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(i) GRAP AFS preparation support

Apart from our core support and focus in the preparation of GRAP-Compliant AFS and Fixed Asset Registers, we can also provide our updated GRAP Compliant AFS template, with accounting policies, to assist entities with the compilation of the accounting information within an updated GRAP framework applicable for 2017/2018 year.

This is supported by our IPSAS / GRAP Implementation Manual which sets out detailed prescribed GRAP accounting treatment (recognition, measurement, presentation & disclosure), with standard operating procedures (actions, responsible parties, and target dates). The IGIM is the culmination of the latest legislation & accounting pronouncements, circulars, directives, NT guides, GRAP challenges as per the AGSA Audit Reports and our practical public sector experience.

(ii) AFS Quality review

We will do a quality review of the AFS of your entity to assess compliance with the GRAP standards. We will:

 Review the AFS to determine whether all relevant disclosures have been made;

 Report to management on what to adjust in the AFS to be GRAP compliant;

 Provide you with a GRAP disclosure checklist as supporting documentation;

 Prepare a report for use at the Audit Committee.

The compilation of the above-mentioned review is divided into the following 3 activities:

  1. Obtaining the relevant documentation / information from the entity;
  2. Analysing the documentation / information obtained;
  3. Presentation of a one day workshop on the review findings and the presentation of a report to management on what to adjust in the AFS to comply with the GRAP standards.

We can also assist with the GRAP-compliance and quality review of your Asset Register.

(iii) SCB’s automated reporting tools

We have developed the SCB AFS Reporting Tool, which allows for the automation and population of AFS data and information, mapping account balances and transactions from the trial balance and applicable Chart of Accounts / Vote Structure, with linking and population of the detail statements (performance, position, cash flow, etc.) and notes. This core system can be used for the preparation of the Annual Financial Statements as well as the Monthly and Quarterly Financial Statements.

Our AFS Reporting Tool includes that latest changes applicable to the GRAP accounting reporting framework, accounting policies and NT requirements.

Advantages of the SCB AFS Reporting Tool include:

 Detailed reporting functions based on the populated information (cost centre vote number);

 Once-off license fee for the applicable version. No annual license fees for use of applicable version in subsequent years.

 High-compatibility as the tool is developed in Visual Basic on an Excel Base and can therefore be operated on all computers within the entity that have a copy of Microsoft office software;

 Additional modules are also available. These include options to prepare GRAP Compliant Budgets; monthly reporting tasks of the entity; etc. For e.g. the implementation of the budget modules will ensure that the chart of accounts utilised for budgeting and AFS purposes will be exactly the same and this will ensure consistency in reporting;

 The implementation of the tool will enable proper alignment of the organisational structure of the entity to the organisational structure as prescribed by NT; etc.

Application training on the working of the AFS Reporting tool is provided to staff members of the entity. It is imperative that the entity allocate at least one specific staff member to manage the AFS Reporting Tool, understanding its application and underlying processes. The SCB AFS Reporting Tool is updated annually to reflect the latest changes and amendments to GRAP.

(iv) Audit File Preparation assistance

Our team of expert consultants, including Chartered Accountants and Professional Accountants, will assist your entity with:

 Performing of all relevant reconciliations e.g. bank accounts, suspense accounts, debtors and creditors;

 Compilation of relevant registers;

 Clearing of suspense accounts by investigating transactions and searching for relevant supporting documentation;

 Validation of debtors and creditors;

 Performance of interim and year-end inventory counts;

 Physical verification of movable and immovable assets;

 Implementation of GRAP;

 Compilation of annual and consolidated financial statements;

 On-site assistance during the audit process, ranging from adjustments to financial statements to providing responses to audit findings.

(v) Audit Process assistance

Annual AFS preparation and audit process challenges experienced by our clients include:

 Keeping up to date with complex and highly technical accounting and auditing standards;

 Extremely rigid reporting timelines.

 Restricted response time available as service delivery should always be a continuous process.

 Different opinions between preparers and the Auditor General of South Africa (AGSA) on technical issues raised by the AGSA.

We believe that our assistance provided to your entity during the audit process together with the timing, quality and validity of explanations for audit findings will have a positive impact on the audit opinion expressed by the Auditor-General of South Africa. Our hands-on approach to providing solutions to these challenges includes:

 Exercising control over issued audit findings and responses provided;

 Evaluation of audit findings and management responses through expert technical knowledge;

 Assistance with timely compilation of quality responses to audit findings;

 Review of client prepared responses to ensure that audit findings are appropriately addressed;

 Audit file preparation assistance;

 Compilation of an action plan based on audit findings including detailed corrective measures;

 Assistance in executing the action plan ranging from housekeeping issues to highly technical issues;

 Monitoring progress of action plans executed by staff members;

 AFS Quality review;

 Automated reporting tools.