Auditing and Financial
View our service lines to see how we can help your company grow.
Key Areas of our Consulting Services
Asset Management Services
- Asset Verification
- Barcoding of assets
- Asset verification software
- Review of Asset Management Policy
- Unbundling of assets
- Compilation of GRAP and IFRS compliant Asset Register
- Review existing asset register and reconciliation
- Updating the asset register with verification information and current year disposals and additions
- Review of asset useful & residual lives
- Asset impairment assessment
Integrated reporting
AFS Preparation & Review
- Audit file/accounting file preparation
- Audit Readiness & Support
- Quality and compliance review of financial statements
- Audit Action Plan: development and monitoring of audit action plan
- Implementation of internal and external audit recommendations
Financial management and accounting services
- CFO strategic support services
- Staff secondments
- Review of Accounting Policies & General ledger and proposal of adjustments in preparation of a final TB
- Preparation of the audit file, reconciliations, Quarterly Financial Statements, Interim (9 months financial Statements) & GRAP and mSCOA compliant Annual Financial Statements.
Supply Chain Management Support
- Supply chain oversight
- Secondment of supply chain specialists
- Demand management
- Market analysis
- Development and review of bid specifications & documents
- Formulation and review of supply chain management strategy and policies
- Bids evaluation
Forensic Services
- Investigations, both criminal and civil;
- Preparation and review of evidence
- Preparation of expert reports
- Affidavits and proof of evidence
- Giving oral evidence in court
- Expert determination, arbitration, mediation or alternative dispute resolution
- Fraud prevention and awareness strategies
- Fraud and complex financial investigations
- Inadequate disclosure and restatements
- Evaluating whistle-blower allegations
- Regulatory inquiries
- Anti-corruption compliance initiatives and reviews
- Independent internal controls and fraud risk assessment
- Accountant liability
Probity Audits
Probity demonstrates that the procurement process was conducted in in accordance with principles of fairness, equitability, transparency, competitiveness and cost-effectiveness (Section 217 of the Constitution). Probity will assist organs of state in curbing the incurrence of irregular expenditure and assist in achieving clean audits.
Probity Advisory
- Quality assure the Bid Specification Committee process:
- Review the bid specification committee appointment letters, minutes, declarations and attendance registers and provide recommendation on any non-compliance.
- Review the specifications and terms of reference ensuring the evaluation criteria and evaluation methods are fair, transparent, competitive and cost effective.
- Review the specifications and terms of reference to ensure compliance with all applicable laws and regulations.
- Review the advert prior to advertisement to ensure alignment with approved terms of reference.
Probity Audit
- Attend and Observe the briefing session (where applicable)
- Attend and Observe the bid closure/opening session
- Observe, Audit and Quality Assure the bid evaluation process:
- Review the bid evaluation committee and SCM units assessment of mandatory requirements
- Review the bid evaluation committee evaluation process and compliance thereof against the \ evaluation criteria specified in the terms of reference.
- Examine bid evaluation committee calculations in respect of price/preference
- Review the evaluation process and bid evaluation report for completeness and accuracy
- Attend and audit site visits (where applicable)
- Review the bid adjudication process and evaluate its compliance
- Review the bid recommendation and adjudication report for completeness and accuracy
- Conduct probity on successful bidder and employees involved in the procurement process
- Audit the final evaluation committee report ensuring the outcomes of each evaluation stage is reported correctly
- Audit/Review the authenticity of bidder`s BBBEE certificates
Report
Provides assurance that the procurement process were compliant to prescribed legislation and policies such as PFMA or MFMA, PPPFA, Treasury Regulations and related instruction note.
Solution driven, problem-solving arm of the firm and helps clients improve their financial position.
The Rakoma Consulting and Advisory Division is the solution driven, problem-solving arm of the firm and helps clients improve their financial position, overturn adverse audit outcomes, and enhance internal processes and procedures to prevent fraud and to investigate fraud where it has occurred.
We diagnose financial problems, identify risks or gaps, and provide workable solutions to resolve the company challenges. We assist organisations with turnaround strategies and further help them in developing, strengthening, implementing, and monitoring of internal controls.
We have a proven track record for financial management and accounting services across various sectors and industries.
Some of our training offerings include the following:
- GRAP & IFRS updates
- PFMA, MFMA and other treasury regulations.
- CaseWare training
- Financial Reporting Framework Conversions
- Policy Development & Review
- AFS Preparation & Review
- MSCOA Compliance and Review
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