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QUALITY ASSURANCE

1. STANDARD POLICIES, PROCEDURES AND PRACTICES TO ASSURE QUALITY INTERACTION WITH CLIENTS AND OUTPUTS.

QUALITY ASSURANCE POLICIES FOLLOWED BY SNNCO

All SNNCO members are required to comply with and to have consistent general policies and procedures regarding Independence, Skills and Competence, Assignment of Personnel to Engagements, Direction and Supervision, Acceptance and Continuance of Clients and Inter-Office Reviews.
To ensure consistency in the technical standards and overall quality of services rendered by the SNNCO (“the firm’), we have the Institute of Chartered Accountants of India (“ICAI”) Peer Review Program and Quality Review initiated by the Government of India.
To ensure effectiveness and efficient management, the SNNCO team is structured to cover the requirements of strategic, tactical and operational level inputs. Each layer within the team has a fairly specialized role duly synchronized with the requirements for various types of audit services.

ENSURING CONSISTENCY - INTERNAL QUALITY CONTROL PROCESSES

Internally, to ensure professional excellence in our audit and financial advisory practices, SNNCO uses a number of internal quality control processes that supplement and reinforce engagement reviews followed on each audit engagement.
The guidelines and procedures to be followed by the personnel to this program are embodied in the firm audit manual - the Quality Risk Manual.
We also have a system of Checklists which conform to the International Standards of Auditing which are made and prepared by team members performing the engagement in turn reviewed by the Team Leader then the second level of review where it is again reviewed by the Principal Auditor. This review is performed at each stage of the engagement, acceptance, planning, materiality etc.

MANAGEMENT APPROACH, INCLUDING RISK MANAGEMENT

SNNCO approach to every engagement is proactive, we seek to prevent any deficiencies in the work product we deliver to our clients, and to identify and mitigate any risks before they become a significant issue. To do this, we:

Use a fact-based approach to problem solving. We immerse ourselves in our clients’ data. We are not constrained by what our clients have done in the past or by “off the shelf” methodologies. Rather, we ground our work in the facts to ensure that any work product is custom-tailored to you.
Have heavy leadership involvement in our teams. Another hallmark of our approach is the intense involvement of our partners on our engagement teams. Our partners are not “business developers”; they actually lead the work. As a result, our partners can – and do – take responsibility for reviewing the quality of all deliverables we produce on an engagement.
Work in close collaboration with our clients. We work hand-in-hand with our clients. Our auditing and assurance model requires substantial interactions between our clients and our personnel. This high level of collaboration ensures that we remain focused on our client’s actual situation and constraints.
Conduct effective project management. We control quality and manage risk through team meetings, leadership meetings, and progress reviews with clients. The leadership meets with teams several times to share information and guide problem-solving,
Have regular performance reviews, with flexibility to change course. We have established processes for reviewing the quality of our client service and the performance of individual personnel.

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