Staffing and Resources
Our Audit Approach
How to Contact Us
Our Audit Department has an expanding number of professional,
semi-professional and support personnel and a history of good continuity of staff. We are
confident that we have the necessary human resources to meet client requirements on an
efficient and timely basis.
By staying in regular contact with key client staff we can address
issues as they arise thus avoiding the build-up of outstanding matters.
The Department comprises of twenty (20) staff members and is led by
Partner Mr. Robert McRae. Mr. Nigel Trellis, an ACCA member, is our Senior Audit Manager.
He is supported by Junior Manager, Mr. Ramdeo Kumar, and 18 audit seniors, semi seniors
Our audit staff are part of intensive and continuing training
sessions throughout the year. All have a minimum of five 'Olevels at grades one or
two. Higher-level staff members are required to have specific accounting qualifications.
Examples of qualifications we recognise and which are possessed by our more senior staff
members are LCC Higher, AAT, University of Guyana Degree and/or ACCA passes. Experience in
the audit field is also important in our appointments.
Christopher L Ram & Company successfully serve a number of
national, regional and international clients involved in a wide range of business
activities. We bring to every new assignment a wide range of experience gained on a number
of auditing engagements in several industries. Our present client list, of over one
hundred companies, covers most industries including banking, insurance, hire purchase,
manufacturing, retailing, services and NGOs. We believe that in the provision of audit
services we can make a significant contribution to any type of organisation.
We regard an audit engagement as a continuous exercise organized in
discrete phases with the objectives of early detection of problems and the efficient
conduct of the audit.
Our audit approach facilitates effective and efficient delivery of high
quality service to our clients. It provides a framework that contemplates timely Partner
involvement and allows the use of alternatives based on professional judgement and audit
The key elements of our approach are as follows:
- Conduct client needs assessment exercise. The objectives are to gain a better
understanding of the clients service delivery needs (what they value), help us
achieve higher levels of client satisfaction and identify ways to increase the value of
- Identify and orient the audit team. Internally, we form the engagement team based on
information obtained during the client needs assessment activity, as well as on the
resources required (and available) to complete the audit.
- Perform general planning and identify areas of audit significance. We seek to understand
how external and internal factors affect the clients business, gain an understanding
of the clients control environment and how these factors may affect our audit
strategy. We also perform an overall financial analysis to help us identify significant
accounts and learn more about the clients operations and financial condition.
Preliminary materiality judgements are made that are used to determine the nature, timing
and extent of our audit procedures.
- Develop and confirm our service delivery plan. Based on what we have learned about the
client in the planning procedures, our engagement team develops the audit plan. Our
planned deliverables and other significant aspects of our service delivery are confirmed
with the client and documented in an Audit Planning Memorandum.
- Understand and evaluate significant sources of information and identify and evaluate
relevant controls. We obtain an understanding of and evaluate the sources of information
that affect significant accounts. Our objective is to assess the likelihood of errors of
audit importance in each significant account or group of accounts resulting from the
particular processes that affect the account(s) concerned. We determine the types of error
that could occur in these processes and how they could occur. We then identify the
relevant controls that exist to prevent or detect these errors and to ensure the
reliability of estimates, and consider their potential effectiveness.
- Perform tests of controls. When we have determined that we intend to rely on a
clients controls for one or more objectives, we satisfy ourselves that those
controls were in use and functioning as intended throughout the period of reliance.
- Develop and execute final audit. We make a final evaluation of controls based on the
results of the tests and develop final audit programs accordingly. Substantive procedures
are performed to obtain direct evidence as to the completeness, accuracy, and validity of
data and as to the reasonableness of the estimates and other information contained in the
- Draw overall audit conclusions and present the value of our results. We evaluate the
overall results of our audit procedures and document the overall audit conclusions we
reached based on those results. The management letter and audit report are discussed and
agreed with the client.
- Improve service delivery. At the close of the engagement the client is
asked to provide us with direct feedback on its satisfaction with the delivery of our
services. The team reviews its performance in order to capitalize on its achievements and
learn from its experiences.
We do not regard any engagement as confining the range of our services to
only the audit of financial statements. Rather, in our ongoing quest to add value to the
operations of our clients we also offer the following related services:
1. Assistance in the development of finance and internal audit staff.
We recognise the importance of skilled finance and internal audit staff . Our services in
this area help organisations combat the practical difficulty of obtaining relevant
training in Guyana.
Ram & McRae is the first AAT approved assessment centre in Guyana and
is therefore responsible for the development and execution of training programmes in this
regard. We provide similar training to the finance, accounting and internal audit staff of
2. Special Investigations. We conduct special
investigations and systems analyses to identify and eliminate fraud and irregularities in
Value For Money Audits. We perform this special type of
audit, which is concerned with every sphere of the organisations activities. The
prime objective is the monitoring of managements performance at every level, to
ensure optimal functioning according to pre-determined criteria based on the principles of
economy, efficiency and effectiveness.
4. Review engagements. Whether your
company is launching a prospectus or seeking financing from a commercial Bank, we can add
credibility to your financials by conducting a review and issuing an accountants
As your auditors our responsibilities will be as follows:
- We are required to make a report to the members on the accounts examined by us, and on
every balance sheet and every profit and loss account laid before the Company in general
meeting during our tenure of office. Our report shall state: -
- Whether, in our opinion, the balance sheet and profit and loss account referred to in
the report are properly prepared in accordance with the provisions of the Companies Act.
- Whether in our opinion a true and fair view is given
(i) in the case of the balance sheet, of the state of the
Companys affairs as at the end of its financial year; and
(ii) in the case of the receipts and disbursements account, of the
companys retained earnings or deficit for its financial year.
- Whether in addition to the foregoing general duties we have performed the special
duties, if any, imposed upon us by any resolution or the Articles of Incorporation.
- In preparing our report we have a duty to carry out such investigations that will enable
us to form an opinion as to :
(i) whether proper books of account have been kept by the Company and
proper returns adequate for their audit have been received from branches not visited by us
(ii) whether the Companys balance sheet and profit and loss
account are in agreement with the books of accounts and returns
- We have a professional responsibility to report if the financial statements do not
comply in any material respect with Accounting Standards issued by the Institute Of
Chartered Accountants of Guyana and generally accepted accounting principles, unless in
our opinion the non-compliance is justified in the circumstances.
- While the responsibility for the prevention and detection of irregularities and fraud
rests with yourselves, we nevertheless endeavour to plan our audit so that we have a
reasonable expectation of detecting material misstatements in the financial statements or
accounting records resulting from irregularities or fraud.
As our client your responsibilities will include:
- Making the companys management personnel available for discussions and interviews
with our staff at various times during an engagement.
- Supplying suitable workspace for our staff at your office when visits become necessary.
- Responding promptly to all correspondence including the annual management letter, which
is a product of the audit.
- Maintaining proper accounting records and preparing financial statements that give a
true and fair view and comply with the Companies Act. You are also responsible for making
available to us, as and when required, all the Company's accounting records and all other
records and related information, including minutes of all management and shareholders'
- Providing written confirmation of oral representations provided to us during the course
of the audit.
- Making available to us all documents or statements, including the chairman's statement
and the directors' report, which may be issued with the financial statements. We are also
entitled to attend all general meetings of the Company and to receive notice of all such
Our fees are computed on the basis of the time necessarily spent on
your affairs by our staff, and on the levels of skill and responsibility involved. An
estimate of these fees is normally agreed in an engagement letter that you sign upon our
appointment as auditors. In order to facilitate a mutually acceptable cash flow, 50
percent of the agreed fee is payable on commencement of the engagement. The balance is
billed in increments of 25 percent with the last payment being due on finalization of the
Our key audit personnel can be contacted on the following direct
Audit Partner: 592-2-74891
Senior Audit Manager: 592-2-77463
or send us an e-mail at firstname.lastname@example.org
Send mail to email@example.com
with questions or comments about this web site.
Copyright © 1998 Ram & McRae - CLR & Co.
Last modified: December 10, 1998