The traditional method used to perform audit work. The objective is to provide an independent opinion on the quality and effectiveness of governance processes of the area being audited, backed by evidence. Engagements are performed in the phases of planning, fieldwork and reporting.

Assurance advisory services differ from traditional internal audit engagements and may involve advisory work around governance, risk management and control matters.

We can assist with the due diligence process for acquisitions. This includes:

• Investigating material future matters
• Help answering key questions around buying, structuring and paying
• Investigating company policies, processes and practices
• Assisting an acquisition decision through valuation and shareholder value analysis.

We can offer ‘on demand’ services in areas where business issues may occur or emerging risks arise. The assessed level of risk, availability of resources, and endorsement of the Audit Committee are important factors in this space.

A review of business unit controls can determine whether a control environment is operating effectively and risks are being mitigated. These reviews encompass business unit activities, focusing on higher-risk activities.

A health check of a part of a business unit helps to establish and assess the state of an area’s governance, risk and control environment.

One successful audit method is multi-stage auditing. This is best for auditing projects and business improvement initiatives which will be planned and implemented over a period of time. A life-cycle audit approach through ‘short and sharp’ audits at key stages provides assurance, as well as immediate feedback as the implementation progresses, allowing areas requiring remedial action to be addressed at the time.

Should a detailed audit not be required at the time, a preliminary review can take place. This is a concise review of key business unit or program elements. It is an independent review to work in partnership with management to review risks and controls, not a comprehensive audit. The outcome is a brief roadmap and recommendations for improvement.

Should resources be limited, a limited assurance service through one-week reviews is suggested. These provide high-level assurance through a ‘short and sharp’ review of a business area. They may take a few days to complete, with planning and reporting taking the elapsed time to one week. Reviews of this nature provide a snapshot of risks and controls in a business area, with improvement suggestions.

We are able to provide assurance services for major projects to:

• Provide an assurance link between a project and the steering committee
• Review governance arrangements from project inception to completion
• Provide reports over the life of a project to report and highlight the quality of governance arrangements
• Recommend improvements where identified.

Project assurance work generally focuses on effectiveness of governance, risk management, scope, schedule, cost, quality, and artefact alignment to the project management methodology.

These processes must be fair, open, transparent to all parties, and defensible. Procurement advisory services through the life of major procurement activities helps to assure:

• Compliance with laws and policies
• Effective management of conflicts of interest
• Fairness and impartiality
• Security and confidentiality
• Open and competitive procurement process
• Transparency of process
• Proactive mitigation of probity risks.

Anchoram’s role may be as probity advisor (to the client) or probity auditor (to the client and third parties).

Continuous auditing can take place over more stable and mature controls within the business, with sufficient transaction volumes to justify the investment.

Automating data analysis for continuous auditing can result in:

• Improved financial and operating controls
• Rapid decision-making and business improvement
• Real-time response to real-time issues
• Implementing automated detective controls.

As Internal Audit becomes embedded within an organisation, continuous auditing for corporate and operational ICT systems can be considered.

This initiative can reduce the internal audit footprint for business units, deliver greater audit coverage and provide timely exception reporting. Ideally, a pilot project is tried first, with a possible full roll-out over time.

A forensic review is a detailed and focused examination of an issue or issues, dealing with actual or anticipated disputes or litigation. ‘Forensic’ means ‘suitable for use in a court of law’, and it is to that end that forensic reviews are performed. In most organisations, forensic reviews will be initiated in response to allegations of fraud or corruption. Anchoram has extensive experience in this field.

Categories of financial forensic engagements may include:

• Fraud and corruption
• Economic damages calculations, whether suffered through tort or breach of contract
• Post-acquisition disputes such as breaches of warranties
• Computer forensics.

The Anchoram story is based on integrity. As transformative waves of technological innovation bring increased visibility and connectivity, the structure of our organisations is under intense scrutiny.

Speed matters. Quality matters. Transparency matters. And in our specialist areas, getting governance, risk, and security right, matters exponentially.

These key requirements point directly to ethical, experienced people. Having the right people, at the right time, in the right place, matters.