RSM Botswana

Audit & Assurance

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External Audit

Basically, non-exempt companies and public interest entities require audit in Botswana.  Auditors have to follow International Standards on Auditing and no other Standard.

Non-exempt companies are formed under Botswana Companies Act having achieved a turnover of P 10 million or more (USD 1 = 9.70 Pula - In February 2018) or held assets of P 5 million or more.

Public interest entitities are listed companies, banks, insurance companies and large unlisted companies and include body corporates owned by the Government of Botswana.

Large unlisted companies fulfil 2 of the 4 criteria being minimum (1) turnover of P 300 million (2) assets of P 200 million (3) liabilities of P 100 million and (4) 200 employees.

These non-exempt companies and public interest entities have to present their financial statements under International Financial Reporting Standards.

Certain non-companies for example those entities formed under the Societies Act or Cooperative Societies Act or Trade Union Act require audit.  Trusts, partnerships and soletraders (for which there no specific law exists in Botswana) often choose audit voluntarily to add credibility to their financial statements.  These entities should use BICA-GAAP standards meant for micro and small entitities for all practical reasons. 

RSM Botswana is licensed by the Botswana Institute of Chartered Accountants (BICA) to conduct external financial audits for non-exempt companies, societies, cooperative societies, trusts, partnerships and soletraders.  RSM Botswana is also licenced by Botswana Accountancy Oversight Board to conduct audit on public interest entities.

How do we conduct External Audits Differently?

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 expectations.  We also exchange our expectations with theirs.  We discuss the additional expectations and achieve them either by expanding the audit methodology to save costs or by recommending additional assignments to other divisions after complying with independence requirements.  These meetings often result in mutual learning.  We may issue reports in addition to management letters.  We celebrate conclusion of value-adding audit in our exit meetings.  Our audit teams understand client expectations on the one hand and ethical requirements on the other hand.  We understand how to achieve both without affecting any.  This is often possible in RSM because of close guidance by partners.

In short, our competitive edge is going beyond standards to address addtional stakeholder expectations covering other business issues.  Of course, we train clients free of cost to deliver the audit pack according to our requirements so that we are able to meet our deadlines.

Review Engagement

We conduct review engagements in accordance with International Standards on Review Engagements, although there is no legal requirement for this engagement in Botswana.   We educate every entity (like Trusts or Societies or Unions) for which audit is not compulsory to choose review engagement to get the benefit of external review of financial reporting functions and to add credibility to the financial statements.


We carry out assurance engagements on your special purpose or compoenent financial statements, in accordance with International Standards on Assurance Engagements, although there is no compliance requirement in Botswana.  Botswana Institute of Chartered Accountants have formally agreed with the Law Society of Botswana that the audit as required by the Botswana Legal Practitioners Act on the Trust Accounts administered by the attorneys in practice falls under International Standards on Assurance Engagements (IASE 3000).

Attest work

We carry out attest work and audit work as required by Botswana Laws and regulations.

Internal Audit

We conduct internal audits with a specific objective for a specific period or we outsource internal audit function.  For clients having internal audit department, we are asked to build capacity in various forms from on the job training to working with clients' internal audit staff.

Is Audit a Value-Add?

9 January 2019
When one thinks of audit and adding value, one thinks of the recommendations that an auditor makes to the management.  We will not dispute this fact.  What we are saying here is that even if an auditor were not to make such recommendations, audit in itself and by its very nature would add value.  In other words recommendations given to the management is onl

IFRS 15 Revenue from Customer Contracts

7 January 2019
PRACTICAL TIPS TO RECOGNISE REVENUE FOR YOUR 2018 FINANCIAL STATEMENTS   2018 has come and gone. We are now in 2019 and preparing to close the 2018 books in order to produce financial reports for the 2018 financial year ending 31 December 2018 (or starting in 2018 and ending in 2019).   

How can we help you?

Contact us by phone 267 3912805 or submit your questions, comments, or proposal requests.

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