledge, review and executes all our engagements.In keeping with these enormous changes, E.I.D.A is committed to keeping you not only well acquainted with the changes but also ready to adopt or apply IFRS by offering expert advice.
(ii) Corporate Governance
E.I.D.A regards Corporate Governance as a critical aspect of a successful business structure. As part of our service, we perform a limited review of our clients’ management process. Our professionals possess a clear understanding of best practice in corporate governance issues and this will be brought to bear on your engagement.
(iii) Systems and Organisational Review and Risk Management Practices
Our business has extensive experience in the review of internal control systems, IT installations and organisational set up reviews. E.I.D.A has also carried out extensive research in these areas and valued results have been documented. We also have extensive experience in assuring the adequacy and effectiveness of risk management practices for a wide range of organisations both in the private and public sectors. Our knowledge gained in assignments carried out in these areas is generally brought to bear in the performance of Statutory Audit services.
Leading professional services firms inevitably have several clients in similar or related businesses and carry out various assignments for them. For us at E.I.D.A, we would not have been able to develop the unparalleled industry expertise, we boast of without having to deal with the various issues which arise by providing the range of services. We recognise, however, that this focus brings with it the risk of conflicts, whether real or merely perceived. At E.I.D.A, we take rigorous steps to ensure that no such conflicts arise by: 1 - conducting conflict checks in consultation with our clients if appropriate, before we accept a new engagement and when we are selecting our teams; 2 - assigning, as far as possible, totally separate staff to clients in competing businesses; 3 - keeping all client files completely secure. No one other than members of our KW team would have access to either hard copy or electronic data relating to your Company.
E.I.D.A adheres to all independent rules from the relevant regulatory and authoritative bodies. In addition, E.I.D.A has a strict code covering professional integrity, independence and ethics, which goes beyond generally, recognised regulations. The policies and procedures that make up the code are contained in a manual distributed to all staff who must annually confirm compliance with the code. We take pride in the fact that our independence is non-negotiable. We believe that doing what is right is not only a good investment in the future, it is also essential to our existence.
“Confidentiality of client information” is at the core of a professional services provider’s integrity and is the bedrock of E.I.D.A. E.I.D.A has strict policies for maintaining the confidentiality of client information beyond the requirements of the profession’s regulatory bodies. Our code of Professional Practice contains our policies in this area, incorporates the rules of the regulatory bodies and provides specific guidance relative to integrity, confidentiality, independence and objectivity. The usefulness of our services, the viability of our practice and consequently our capacity to serve the client interest depends on the trust of those who rely on our work. Specifically: 1 - Staffs are required to maintain confidentiality of client and former client information, as well as information of non-clients that is known to be confidential. 2 - E.I.D.A restricts access to and maintains control over its work papers. Work papers are made available to persons outside of E.I.D.A only in limited circumstances and only with prior approval from the client. 3 - Our professionals are required to affirm their understanding of the rules governing the treatment of confidential client information in writing upon commencement of employment with the business. This affirmation is updated on a yearly basis and upon promotion to the management group. E.I.D.A has a strong, demonstrated track record of successfully working with competitors and affiliates of our clients without any breaches of confidentiality.
Our approach is geared towards taking cognisance of contemporary realities including the rapid pace of technological advances, heightened competition and increasing consumer demand for quality service. We recognise that many of the risks an organisation faces can no longer be ascertained solely through scrutiny of financial records and we have profoundly changed our methodology to reflect these changes. E.I.D.A’s audit methodology emphasizes the critical nature of attention to details and effective risk assessment activities. This is achieved by focusing on a rigorous examination of financial systems and records. Understanding your business services and the related business risks as well as the effectiveness of controls in monitoring and mitigating such risks enables us to design appropriate procedures to execute a given engagement.
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