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External audit is required by statute in the following cases:-
1. Botswana Companies makig a turnover of P 10 million or having assets of P 5 million in the previous financial year.
2. Societies, Unions, Co-operative Socieites and statutory corporations are required to conduct audit.
3. Trusts often have provisions governing audit.
Legal compulsion is severe in case of listed companies, banks, insurance companies and public interest entities (turnover, assets, liabilites and employees threshholds being P 300m, P 200m, P 100m and 200 respectively - any 2 should apply) because Botswana Stock Exchange and Botswana Accountancy Oversight Authority monitor compliance in this regard meticulously.
There are successful entrepreneurs who are fortunate to realise that the real value of their business is released when ownership is seperated from management. They then naturally see audit as a blessing to measure the value released out of such separation of ownership from management.
Two sets of auditors
All auditors are licenced by the Botswana Insitute of Chartered Accoutants (BICA) to conduct audit and some are additionally licenced by Botswana Accountancy Oversight Authority (BAOA) to condict audit of listed companies and public interest entities. RSM Botswana is licensed by the BICA and BAOA.
Complying with International Standards on Auditiing or RSM Global Audit Methodology is like breathing. Our distinction comes from first partner meet with the clients where we ponder to understand expectations. Our competitive edge is going beyond standards to address addtional stakeholder expectations covering other business issues.
Review Engagement is not popular in Botswana and it does not have legal backing. It is still gaining acceptance by lending institutions and entrepreneurs.
BAOA has defined audit under Legal Practitioners Act to be an Assurance engagement. UNDP and multi-national cooperative programmes ask for assurance engagements.
We outsource internal audit; we train internal auditors; we offer assurane on internal audit function to the Board.