An independent audit of financial statements contributes to user confidence, good corporate governance culture and therefore to the effective functioning of capital markets.
Our audit approach is a risk based audit methodology (that is in compliance with International Standards on Auditing (ISAs) and is regularly updated for new technical pronouncements and guidance on best practices), we offer a tailored audit approach with an emphasis on early planning and understanding how your business operates. This enables us to identify key audit risks and business risks and tailor our audit response to the unique aspects, size and nature of your business.
Our skilled and diligent professionals work in collaboration with client executives, board of directors, regulators, Auditor General and academics to understand the changing business environment.The benefit to the client is an effective, cost efficient, value-added independent audit, performed in a timely manner by experienced professionals.
Key components of the audit include:
- Identification and focus on key audit risks;
- Resolution of audit findings with management and audit committees;
- Complete audit assignments within agreed time frame;
- Communication with the board and management throughout the audit process; and
Provide constructive management reporting to highlight identified business risks and risk management practices thereof, weaknesses in internal control environment and corporate governance practices and the recommendations thereof, and the identified business value addition opportunities.
- International Financial Reporting Standards
We offer a wide range of International Financial Reporting Standards (IFRS) services with the benefit of practical experience accumulated from working with clients on IFRS issues over a number of years. In addition to accounting experts, our IFRS team comprises business valuers, corporate financiers and those with industry-specific knowledge, who provide proactive, practical and timely responses to your IFRS queries.
To help meet your IFRS needs, we have established the IFRS Champions who meet to discuss leading edge developments on IFRS and to share experiences arising from their IFRS work.
IFRS services include:
- IFRS conversion projects;
- Advice on adapting processes, data, and systems for IFRS;
- Technical accounting advice and support tools;
- Due diligence in an IFRS environment;
- Review of IFRS compliant financial statements;
- IFRS technical assistance and training;
- Industry specific IFRS technical advice and support tools;
- Valuation and impairment testing; and
- Assistance in the preparation of IFRS accounting manuals IFRS compliant statements and implementation.
- Integrated reporting
An integrated report is a concise communication about how an organization's strategy, governance, performance and prospects lead to the creation of value over the short, medium and long term.
The primary purpose of an integrated report is to explain to providers of financial capital how an organization creates value over time. It therefore contains relevant information, both financial and other. An integrated report benefits all stakeholders interested in an organization’s ability to create value over time, including employees, customers, suppliers, business partners, local communities, legislators, regulators and policy-makers.
Our integrated team will help you identify material financial and non-financial information to enable you report how your organization creates value over time. By bringing us to the table, we will aid your transition to integrated reporting through formulation and development of customized recommendations that are innovative and effective.
- Risk management
Organisations can face a wide range of risks that may jeopardise their ability to achieve their objectives. The consequences of inadequate or failed internal processes, people and systems or of external events should not be underestimated and can have a devastating effect on a business. It is a business necessity to put in place frameworks, processes, controls and provide training to manage risk by minimising the occurrence and effects of events and threats faced by an organisation.
Ultimately effective risk management will:
- improve the identification of opportunities and threats
- further develop the governance and control frameworks within a business
- help organisations operate efficiently and contribute to improved performance
- aid decision making and planning by accounting for uncertainty and assessment of actions that may or may not be taken
We provide a full range of risk management services that have been designed to manage and mitigate your exposure to risk. Our professionals work with organisations of varying sizes, across all market sectors on the two main components commonly used to assess risk; impact and probability. Taken together they give an assessment of risk ‘exposure’, i.e. how much we can expect to suffer as a result of unwanted and unplanned events.
Our professionals have market and sector knowledge that, combined with specialist technical experience and a leading edge approach to risk management processes, ensures they remain at the forefront of implementing new approaches to risk management.
Risk management services include:
- Co-sourced and outsourced internal audit;
- Fraud prevention, investigation and forensic accounting services; and
- Enterprise Risk Management (ERM) consulting.
- Internal audit
Successful organisations recognize that an effective internal audit service can make a very positive contribution to the management of risk and the smooth operation of the business.
Maximising the value and effectiveness of the internal audit function requires an understanding of an organisation's objectives, risks, risk management priorities, regulatory environment, and the diverse needs of critical stakeholders including executive management, the board, employees, and shareholders. Ultimately, these needs determine the risk profile of the organisation and the strategic focus, organisation, resources and practices required of its internal audit department. We can assist organisations that need help improving the quality and effectiveness of their internal audit processes in a number of ways.
First, by advising and assisting in the development of internal audit and risk management methodologies, including assessing whether the internal audit function is delivering effectively to stakeholders.
Second, by providing internal audit resourcing solutions, including full outsourcing or complementing in-house functions with specialist skills or geographical coverage.
In addition, we can develop training for internal auditors using our extensive market and industry knowledge to create highly-tailored solutions.
- Advising your management team to develop workable internal controls that enhance the control environment;
- Providing advice on how to implement an effective and secured internal control environment;
- Advising on how to manage core operational risk, especially those related to the reliability of business operations;
- Assisting with linking operational strategies and risk performance measures to business goals;
- Assisting with change management and business awareness processes by helping make the transition from existing practices to more efficient and focused approaches through training and assisting of staff in the development of new skills; and
- Evaluating the key structures, dynamics and processes required to underpin effective corporate governance.
- Enterprise Risk Management (ERM) consultancy
The effective introduction, implementation and embedding of risk management systems within an organisation’s own strategic and operational decision-making processes is essential for an organisation's success. We have professionals who specialise in enterprise risk management and can provide the following services and solutions:
Risk Management Policy & Strategy
As the culture of understanding and embracing risk management increases, so does the expectation and requirement for organisations to adopt appropriate policies and strategies. Our firm can assess your operations and controls to help you determine your organisational risk appetite and maturity, introduce a risk management framework and understand the risks your organisation is facing. We can prepare a risk management strategy with policies covering your people, your computers and information systems and internal control procedures and security.
Risk Awareness Training
If a risk management strategy is to be truly successful, organisations must embed a risk management philosophy throughout the organisation. Consequently, board members and senior management must understand and buy into risk management to drive forward a risk enable organisation. As risks start to be devolved and managed at departmental and divisional levels it is imperative that all those involved in the process are fully trained on what is expected of them.
The risk management specialists within our firm can provide management training to meet the specific needs of your organisation.
Risk Identification & Evaluation
Organizations are increasingly being expected to demonstrate that they have effectively evaluated the risks they are exposed to and have put into place appropriate controls to try to prevent the ‘worse case’ scenarios becoming a reality. Our firm will work with you to identify the risks you face and evaluate their potential threat to your organisation. Areas covered include your staff, internal systems, technology and security.
Fraud prevention, investigation and forensic accounting services
Global surveys have shown that crime against businesses is increasing and is therefore an issue that every organisation large or small should be addressing. The impact of business crime can include major financial loss, compliance and regulatory infringement and even criminal proceedings.
In addition to fraud and crime, organisations are also experiencing disputes and professional negligence claims. Clearly these are of serious concern and should be tackled in an expert, factual and concise manner.
Risk management professionals in our firm can provide investigative solutions to meet the legal standards required for criminal prosecutions, civil recovery or disciplinary sanctions. With experience in many diverse areas including advice on fraud risk reduction and fraud prevention, money laundering, whistle blowing referrals, theft, surveillance and corruption, they provide proactive and reactive solutions to your most difficult fraud related problems, whatever they may be.
Fraud prevention and investigation and forensic professionals are involved in many civil and criminal cases, utilising accounting, auditing and investigative skills, relevant to Namibia, when conducting an investigation.
Our firm's forensic accounting teams look beyond the numbers, deal with the business reality of the situation and deliver their independent opinion in clear terms. They provide an expert forensic accounting service to organisations and professional advisers throughout Namibia.
Fraud and forensic accounting services include:
- Fraud prevention and investigation;
- Corporate integrity and security arrangements reviews;
- Assessment of loss of profit and earnings claims;
- Quantification of commercial claims;
- Valuation of businesses including partner and shareholder disputes; and
- Royalty and licensing audits.
Companies today face a myriad of complex business challenges. It is not always possible to keep your senior managerial team trained with the breadth of experience and skills necessary to develop and implement effective improvement strategies. In many situations, it is commonplace to look externally and source the required skills on a short, medium or long-term basis.
Our firm’s business consultants provide a comprehensive range of services in the areas of financial management, operations, performance efficiency, strategy and technology consulting.
Our members have vast experience across many market sectors. They offer a customised approach to their services that is based on your needs combining in-depth industry knowledge, based on effective and rigorous methods of operation and a longstanding commitment to growing companies.