Audit

In an information-driven world, businesses need to ensure that their financial reports are relevant and reliable to enable them to make sound business decisions and comply with the changing regulatory landscape.

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We offer an integrated approach, enabling us to be available at all times without compromising our integrity, high standards, and our independence. Our holistic approach enables us to communicate effectively the results of our audit with business owners and management.

An Integrated Approach

As tax rules and regulations become complex for our clients, we keep open communication lines with our tax partners to properly navigate and apply those requirements. With the rise in digitalization, we understand that information technology (IT) is an integral component of our audit. Accordingly, we engage with our IT experts given the complexity of our client’s IT environment and controls. Our partners make decisions quickly, whenever and wherever they are, thus guaranteeing our clients the efficiency and effectiveness they expect.

Data Driven Approach

We believe in the power of data. Our Firm acknowledges the power of leveraging today’s advances in technology and changes in the business environment in performing the audit. We apply data analytics to deliver an in-depth understanding of the business circumstances of our clients and their key business processes and to identify, assess, and test key risks in a more effective and efficient manner. In particular, our analytics-enabled audit will utilize the following techniques in the different phases of the audit:

Planning and Risk Assessment

This phase involves understanding the key risk areas for the audit, areas where data analytics could make the audit efficient, and the best approach to executing the analytics through detection of unusual transactions and trend analyses. This is also known as exploratory analytics.

Execution

This phase incorporates analytics into the test of controls, test of details, and substantive procedures to meet the objectives of the audit in an efficient manner. This is based on the analytics-enabled risk assessment.

Reporting

To facilitate appreciation from those charged with governance, reporting will incorporate elements of analytics and, to the extent applicable, make use of a dashboard with view of the enterprise as a whole.

A Customized Approach

We always aim to provide high quality audit. Our audit methodology is compliant with the Philippine Standards on Auditing. Most of our work are performed during planning and risk assessment phase to enable us to properly anticipate issues early. We believe that an effective audit strategy and plan are critical to our audit’s timely completion.

We customize our approach to be more responsive of the risks identified in our audit:

Experienced, highly qualified and dedicated professionals will be on board
Active involvement of tax and IT professionals from the start of the audit work
Thorough understanding of our client’s businesses, processes, internal controls and IT environment for an effective identification of key audit areas of focus
Efficient audit strategy without compromising quality
Dynamic collaboration among engagement team and management
Strict adherence to committed audit time table

A Proactive Approach

We proactively anticipate issues and conclude the audit timely. At Reyes Tacandong & Co., we do not just perform a financial audit. Without compromising our independence, we strive to understand our client’s challenges, encourage timely consultations anytime during the engagement and initiate discussions on industry developments and changes in the accounting standards and government regulations to resolve issues early.

Our Services

External Audit

We perform the audit of a company’s financial statements to comply with statutory requirements (SEC and BIR) and other stakeholders (stockholders, lenders, suppliers).

Agreed-Upon Procedures

We perform specific procedures as agreed with the management, investor/shareholder or acquirer of a specific business. This service lets you customize the procedures that you may want us to perform on specific accounts or accounting information. This provides focus on what you want us to prioritize.

Compilation Services

We provide a compilation of information whether its a preparation of financial statements, specific consolidation work, or summarization and analysis of specific accounting information for the use of management. We issue reports on desired or required form as on how the summarized information and data will be useful to you.

Limited Review

We perform this service usually to the subsidiaries of the parent companies who reside outside of the country. We perform procedures based on the scope designed by parent company auditors and comply with the requested reports and deliverables.

International Accounting Standards Conversion and Advisory

We have IFRS expert teams who are well versed in international accounting standards applied in different industries and who has worked with different offices in different countries for consultations and conversions. Because of our robust experience in various engagements and industries, you may consult us on technical accounting and issues. We can also help you convert your IFRS reporting to US GAAP for subsidiaries with US GAAP reporting requirement by their parent company.