RSM South Africa

Assurance | Compilation

Auditing requires the application of rigorous standards, scepticism, objectivity and professional competence. As a result of this structured audit process we are also uniquely placed to make a constructive contribution to the client’s business.

The RSM Audit Methodology blends technical competencies with a detailed knowledge of the client, its markets and the industry sector. Using this methodology we offer a tailored audit approach with a strong emphasis on early planning. We identify key financial statement components and tailor procedures to the unique aspects, size and nature of your business.

The RSM audit approach involves:

  • Obtaining an understanding of the client’s business from both an accounting and business perspective
  • Assessing the risk of material misstatements (including fraud risk) and the controls in place to prevent these risks
  • Where appropriate, testing certain identified controls
  • Selecting appropriate analytical and substantive audit procedures to obtain evidence
  • Conducting structured audit procedures to ensure that the correct conclusions are drawn
  • Forming an opinion and reporting under the applicable laws and standards
  • Communicating with management on an ongoing basis throughout the audit

 

The primary focus of the audit is the examination of the financial statements, but that is not where it ends. The audit team’s familiarity with a client’s affairs, coupled with the expertise available, enables us to provide value-added input to your business.

These include:

  • 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
  • Evaluation of new technology
  • Assessing the risk of fraudulent or other illegal activities within your company
  • Analytical examination of income and expenditure
  • Advising on compliance with laws and regulations

 

We also offer specialised assurance services including:

  • Independent reviews
  • Royalty audits
  • Inventory observation assistance
  • Special purpose reports on donor funded projects

 

The benefit of all of the above is an effective, cost efficient, independent audit, performed in a timely manner by experienced professionals.

It's more than a Fixed Asset Register

9 November 2016
My experience with fixed asset registers varies depending on the significance and complexity of fixed assets. Most entities do not update their fixed asset registers when their accounting records are updated. This is generally because the fixed asset register is a manual document maintained as an Excel spreadsheet.