Our Audit Philosophy

We believe that audit is and should be value addition process not only by virtue of the assurance which we provide with respect to the financial information but also due to the insights that we can provide as independent observer of the systems, controls and business practices of our clients. We provide to the board of directors, management and audit committee the comfort that all financial reporting requirements are being complied with and that adequate controls and systems exist for identifying and managing business risks faced by the client.

We issue at the end of all significant audits, “Memorandum on Risk, Control and Governance (MRCG)” highlighting any internal control weaknesses identified during the course of our audit, as a part of our value added services. For the evaluation of internal controls, we use guidance provided by Committee of Co-sponsoring Organizations (COSO). MRCG also incorporates findings of review of IT controls and environment carried out by our IT audit team, wherever it is considered to be significant for our audit.

Quality Assurance System

We are committed to maintaining quality of our work for all our clients and for this purpose we have established a strong internal quality assurance system. The components of this system include:

Client Service Organization

Client service team is led by Founder member and for all large assignments, an additional qualified senior level executive is designated as Advisory Personnel. The Founder member and Advisory Personnel complement each other in their roles and work as a team.

Internal and External Consultative Framework

ADACO has an internal consultative framework in place by which staff is encouraged and required to seek professional help and advice on the technical and complex issues.

Risk Management Program

ADACO has established and documented a Risk Management Program, which is designed to create an environment of accountability for risk that will allow the firm to preserve its professional reputation and minimize exposure.

Quality Assurance Review (QAR)

QAR is an additional level of review carried out by a Senior Chartered Accountant, who is independent of the client service team with the objective of promoting standardization in our reporting and for delivering consistent quality services to our clients.

We fully comply with the auditing standards set by International Federation of Accountants.

At the end of all major engagements, clients are approached for obtaining the assessment of ADACO services and the extent to which ADACO team has been able to meet their expectations. This critical evaluation enables us to improve our services continuously.