Audit and Assurance

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 tailored audit services 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 Methodology 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 financial statements, but that is not where it ends. The auditing team’s familiarity with a client’s affairs, coupled with their expertise, enables us to add value to your business. This includes:

  • 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 the above is effective, cost-efficient, independent auditing services, performed in a timely manner by experienced professionals.

Read more about our audit methodology

Audit & Assurance insights

Spreadsheet risk and how to minimise this

7 April 2022
The audit environment or function often requires analysing of large amounts of data to complete the tasks at hand. Data analysis is a tedious task to perform, especially if it must be done manually. Fortunately spreadsheets are there to eliminate the monotonous task of analysing data.

Another growing concern in Covid Times

5 August 2020
The “going concern” principle has been one of the fundamental concepts in the preparation of any financial statements for as long as most of us can remember.

NOCLAR - Not just for auditors

12 July 2017
Auditors, especially in South Africa with its “Reportable irregularities” requirements, are painfully aware of their duties to report irregularities. These duties are well defined in the Auditing Professions Act, International Standards on Auditing, etc.

Review or Audit - The differences explained

25 September 2015
Before 2008, all companies had to be audited – irrespective of size, shareholding, etc. The Companies Act 2008 is more flexible.

Related people

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Head of Audit

 

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International Financial Reporting Standards

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Video Insights

The role of the auditor

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The auditor's responsibility regarding fraud

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