Quality Control

Embedded as our vision, Sir Jonathan and Company considers auditing quality as its highest priority.

Sir Jonathan and company considers quality to comprise of six elements: leadership; ethics and independence; acceptance and continuance of client relationships and specific engagements; human resources and education; engagement performance and support structures; and monitoring. These quality components are necessary to meet the demands and expectations of all stakeholders.

Independence: –

The firm advises the following principles to the managing partner, engagement partner, quality control partner and engagement team members to safeguard Self-interest threats, Self-review threats., Advocacy threats, Familiarity threats and Intimidation threats: –

Always be and appears to be independent of the entities that they are performing professional services.
Inculcate integrity, objectivity and professional skepticism while performing professional services.
Diligently consider whether it involves threats to his independence.
Compliance of provisions of Companies Act, 2015; and
Follow Provisions contained under the Accountants Act 15, 2008 and Code of Ethics.

In case of any ethical threat in any specific case, safeguards, as prescribed in terms of the professional code of ethics, are adopted.

Integrity

Straightforward and honest in our professional and business relationships; and
Truthful about the services provided, the knowledge, and the experience.

Objectivity

Do not allow bias, conflict of interest, or undue influence of others to override our professional judgments; and
Address differences of opinion and handle them constructively and professionally

Engagement Performance: –

The Firm ensures that the engagement is performed, supervised, documented, reported, and communicated in accordance with the requirement of professional standards, applicable regulators.

Personnel Management

Policies to maintaining the quality of firm’s work The Firm determines capabilities and competencies required for an engagement at me of starting of the assignment. The allocation of team members is based on risk and competence require for the assignments so that team members assume the responsibility to act on an assignment carefully, thoroughly and on a timely basis

Professional competence and due care-

The firm executes Professional competence and due care through the following

Designating an individual in the Firm to be responsible for the following activities:
- Managing the human resource’s function.
- Evaluating the Firm’s personnel needs by considering factors such as existing clientele, anticipated growth, personnel turnover, and individual advancement.
- Developing criteria for determining which individuals will be involved in the interviewing and hiring process
Establishing an understanding among the partners about the qualifications, attributes, achievements, and experiences desired in entry-level and experienced personnel.
Setting guidelines for the additional procedures to be performed when hiring experienced personnel, such as performing background checks and inquiring about any outstanding regulatory actions.
The firm determines the capabilities and competencies possessed by personnel by establishing criteria or evaluating personal characteristics such as integrity, competence and motivation and also evaluating the personnel at least annually to determine their capabilities and competences. Selection of the personnel also depends upon the past experiences and the performance evaluation, Nature of past assignments allocated to the personnel

Policies for hiring

The firm ensures that the personnel who are hired possess the required characteristics that enable them to perform competently. The firm executes the same through the following:

Designing an HR manager in the Firm to be responsible for the following activities:
- Managing the human resource’s function.
- Evaluating the Firm’s personnel needs by considering factors such as existing clientele, anticipated growth, personnel turnover, and individual advancement; and
- Developing criteria for determining which individuals will be involved in the interviewing and hiring process
Taking feedbacks from the partners about the qualifications, attributes, achievements, and experiences desired in entry-level and experienced personnel.
The additional procedures to be performed when hiring experienced personnel, such as performing background checks and inquiring about any outstanding regulatory actions; and
The firm determines the capabilities and competencies possessed by personnel by establishing criteria or evaluating personal characteristics such as integrity, competence and motivation and evaluating the personnel at least annually to determine their capabilities and competences. Selection of the personnel also depends upon the past experiences and the performance evaluation, Nature of past assignments allocated to the personnel.

Acceptance and Continuance of Clients and Engagements

Professional Competence:

The Firm endeavors that the engagement is completed with professional competence and undertakes only those engagements for which the Firm has the capabilities, resources, and professional competence to complete. The Firm implements this policy through the following procedures:

Evaluating whether the firm has obtained or can reasonably expect to obtain the knowledge and expertise necessary to perform the engagement, including relevant regulatory or reporting requirements.
Evaluating whether the following are in place:
- The Firm has sufficient personnel with the necessary capabilities and competence.
- Specialists are available if needed.
- Individuals meeting the criteria and eligibility requirements to perform an engagement, when needed, are available whether internally or externally; and
- The Firm can complete the engagement within the agreed reporting deadline
Evaluating the information obtained regarding acceptance or continuance of the client or engagement through the following Actives:
- The engagement partner assesses the information obtained about the client or the specific engagement, including information about the significance of the client to the Firm, and makes a recommendation about whether the client or engagement should be accepted or continued; and
- The engagement partner completes client acceptance information and submits it to the Managing Partner for approval.

The Managing Partner assesses and approves the recommendation made by the engagement partner. If the Managing Partner recommends not accepting a client or discontinuing a client relationship, the Managing Partner discusses reasons for the acceptance or continuance decision with the other partners. The decision is taken by consensus.

To evaluate the integrity of the entity and its people.

The firm evaluates the factor bearing the management’s integrity and considers the risk associated with providing professional services in particular circumstances. This is done through the following:

Informing Firm personnel of the Firm’s policies and procedures for accepting and continuing clients.
Obtaining and evaluating relevant information the following before accepting or continuing a client
Communicating with the predecessor auditor when required or recommended by professional standards. This communication also includes inquiries regarding the nature of objections.
Conducting background checks of the business
Evaluating the risk of providing services to significant clients or to other clients for which the Firm’s objectivity or the appearance of independence may be impaired

To determine whether it has the competencies and resources to undertake the engagements

The Firm evaluates that the engagement is completed with professional competence; undertakes only those engagements for which the Firm has the capabilities, resources, and professional competence to complete; and evaluates, at the end of specific periods or upon the occurrence of certain events, whether the relationship should be continued. The Firm implements this policy through the following procedures:

Evaluating whether the firm has obtained or can reasonably expect to obtain the knowledge and expertise necessary to perform the engagement, including relevant regulatory or reporting requirements

Specifying conditions that trigger the requirements to re-evaluate a specific client or engagement.
Obtaining relevant information to determine whether the relationship should be continued and establishing a frequency for evaluations.
Evaluating the information obtained regarding acceptance or continuance of the client or engagement through the following Activities:

The engagement partner assesses the information obtained about the client or the specific engagement, including information about the significance of the client to the Firm, and makes a recommendation about whether the client or engagement should be accepted or continued.
The engagement partner completes a client acceptance form and submits it to the Managing Partner for approval.
The engagement partner signs a step in the planning program noting consideration of client continuance and completes a form documenting the rationale and conclusion regarding client continuance if conditions exist that trigger the requirement to reevaluate a client or engagement between annual audits.

Establishing procedures for dealing with information that would have caused the Firm engagement if the information had been available earlier.

To comply with the ethical requirements

Firm undertake or continue relationships and engagements only where it:

Has considered the integrity of the client and does not have information that would lead it to conclude that the client lacks integrity
Is competent to perform the engagement and has the capabilities, time and resources to do so and can comply with the ethical requirements.

The Firm satisfies this objective, with respect to the initial period for which the Firm is performing its service and other subsequent periods, by establishing and maintaining the policies and procedures

Monitoring

The firm assigns the responsibility of the monitoring process, including performance, to a partner or competent individual. The firm also ensures that the monitoring procedures are performed that are sufficiently comprehensive to enable the firm to assess compliance with all applicable professional standards and the Firm’s QC policies and procedures.