Annual Financial
Statements
Our AFS compilation and review methodology is focused on providing the
client with tailored solutions to the preparation of financial statements
that are compliant to applicable legislation and other prescripts.
Who delivers it
Compliant Statements.
Sustainable Processes.
The cohesive RCA team of highly skilled, highly trained professional Chartered Accountants and field experts ensures rapid delivery of the best cost-effective solutions for our clients without compromising on quality. These personnel customise RCA’s processes to suit the needs of each of our clients, providing professional consulting expertise.
The RCA and Company Inc approach to preparing AFS is a detailed process that encompasses a wide range of activities. We streamline our AFS preparation methodology to best-fit the requirements of the client. Our approach will not only focus on ‘getting the job done’, but will also ensure that proper processes are followed.
In our reports we highlight the identified weaknesses and recommendations or improvement areas so that breaches will not recur in the future.
The proposed solutions will ensure our clients are able to perform best-practice management processes sustainably in the future. We assist both our private-sector clients as well as our national, provincial and local government clients with AFS preparation, which includes but is not limited to the services listed below.
Our offering - PART 1
AFS Preparation
Services.
01
Examination of financial statements
02
Financial statement preparation
03
Identification of ineffective processes or operational deficiencies
04
Analysis and understanding of your financial records
05
Identifying key areas for improvement
06
Assessment of business risks and business process economy, efficiency and quality
07
Assessing the risk of fraudulent or other illegal activities within your company
08
Analytical examination of income and expenditure
13
Advising on compliance with laws and regulations
14
Assist with responses to queries and the Auditor-General’s report on annual financial statements.
15
Annual financial statements tailored for our public sector clients
Year-end support
GRAP-Compliant AFS
For The Public Sector.
As part of our year-end support, we assist our public-sector clients with the review, compilation and preparation of GRAP-compliant Annual Financial Statements. Our services include but are not limited to the following.
Our offering - PART 2
Public-Sector Year-End
Services.
01
Preparation of accounting policy documents aligned with current-year GRAP amendments.
02
Support for GRAP, mSCOA and new ASB Accounting Standards in line with National Treasury guidelines.
03
Preparation of GRAP-compliant AFS with linked supporting balances and amounts.
04
Advise and assist the municipality where records are insufficient for disclosure.
05
Drafting responses to informal queries, management letters and Auditor-General reports on the AFS.
06
Compilation of the audit working file.
07
Ensuring the financial statements balance to the system-generated trial balance.
08
Any other actions to enhance quality prior to submission to the auditors.
09
Ensuring prior-year Auditor-General queries are correctly addressed in the current AFS.
10
Reconciliation of all Financial Performance items.
11
Aligning current budget structures to GRAP and mSCOA requirements.
12
Transfer of skills to municipal officials in line with the scope of work.