Compilation of Annual Financial Statements

Our AFS compilation and review technique is centered on offering the client individualized solutions for the creation of financial statements that are in compliance with relevant laws and other regulations.

The cohesive IMCA team, which is made up of highly competent, well-trained professional accountants and subject-matter experts, ensures that our clients receive the best, most affordable solutions without sacrificing quality. These employees provide professional consulting knowledge in the following areas and tailor RCA’s processes to meet the demands of each of our clients:

Financial Statements and Independent Reviews

The IMCA approach to creating AFS is a comprehensive procedure that includes numerous tasks. We streamline our AFS preparation process to best meet the client’s needs. Our AFS compilation and review technique is centered on offering the client specialized solutions for the creation of financial statements that are in compliance with relevant laws and other regulations.

Our strategy won’t only be about “getting the work done,” it’ll also make sure that the right procedures are being followed. To prevent future breaches, we will highlight in our reports the detected gaps and any suggestions for improvement. The suggested solutions will guarantee that our clients can carry out best practice management practices going forward. We do help both our clients in the private sector and our clients in the federal, provincial, and local governments with AFS preparation, including but not limited to the following:

  • Examination of financial statements
  • Financial Statement preparation
  • Identification of ineffective processes or operational deficiencies
  • Analysis and understanding of your financial records
  • Identifying key areas for improvement
  • Assessment of business risks and business process economy, efficiency, and quality
  • Assessing the risk of fraudulent or other illegal activities within your company
  • An analytical examination of income and expenditure
  • Advising on compliance with laws and regulations
  • Assist with the preparation of responses to informal queries, management letters, and the Auditor General’s report with regards to the annual financial statements

Annual financial statements tailored for our public sector clients:

We offer our public sector clients review, compilation, and preparation of IFRS-compliant annual financial statements as part of our year-end support, and our services range from but are not limited to:

  • Preparation of current accounting policy documents in alignment with the current year’s IFRS amendments.
  • Assisting the municipality in the implementation of IFRS and mSCOA standards and any new Accounting Standards as approved by the ASB for implementation in the Financial Year as well as National Treasury guidelines and requirements
  • Preparation of Annual Financial Statements using an IFRS compliant Excel tool containing linkages to substantiate the amounts and balances contained therein.
  • In the event that the municipality’s records are not sufficient for disclosure purposes, we will inform and advise the municipality of such instances and assist in the appropriate actions to address such shortcomings.
  • We will assist with the preparation of responses to informal queries, management letters, and the Auditor General’s report with regards to the Annual Financial Statements
  • We will also assist with the Compilation of the audit working file
  • We will ensure that the financial statements balance with the system generated by the trial balance
  • We will also perform any other actions that will ensure that the quality of the financial statements is enhanced prior to submission to the auditors.
  • We will ensure that prior year queries raised by the Auditor General are correctly addressed during the preparation of the annual financial statements
  • Our team will ensure that all Financial Performance items have been reconciled
  • Assist with the current budget structures to ensure compliance with IFRS and mSCOA requirements
  • Transfer of skills to the municipal officials in line with the scope of work

What Companies Need To Be Audited In South Africa?

Therefore, audits are required of all publicly traded and state-owned businesses. Any other business whose yearly financial statements for that year were prepared internally and whose public interest score for that fiscal year is at least 100 but not more than 350.

Who Can Compile Financial Statements In South Africa?

But if a business is only required to conduct an independent review, the financial statements may then be prepared and approved by either a registered auditor or an accounting officer.

When Must AFS Be Audited?

A corporation must provide annual financial statements every year within six months after the end of its fiscal year, or within a shorter time frame if necessary to give the requisite notice of an annual public meeting under section 6.