Independent audit and assurance are not just about good governance but valuable tools for bench-marking and improving business performance.

The breach of knowledge and experience across industries and sectors ensures our firm provide audit and assurance services tailored to the unique needs of your business.

As well as meeting internal reporting requirements and statutory obligations, a robust annual audit identifies both threats and opportunities to your business or organisation .

Intelligent insight is provided and practical recommendation made. In addition to carrying out audit and assurance services for individual business and organisation, we also conduct audits on behalf of parents companies, managing and co-ordination the audit process across an entire corporate group.

Meeting Reporting Standards, wherever you do business

We have a thorough understanding of international regulations and legislation, and experience of complex reporting issues, including sarbanes-oxley and International. Financial Reporting Standards ( IFRS )

Our Audit and Assurance Services Include:

Statutory audit and review of annual financial statements A review of financial statements can serve a number of purpose, either to the entity itself or that third party, When a full-scope audit is not necessary, a review provides a cost effective alternative; when an audit is difficult to perform or the independent Auditor cannot express and audit opinion, a review can provide a basic understanding of the financial information

Our financial review service can be more flexible I scope and objectives and be tailored to specific requirement of the client.

in addition to review report can be used as an alternative to financial due to diligence report.

We have wide ranging experience in conducting statutory audits for public sector.

We are expects at auditing compliance with the public finance Management Act ( PFMA ), Municipal finance Management Act (MFMA) international Financial Reporting Standards ( IFRS ), and Performance audits.

our statutory Audit Includes:

• Financial audit
• Compliance audit
• Performance audit

Outsourcing, Co-sourcing, Internal Review and Review of Internal Controls

We bring the required skills , experience and capacity to outsourcing client’s internal audit function.

internal audits a core resource in the government process, and we draw on our firm-wide specialist skills to bring a comprehensive solution to our clients, as well as providing independent assurance on critical business process.

Full outsourcing includes the performance of all internal audit activities including risk assessment, audit planning, performance, communication/ reporting on a recurring basis.

The Client may have or may choose not to have a chief audit manager co-sourcing is when we assist with in-house internal audit functions in the execution of their internal audit plans.

Review of Internal Controls:

we perform a comprehensive review of the overall effectiveness of a client’s internal audit function.

This would typically include:

• Compliance to professional standards;
• The effectiveness and efficiency of function activities;
• Organisation, resource and skill capabilities;
• Evaluation of stakeholder needs and fulfillment of those needs; and
• Identification of strengths and improvement of opportunities that strategically position the internal audit function for on-going success.

Compilation of Financial Statements and other Financial Reports

We compile your Annual Financial Statement so that your Auditor can comply with the independence requirement of the Companies Act, 2008.

We also review financial statements that your financial management has complied.

Risk Assessment and Recommendation to Management

Assessing and managing risks can be a time consuming task. We can help you with your strategy by creating a proactive risk management system.

we will make sure that are armed against potential problems by putting the risk management procedures in place.

Compliance with laws and regulations, input into strategic planning process, proactive management proactive approach by staff rather than fire-fighting’ organisational objectives more likely to be met enhanced shareholder value Risk management is defined as the identification and evaluation of actual and potential risk areas as they are applicable to your company.

what follows is a process of mitigation, acceptance, transfer or avoidance of each risk.

As companies today are complex entities, beset by rapid change and competition, your assessment of your exposure to risk is paramount.

We make us of state-of-the-art risk management models in order to help you maintain a sound system of risk management and internal control.

Our methodology provides you with reasonable assurance that you can achieve your business objectives with regard to:

• Acting responsibly towards your stakeholders
• Reliable reporting
• Ensuring business continuity under adverse as well as normal conditions
• Compliance with the law
• Safe guarding your assets, and
• Efficient and effective operations.

Our Risk Management services include the following:

• Risk assessments
• Risk profiling – this is the identification and evaluation of the risk that impact your
• Organisation
• Risk investigation
• Risk reporting
• Development and implementation of a customized risk management process.

In today’s business environment protecting the assets, reputation and future success are priorities for boards across all industry sectors.

By successful balancing risk and control, organisations can significantly enhance the value delivered to stakeholders.

There is currently no uniformity amongst service providers as to the scope of the services they provide, or even the collective name of such services provided. Risk Assurance services may be known as “ business Risk Services”, “ Enterprise Risk Management” or simply “ Risk Assurance”.

IFRS REPORTING

We help our clients improve their IFRS financial reporting by providing them with a high quality consistent and timely IFRS Accounting Knowledge. At LBA We provide theguidance through our specialists in IFRS

Applying the accounting principles to real life situations is often difficult. Our aims are to improve our clients of the principles and then show how these are practically implemented

Sarbanes-Oxley Compliance

We provide quality audit services for organisation that require an audit for statutory or regulatory reasons.

We can also address any specific regulatory reporting requirements such as those under sarbanes – Oxley s404 for SEC registrants, including foreign private issuers.

• Compliance with regulations
• Advice on controls and processing system weaknesses
• Confirmation of accounting treatments with respect to complex transactions
• Monitoring of prospective accounting and regulatory changes
• Special-purpose audit engagements
• Independent review of externally reported information

Specialist Pension Fund Audits

Pension schemes are one of our key strategic sectors.

We have a long-establish team of pension specialist auditors and accountants delivering expertise and value to our clients. for further details contact our support team.

Performance and Value for Money Audits

Organisation are increasingly facing performance in this area but few internal auditors have in depth experience of the methodology, LBA will show you how to apply VFM techniques that will carter to your business.

Contact our Offices for more information.

Allegations of corrupt procurement, be they fact or fictional, are high risk, It’s for this reason that the Public Financial Management Act ( PMFA ) Act 1 of 1991 strongly recommends frequent performance audits – the most certain means of ensuring you operation’s integrity and that each and every resource purchased delivers on the three E’s – economy, efficiently and effectiveness.

The Benefits

Performance Audits are concerned with the audit of the economy, efficiency and effectiveness of government expenditures or spending plans, In practice, performance auditing is focused on assessing whether the organisations are doing the right things, in the smartest way.

In objectively examining your procurement systems and resources, our performance audit offers you the following benefit:

• The alignment of your resources with your procurement and performance policies and existing systems
• The Identification of areas and processes where waste and inefficiencies occur
• Assurance of your regulatory compliance
• The provision of cost-saving controls and systems
• Best-practice performance benchmarks and management processes.

In short, the certainty of knowing your resources is delivering a return-on-investment and that your procurement system are “ Corruption proof ”.

Our scope of Services depending on your Organisation’s needs, our services may include any or all of the following;

• Structuring of a performance policy
• Budgeting
• Resource management
• Monitoring and control processes
• Progress reporting
• Information to management

Best-Practice Case Studies and Guidelines from Professional Authorities

• The Auditor General’s guidelines for the planning, execution, reporting and follow-up of performance audits conducted in the public sector.
• Standards and implementation guidelines for performance auditing based on the International Organisation of Supreme Audi instruction ( INTOSAI ) auditing standards
• The SAICA guide on performance audit in the public sector.
• IIA standards.
• Generally Accepted Government Auditing Standards ( GAGAS ).

Regulatory Reports

The DTI has issued a set of revised draft companies Regulations to clarify and supplement the Companies Act and Companies Amendment Bill.

These Regulations are more explicit regarding which companies must be audited or reviewed, and by whom.

. The Regulation also introduce a new classification for companies that must be audited-the ‘public Interest score’ Companies that are not required to be audited under other sections of the Act or Regulations must calculate their ‘public interest score’ for the year to determine whether they require an audit or a review.

All companies are required to compile annual financial statements in accordance with an applicable reporting framework.

The Regulations contain a table of different categories of companies and the financial reporting framework with which they must comply.

Financial statement may be compiled internally or independently compiled and report’ by:

• An independent accounting professional;
• On the basis of financial records provided by the company ; and
• In accordance with any relevant financial reporting standards.

Our Team has a vast experience to improve your Reporting standards that will you be able to be in compliance with all the regulatory requirements.

10, Special purpose audits Special purpose audits refer to those circumstances in which the auditor is required to report on specific financial information for specific purposes to specific users, in comparison with the general audit of financial statements, special purpose audit engagements, according to the international standard on Auditing, include audit of :

• A complete set of financial statements prepared in accordance with another comprehensive basis of accounting.
• A component of a complete set of general purpose or special purpose financial statement, such as a single financial statements, specified account , elements of accounts, or items in a financial statement; compliance with contractual agreements and summarized financial statement.

BBBEE SERVICES

We have committed resources to help your business achieve maximum benefit from BEE developments in South Africa.

Adapt BEE consulting and Training services assists clients to align their BEE strategy with their business objectives and to ensure that their BEE initiatives are adding value as well as transforming their business.

Drawing from our base as chartered accountants, we are not only experienced in understanding business systems and processes but also in understanding the challenges that businesses face in the current economic environment.

. We are able to leverage extensive experience in BEE Ratings, Training & Development and Corporate Finance in Order to:

• Understand your rating and to provide guidance on how to improve that rating
• Understand your stakeholders needs and to provide customized training interventions
• Structure and implement your equity transaction to obtain the required rating.

Independent reviews

Audit of annual financial statements.

Internal audit function

BBBEE Verification services

Business risk analysis services

Our services includes:

• Tax audit
• Review for foreign exchange transactions
• Audit of contract or agreement compliance
• Audit of project funded by a non-profit or non-government organsation
• Audit of a segment or department
• Responsibility or performance audit
• Leaving-post audit
• Liquidation audit
• Internal audit
• Audit for loan purpose