Key Takeaways

• At H Connect International, we’re revolutionizing audit practices with secure virtual audits, changing the landscape of how audits are conducted for enhanced efficiency and flexibility.

• We operate as a true extension of our clients’ enterprises, executing end-to-end financial audits with precision and dedication.

• One of our teams consisting of 3 members completed 75 financial audits in just a year, showcasing our revolutionary competence and efficiency.

• Leveraging Sri Lanka’s 70% cost reduction, we provide unparalleled value in auditing services, ensuring affordability without compromising quality or efficiency.

• We offer a range of tailored auditing services, leveraging industry expertise, a client-centric philosophy, transparency, and communication. Our adherence to security standards is complemented by the use of analytical tools, AI solutions, document management systems, and collaboration platforms.

In today’s tech-driven world, opportunity transcends borders. H Connect International harnesses this reality, leveraging Sri Lanka’s renowned audit expertise and connecting top talent globally. We build seamless extensions of your team, dissolving geographical barriers and delivering unparalleled audit excellence.

With a dedicated team of Australian-certified, seasoned financial and accounting experts, H Connect International is a leading F&A outsourcing provider. Our specialization lies in delivering end-to-end accounting solutions tailored specifically for the Australian market.

Our audit methodology is meticulously designed to provide thorough scrutiny, actionable insights, and value-added recommendations to our Australian clients.

This article will outline the scope, potential and approach of our Audit services.

Our Financial Auditing Services

No two businesses are the same, neither are our solutions. Our comprehensive suite of services are tailored to meet the diverse needs of our clients:

1. External Audits: Reviewing financial statements and providing assurance on their accuracy and compliance with applicable regulations and standards.
2. Internal Audits: Evaluating internal controls, processes, and operations to identify areas for improvement, risk mitigation, and efficiency enhancement.
3. Agreed Upon Procedures (AUPs): Working with auditing firms to perform specific procedures agreed upon with clients to address particular financial or operational concerns.
4. Financial Statement Preparation: Assisting auditing firms in preparing accurate and reliable financial statements on behalf of their clients, ensuring adherence to relevant accounting standards.
5. Compliance Audits: Supporting auditing firms in assessing adherence to regulatory requirements, industry standards, contractual obligations, and internal policies for their clients.
6. Operational Audits: Evaluating operational processes, procedures, and performance to identify inefficiencies, cost-saving opportunities, and areas for improvement.
7. Risk Management Services: Partnering with auditing firms to help clients identify, assess, and mitigate financial, operational, and strategic risks.
8. Industry-Specific Audits: Conducting specialized audits tailored to the unique needs and regulatory requirements of specific industries, such as healthcare, banking or manufacturing.

Our Auditing Process

At H Connect International, our auditing process is streamlined  to ensure thoroughness, efficiency, and accuracy in our audit engagements, enabling us to deliver actionable insights and value-added services to our clients.

Here’s a condensed summary of our Audit Process:

1. Engagement Risk Assessment: Our collaborative process begins with a thorough evaluation of potential risks for our partners’ clients,  considering factors like previous auditor opinions, management integrity, and auditor independence.
2. Understanding the Client: We delve deep into understanding the intricacies of our partners’ clientele by gathering essential information about their business, including organizational structure, accounting systems, and inherent risks.
3. Financial Statement Review: We analyze draft financial statements and trial balances, computing materiality for the audit period and performing opening balance verifications as necessary.
4. Planning and Documentation: We collaborate closely with the auditing firms to prepare a comprehensive Audit Approach Memorandum, outlining significant risks, required procedures, and strategies for mitigating risks like related party transactions and management override of controls.
5. Execution of Audit Procedures: Following the approach outlined, we perform system notes, process documentations, and testing on estimates. Substantive testing includes Test of Details, Primary Substantive Procedures, Other Substantive Procedures, and Substantive Analytical Procedures.
6. Misstatement Evaluation: We meticulously evaluate any identified misstatements, categorizing  them as factual, projected, or judgmental. Our team then takes a proactive approach to suggest the appropriate resolution, which may include audit qualifications, Key Audit Matters, or management recommendations.
7. Ongoing Support: We don’t just hand you a report and close the audit. We stay by your side, offering ongoing support and guidance throughout the implementation process.

Why H Connect International?

Our uniqueness lies in our commitment to:

• Industry Expertise: Our team comprises finance and accounting experts who excel in catering to the specific needs of the Australian industry. With their extensive experience and proficiency in the intricacies of Australian finance and accounting practices, we ensure a deep understanding of the challenges and opportunities faced by auditing firms.
• Risk-Based Auditing: Tailoring audit procedures to mitigate identified risks effectively, ensuring precise alignment with your firm’s clientele.
• Transparency and Communication: The team at H Connect International considers themselves an extension of our clients’ enterprise. We have established combined process logs, regular feedback loops and catch-ups with correspondents in our clients’ firms ensuring that communication is seamless and transparency is upheld.
• Efficiency and Value Addition: Leveraging cutting-edge technologies such as AI and analytical tools like Power BI to streamline processes, reduce time spent, and deliver actionable insights.
• Client-Centric Philosophy: We listen, we understand, we tailor. The flexibility in our approach ensures that the audit services are aligned with your firm’s specific needs and objectives, providing a personalized and targeted solution
• Value-Added Services: Beyond traditional audit functions, we offer value-added services such as process optimization recommendations, automation and digital analysis, performance analysis and strategic insights to help our partners enhance operational efficiency and achieve their business objectives. We go beyond the work to position the function strategically and derive long term benefits for our partners.
• Cost Reduction: With a remarkable 70% cost reduction compared to traditional outsourcing hubs, Sri Lanka is a compelling choice for accounting firms seeking affordability, operational expertise, and a competitive advantage. We leverage these advantages to offer unparalleled value in auditing services, ensuring cost-effectiveness without compromising quality or efficiency.
• Adherence to Stringent Security Standards: As a subsidiary of the Hirdaramani Group, we adhere to their globally benchmarked data security policies, ensuring the highest standards of confidentiality and protection.

Tools We Use

In our pursuit of excellence, we harness the power of advanced technologies to enhance efficiency and accuracy. Our toolkit includes:

• Analytical Tools: Utilizing industry-leading tools such as Power BI, ACL Analytics and Tableau for data analysis and visualization, enabling deeper insights into financial data and trends.
• AI Solutions: Leveraging cutting-edge artificial intelligence solutions like MindBridge and CaseWare IDEA to automate repetitive tasks and enhance decision-making processes.
• Document Management Systems: Implementing secure and efficient document management systems such as SharePoint and NetDocuments to maintain data integrity and confidentiality throughout the auditing process.
• Collaboration Platforms: Leveraging collaborative platforms like Microsoft Teams to foster seamless communication and collaboration among audit team members and clients, ensuring efficient workflow management and project coordination.

To illustrate our efficiency, consider that in 2023, a single audit team comprising just three seasoned experts conducted 75 successful external audits for a client. This included handling multiple group audits and providing expert support for 11 financial preparations, all aimed at ensuring the accuracy and peace of mind of our clients regarding their financial matters.

From compliance to confidence, we can help unlock your financial potential with our comprehensive audit services. We are making strides in automation and pushing the boundaries of financial auditing in 2024.

Start building your offshore team with us today and experience the H Connect International difference. Together, we’ll build a dedicated team that operates as an extension of your firm, guaranteeing financial audit accuracy and fostering growth.