An audit is an independent opinion given by a Registered Auditor, in terms of International Auditing Standards. Auditors are regulated by the IRBA (Independent Regulatory Board for Auditors).
The IRBA requires auditors to apply the highest professional standards and ethics, as required of the profession. An audit is required in circumstances where it is required by the MOI or per the specific requirements as set out in the companies act.
Auditors are professionals in assessing risk and evaluating control systems and procedures. Improved controls lead to increased business efficiency. Auditors gain a unique and very broad insight into best practices and benchmarks in their clients’ industries. This experience and understanding, combined with objectivity, provide the auditors with an excellent basis for adding value by helping their clients build stronger businesses.
Having an audit being performed voluntarily has various benefits:
- The audit process can add credibility to the Financial Statements and provide the users with assurance on the fair presentation and adherence to the International Financial Reporting Standards;
- The audit process could uncover errors in the accounting system that would impact on the ability to make the best business decisions;
- The audit process will provide a level of comfort that the company has met it’s legal and tax obligations;
- The Auditor’s Report provides the reassurance investors require before risking their capital and in many instances is a requirement before funding can be obtained; and
- The audit process includes a detailed risk assessment and an evaluation of the internal control environment. Shortcoming in this environment can be identified and reported.
Special Purpose Audit reports:
We perform audits for clients that have specific needs as set out by legislation. We specialise in performing audits on the following:
- Trust accounts as required by the Estate Agency Affairs Board;
- Attorney Trust Accounts as required by the various law societies; and
- Home Owners Associations and Body corporates as required by the Sectional Titles Schemes Management Act.
Agreed upon procedures / specified procedures:
We assist many clients with reports on items not directly related to their financial statements. These include:
- Verification of draws for competitions;
- SMS vote confirmations;
- Royalty certificates;
- Revenue confirmations for rental purposes; and
- Confirmations required by attorneys when transferring properties.
A forensic investigation is an examination and evaluation of a firm’s or individual’s financial information for use as evidence in court or in a disciplinary matter. A forensic investigation can be conducted in order to prosecute a party for fraud, embezzlement or other financial claims.
Other Accounting related services
We are in proud association with the S L F Group, who provides the highest quality accounting and related services to many of our clients.