Audit | Compilation
Audit | Compilation
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.
Tax pervades every part of our lives, both business and personal. We provide taxation services that are practical, relevant and focused on our clients’ specific business and personal requirements, whatever their size or industry. At RSM you have access to senior experts who are dedicated to finding the best possible tax solutions for your business.
When assessing your tax needs, it is no longer acceptable to merely focus on local laws and regulations. We are living in an age where there is regularly some form of international exposure in a transaction, be it on a personal scale or within a business structure.
We are ideally placed to address these aspects, offering taxation advice from both local experts and RSM member firms across the world. RSM specialise in working with organisations that require in-depth, up-to-date knowledge of local rules together with seamless co-operation between tax professionals in different jurisdictions.
Our objective is to ensure our clients comply with the relevant legislation while at the same time striving to minimise their tax liabilities where possible in an efficient and practical manner.
CORPORATE TAX SERVICES
To enable your business to grow, it’s important to handle tax requirements correctly. Inadequate management of tax can lead to financial loss and other serious consequences. At RSM, our team provide bespoke tax assistance that is designed with your business’s unique requirements in mind. We offer expertise in tax compliance, international tax, VAT and payroll tax and both indirect taxation and direct taxation.
PERSONAL TAX SERVICES
We also provide personal taxation services for families and individuals who require specialist advice. Keeping up to date with the latest rules and regulations can be time-consuming and challenging. RSM are here to help you adequately plan and manage your personal tax. We can assist you with completing annual tax returns, ensuring compliance, communicating with the taxation authority and processing registrations and applications. We also offer taxation advice for international tax structures, the implications of immigration and emigration, as well as taxation of expat workers.
We provide a comprehensive range of legal advisory services to our local and international clients. Using a multidisciplinary approach, we provide holistic solutions to their business requirements, focusing on legal commercial requirements. This, in turn, involves our other service offerings such as tax, accounting, IFRS and corporate law.
Our clients appreciate our personal involvement in every aspect of their business, and the fact that we go that extra mile to ensure that we’re with them every step of the way. Our international footprint also allows us to work seamlessly with multi-national organisations to ensure compliance. Our key legal commercial services include:
MERGERS & ACQUISITIONS
RSM’s team supports shareholders, management teams and other interested parties with advice based on their unique goals and circumstances. This includes analysing the risks, threats and opportunities of any merger or acquisition.
We have been involved in a number of high profile and successful mergers and acquisitions in the engineering, beverage, shipping, manufacturing, agriculture, pharmaceutical and chemical sectors.
We provide specialist legal advisory to boards and other stakeholders on the best structures to revive their businesses. We place an emphasis on understanding the needs of the business, the people and its values. We then work together to ensure the most appropriate option is taken to deliver the best results for the business. This includes ownership structures, divestment, business reorganisation, turnaround management, business reviews and new business formation.
Our multidisciplinary approach will ensure that all implications of the restructure are considered. Through our international network we are also able to operate seamlessly on a cross-border level.
BROAD BASED BLACK ECONOMIC EMPOWERMENT TRANSACTIONS
The B-BBEE framework is by no means simple, with numerous unintended consequences awaiting entities that do not understand the framework, or do not correctly implement it.
Our skilled staff keep up to date with the latest B-BBEE rules and regulations, and are therefore well placed to offer legal advisory on all aspects of B-BBEE for both local and international clients.
We understand that a variety of factors and tensions come into play when dealing with complex transactions. Our highly experienced team provide advice that is sound, practical and innovative.
ESTABLISHING SOUTH AFRICAN OPERATIONS
We assist international clients to set up business operations in South Africa, including deal structuring and negotiating transactions, as well as drawing and finalising the legal commercial agreements.
The trust specialists in our legal team will handle the drafting of the trust deed to meet your objectives and the requirements of the Master of the High Court. In conjunction with our Trusts Department, we will provide you with expertise on the appropriate structure of the trust, including the tax implications and ongoing administration.
VARIOUS OTHER TYPES OF COMMERCIAL TRANSACTIONS
As experts on the Companies Act and Corporate Governance, we regularly offer legal commercial services on:
- Memorandum of Incorporation
- Shareholder Agreements
- Companies Act Compliance “Health Check” for Boards of Directors
- Board Charters
We also advise our clients on regulatory compliance in terms of the Companies Act, the Competition Act, and other legislation applicable to their business, including Exchange Control.
Are your defences fully aligned and ready to protect your company against business threats? There are a number of risks that businesses face today, including cyber-attacks, ineffective governance and data loss. So it’s critical to implement appropriate risk management strategies to protect your employees and your systems. This will allow your business to achieve its objectives, thrive and grow.
At RSM, we offer a range of effective and efficient risk advisory services. Our market and sector knowledge, specialist technical experience and forward-thinking approach to risk management ensures we implement the right solution for our clients. We are also a trusted partner in various African countries for all risk management services.
Our knowledgeable and experienced team offer risk management consulting across a range of key business functions. Our services include IT risk advisory and assurance, determining governance compliance, undertaking forensic investigations, data analytics interrogation and establishing SOX compliance. This allows us to determine any potential risks to your business and the maturity of them.
From here, we work collaboratively with you to implement risk management solutions designed specifically for your business. This may include developing business continuity plans, enhancing internal controls and providing training for you and your employees if required.
Our risk advisory team may also undertake an internal audit of your business, either alongside your internal team or independently. We work in line with the International Professional Practices Framework (IPPF) to perform audits, from planning right through to reporting to the Audit Committee. Your management team will then be given risk management solutions and strategies to help your business improve.
Our Risk Advisory services include:
- Risk assessments and general risk management consulting
- Internal audit
- SOX compliance reviews
- Information system assurance and advisory
- Governance and regulatory compliance
- Forensic investigations
- Broad-Based Black Economic Empowerment consulting
- Donor funding audits
- Data analytics
- Guidance on and facilitating access to relevant software programs
- Customised training to assist your business
- IT consulting & special projects
Outsourced accounting | Payroll
It is critical for any business to adequately manage their finances. However, it can be challenging to remain cost-effective and operate streamlined processes while navigating the complex maze of legislation. Outsourced accounting often helps organisations to better manage costs, access more detailed reports and analysis, utilise the best accounting technology and give time back to senior management for other essential activities.
RSM’s outsourced accounting services can help to improve your company’s finance function. Our staff have a breadth of knowledge and experience in providing specialist financial advice across a range of industries. Whether you work nationally or internationally, we can ensure your business is compliant with all relevant rules and regulations, thanks to our global connectivity. Our accounting services extend to large international and multi-national companies, South African focused entities and small private companies and trusts.
Our team will work collaboratively with you to understand the unique aspects of your business and any challenges you may face. This allows us to develop accounting and payroll solutions that best suit your needs.
All solutions are fully flexible and scalable to integrate seamlessly into your current business operations. You can choose to have a strictly internal model, a co-dependent operation or a completely outsourced accounting function. So whether you’re looking to outsource your payroll services, entire accounting faculty or need assistance with a specific project, RSM can offer the appropriate package.
We work closely with the Tax, Corporate Statutory Services and Review Departments to provide a range of outsourced accounting and payroll services. These include:
- Preparation of monthly management accounts
- Reporting packs
- Audit packs
- Assistance with preparations of budgets
- Budget monitoring
- Preparation and reconciliation of accounts receivable and accounts payable
- Preparation of requisitions
- Processing of payment of accounts
- E-filing process for VAT and employee tax returns
- Management of payroll services
South Africa’s first democratically elected government was elected in 1994, with a clear mandate to redress the political, social, and economic inequalities of the past. The framework of laws and regulations put in place to re-balance the past economic wrongs is known as Broad-Based Black Economic Empowerment (“B-BBEE”).
The B-BBEE framework is by no means simple, with numerous unintended consequences awaiting entities that do not understand the framework, or do not correctly implement the framework.
Our skilled staff stays abreast of the latest B-BBEE rules and regulations, and by so doing we are well placed to advise on all aspects of B-BBEE, for both local and international clients.
This advice includes:
- Advising and structuring complex ownership structures and funding models (including employee share trusts) and Equity Equivalent Programmes
- Calculating the client’s indicative B-BBEE rating using our Assessment Tool©, in order to assess whether there are any shortfalls pre the rating, and addressing such shortfalls
- Assisting with compiling the information for the rating pack that goes to the rating agency, and liaising with the rating agency throughout the process to ensure optimal scoring is achieved
- Perform a GAP analysis at any stage of the process to identify possible interventions that could improve the rating
- Developing a longer term B-BBEE strategy for the client in order to achieve a better rating going in the future. Such strategy will take all of the elements into account, with particular attention to the Priority Elements of such as Ownership, Skills Development and Enterprise and Supplier Development
- Providing training in aspects of the B-BBEE framework, including how and where the framework will impact on the client’s business