Assurance services and audit in particular constitute the backbone of our practice at Lakestone LLP and importantly, for any organization to surmount the challenges posed by operational and management ambiguities, audit services are quite inescapable.

We conduct our audit in accordance with the International Standards on Auditing. Those standards require us to plan and perform the audit in order to obtain reasonable assurance about whether the financial statements are free of material misstatements. Further, our audit services are not only meant to give opinions but also designed to improve the operations of our clients. Thus, we give our clients deep insights into their financial and overall management performance with an aim of projecting future possibilities in their respective operating backgrounds.

Our audit approach involves a deep understanding of the industries and control environments in which our clients operate in line with their strategies and business objectives. This enables us to substantially perform our audits and recommend prudent measures. These measures are contained in a management letter that is drafted by our experts with the close supervision of the engagement partners. Such a letter, properly responding to management challenges faced by our clients, communicates comprehensively, clearly and draws the solutions and legal boundaries to be observed.

We believe that the success of any organization depends on how compliant, professional, and accountable its activities are carried out and decisions made. Demonstrated compliance, professionalism, and accountability not only exalt the management but also give confidence to investors, financiers, donors, and other stakeholders who are not directly involved in the day to day activities of the business. This is why we leverage our audits to provide appropriate insights and recommendations to the management on how to effectively run their entities.

The portfolio of audit services offered at Lakestone LLP includes statutory audits, interim audits, project audits, internal audits, due diligence audits, system audits, etc.

Statutory/External audits

• We conduct our statutory audits as per the International Standards on Auditing (ISAs).
• We ensure that our clients prepare financial statements in accordance with the International Financial Reporting Standards (IFRS), specific donor requirements and relevant Acts.
• We perform analytical review procedures and ensuring that the internal control systems are adequate.
• We identify areas of improvement and make practical recommendations through Management Letter(s).

Project audits

• We conduct specific reviews and audits of projects.
• We perform continuous reviews of project implementation and assist in resolving bottlenecks.
• We monitor projects to ensure that they are well managed, deliver the intended purpose and have improved accountability.

Internal audits

• We undertake critical reviews of record-keeping and internal control systems in order to establish their effectiveness.
• We evaluate organizational structure to ensure that it is conducive to good corporate governance.
• We ascertain that business risks are effectively managed and that they are evaluated regularly.
  Due diligence audits
•  We check the overall organizational compliance with regulatory and other specific requirements in terms of legal, financial, human resource, tax and operational efficiencies.
• We give a report on the overall overview of the entity’s capacity and compliance status.

System audits

• We review accounting and other software systems.
• We evaluate and test the operations of the system.
• We highlight observations and make appropriate recommendations.

Payroll audits

• We perform detailed payroll and human resource reviews to ensure compliance with internal policies and relevant. Employment Laws
• We verify that payments and statutory deductions are complied with accordingly.
• We recommend based on our findings the appropriate measures our clients should take to ensure prudent human resource management systems.