Audit

External Audit

UCO’s external audit is carried out under strict adherence to standards to provide the Audit Committee and management with an independent and transparent report.  Our audits meets the requisite quality control standards along with the requirements Regulators and the Bankers to provide them with reasonable assurance. With implementation of modern audit techniques and quality control standards it assures that the audits are not merely based on historical data but rather produce results which are beneficial for the future of the organization.

Our audit begins with understanding the organization’s business, followed by review of adequacy of internal control system and the control environment, and performance of audit procedures. At the end of the audit assignment a detailed management letter addressing any inconsistencies on matters concerning strategic, operational, administrative, or financial aspects that come to its attention during the course of the audit are reported. This letter also serves as an advisory tool to which the management responds and ensures that the corrective measures are taken as suggested.

Internal Audit

Through its internal audit service, UCO assesses and evaluates the risk management system of organizations, assists in improvement of internal controls, performs internal control activities to evaluate internal controls, analyzes operations and advices management.

UCO provides an opportunity to clients to choose the service which best suits their needs and requirements. It offers complete outsourcing of internal audit function, where its staff take responsibility for each stage from planning to final reporting and presentation to audit committee.

UCO also provide selective services which are requested by the organizations in course of their internal audit activity. It conduct internal audits of a particular category or class of transactions, assets or liabilities as well as help organizations to enhance the benefits received from internal audit. It has the experience of conducting independent quality assurance reviews of internal audit departments.

With significant developments in the laws and regulations pertaining to the organizational risk management and reporting, the importance of internal audit function has increased many folds. Due to its value addition and efficacy many organizations which are not required by law to establish the internal audit function have also opt to do so.  UCO support organizations in establishing their internal audit function by providing complete assistance in development of internal audit charter, internal audit manuals, human resource and staff training.

Compliance Audit

UCO offers compliance audit services to assess in detail an organization’s adherence to applicable terms, conditions or regulatory obligations. This audit may be performed at the request of a regulatory body or other contracting entities which have right to call for such audits or at a request of the organization itself as a control activity. Due to UCO’s independence and objectivity, the reports are confidently relied upon in the process of decision making and future planning. Project audits or grant audits are performed to assess compliance with grant agreement in non-profit sector and independent audit reports are delivered to the donor agency.

Compliance audit service is also extended to assessing organizational compliance with the International Financial Reporting Standards (IFRS). It audits and recommends implementation of quality standards in the most simplified and practical manner to ensure that the financial reporting objectives of the organization are achieved.

Quality Assurance Audit

Quality is UCO’s top priority. It has the expertise to perform quality audits of organizations to evaluate the quality of its processes, procedural adherence to quality standards, effective achievement of defined target levels and minimizations of problem areas. Through this audit UCO not only reports the non-conformities and corrective actions but also highlights the better practices to assist the organization in achieving improved quality management. UCO is also committed to continuously identifying and implementing innovative approaches and tools to help deliver and enhance a quality audit.

Information System Audit

UCO performs the services of information system (IS) auditor to evaluate the effectiveness of information system controls in an organization. The service is two folds, operational audits evaluate the effectiveness of information system operations whereas technological audit substantiates that the information technology deployed is appropriate and properly selected, configured and implemented.

With growing technology and increasing complexity in information systems, maintaining integrity of data storage and communication, safeguarding of corporate assets, prioritizing organizational objectives and operating efficiently has become major concerns of organizations and its stakeholders. That is why UCO ensures in its IS audit service that information systems are efficient and capable of delivering the results envisioned by the organization.