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Financial Auditing Services
Our financial auditing services are designed to increase business efficiency by assessing risk and evaluating control systems and procedures. Drawing on our experience and specialised understanding, we are able to gain a holistic and unique insight into industry best practices and benchmarks. By partnering with BVA your business will stay abreast of legislative changes and be able to maximise your business potential. We add value and a desired level of assurance so that your business can grow.
An audit is required in circumstances where it is required by the MOI or per the specific requirements as set out in the companies act. An audit is an independent opinion given by a Registered Auditor, in terms of International Auditing Standards. Auditors are regulated by the IRBA (Independent Regulatory Board for Auditors). The IRBA requires auditors to apply the highest professional standards and ethics, as required of the profession.
Benefits of a voluntary audit
The audit process can add credibility to the Financial Statements and provide businesses with assurance on the fair presentation and adherence to the International Financial Reporting Standards
The audit process can uncover errors in the accounting system that would impact on the ability to make the best business decisions
The audit process will provide a level of comfort that the company has met its legal and tax obligations
The Auditor’s Report provides the reassurance investors require before risking their capital and, in many instances, is a requirement before funding can be obtained
The audit process includes a detailed risk assessment and an evaluation of the internal control environment. Shortcomings in this environment can be identified, reported and amended accordingly
Frequently Asked Questions
Q. What common mistakes are detected during an audit?
- Insufficient control over the financial process as a whole
- Misstatement of accounting reports relating to receivables and payables are distorted (increased or decreased)
- The Company does not accrue the necessary reserves – provision for doubtful accounts, provision for impairment of tangible assets
- Companies accrue a deferred tax asset in the reporting of tax losses without assessing the possibility of using the asset
- Incorrectly determined date of posting tangible assets when importing goods
- Companies do not reflect as part of fixed assets those assets for which ownership has not been transferred
- Companies do not reflect expenses in accounting before obtaining primary documents from suppliers
- Companies pay a bonus to the head without the written approval of the owner
- Companies do not reflect in income fines and penalties awarded by a court
- Non-adherence to laws and regulations
Q. How long does a tax audit take?
Audits may last from several days to several months and will vary in length depending on an area’s size, complexity, availability of resources, and the specific audit objectives. Not all the time devoted to the audit will be evident to you because of the amount of preparation, analysis, and related work needed to document the effort. The auditor assigned to your unit will give you an estimate of the time needed to complete the audit at the planning meeting.
Q. What information is Auditors allowed to access?
Auditors is allowed to access all information relating to a company. Organize your financial documents so the auditors can easily access records and get a clear view of your business. Organize records chronologically.
Bring financial records like bank statements, credit card statements, receipts, invoices, and journal entries. Your auditor will use the records to test for accuracy and discover errors. The more information you provide and the more organized you are, the faster the audit process.
