Audit Services
INNOVEX provides systematic examination of financial statements of organisations to review the reasonableness of the information contained and whether they were prepared in accordance with the applicable international accounting standards. We apply appropriate audit procedures to enable issuing an opinion on whether the financial statements present fairly the financial and economic reality of the audited entity.
Financial Audit
We perform independent and objective evaluation of the organisations’ financial reports and its processes in accordance with the International Auditing Standards (IAS). We gather evidence to determine whether the statements contain material errors or other misstatements with the aim of primarily giving the regulators, investors, directors, and managers’ reasonable assurance that financial statements are accurate and complete.
Statutory Audits
We review the financial and operational records of various entities as per the requirement of the law of the country as stipulated in the Companies Act (2002) Chapter (v). Being an independent firm, we conduct the audit to express an opinion on whether the financial statements are free of material misstatements, whether due to fraud or error. However, for publicly traded companies, we also express an opinion on the effectiveness of internal controls over financial reporting.
Internal Audits
We provide an independent assurance that an organisation’s risk management, governance and internal control processes are operating effectively though conducting an independent, objective assurance and consulting activity designed to add value to and improve an organisation’s operations. This is to help organisations to accomplish their objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes by improving business processes as well as commitment to integrity and accountability.
Project Audit
We provide project audits to uncover issues, concerns and challenges encountered during the project lifecycle. We audit the projects to verify project’s compliance with donor requirements, regulations and standards in order to increase project success. We also conduct project close audit to develop success criteria for future projects. Here, we aim to identify elements of the project that were successfully managed as well as challenges so as to help the organisation plan accordingly.
Forensic Investigations
We conduct examination of specific records and information to help determine facts related to a suspicion or allegation of fraud or any other specified matter. This involves the evaluation of the allegations of fraudulent business practices and/or misconduct involving financial or operational matters to determine if allegations are substantiated and to prevent future occurrences; checking whether there is any intentional false representation or concealment of a material fact for the purpose of inducing another to act upon it to his or her injury. Such results can be used in a court of law or legal proceeding. We have developed tools that help us carry out some analytical review of complex data sets.
Value for Money Audits
We perform independent evidence-based investigation which examines and reports on whether economy, effectiveness and efficiency principles have been achieved in the use of resources. The main purpose is to provide the auditee with independent information and advice about how best to use resources; encourage audited bodies to improve their performance in achieving value for money and implementing policy; and identify good practice and suggest ways in which public services could be improved.
Procurement
INNOVEX provides procurement assurance services for organisations on the whole procurement process when required as well as providing procurement audit and investigation services to various clients both in public and private sector.
Procurement Audit and Investigations
We provide procurement audit/investigation services in correspondence with the client’s procurement manuals and regulations. We also provide constructive and practical recommendation on how to improve the client’s procurement procedures hand in hand with achieving organisational objectives while observing the major procurement principles.
Procurement Planning and Training
We provide procurement planning services by helping organizations in determining items to be procured, types of contacts whether single or multiple contracts, selecting appropriate the procurement method given the nature of goods and/or services to be procured, as well as time required to implement such contracts and proposing the implementation schedule to the client.
Procurement Agency Services
We provide oversee function to supplier-related activities and their performance on behalf of the client to ensure that they are meeting compliance and also coordinate with these companies to resolve any issues that arise. We often act as an agent and we are responsible for sourcing, quotations, negotiations, planning, coordinating, tenders, material inward etc. when outsourced.
Preparation of Tender Documents
INNOVEX can also be involved in preparation of tender documents for the procurement need of the organizations by preparing the technical specifications that will help the client to meet their needs.
Tender Evaluations
We have been working with a number of clients in assisting with tender evaluations for various advertised opportunities. We can conduct tender evaluation process both Technical and Financial proposals in accordance with the evaluation criteria set in the tender document.
Contract Management
As part of procurement services we offer, we also provide contract management advisory services such as contract document preparations, contract negotiations, contract executions, contract amendments and revisions and contract management after