Audit Readiness MFMA GRAP Checklist AFS Year-end Plans Audit File Contents Audit Readiness AFS Year-end Plans Audit File AFS Review Process MFMA GRAP Checklist

Purpose The determination of quality set of financial statements culminates fair presentation of financial statements, compliance the generally recognised accounting practice (GRAP), review of financial statements prior submission to the Auditor-General, good recordkeeping practices and good management oversight.

Audit Readiness Annual Financial Statement Year end Plans Committing to targeted date for submission of information. Cut-off dates for processing of invoices. Timely closure of financial system. Accurate Year-end balances i.e. Reconciliations, depreciation and Losses etc. AGSA point of entry

Audit Readiness Audit File Audit file contents Year-end journals supporting documents Completed asset registers Donations/gifts registers SCM Contract Registers Supporting schedules and documents for Fruitless, Wasteful, Unauthorized and Irregular expenditure.

Audit Readiness The type of information which should be included following previous years’ audits is provided in Annexure A of MFMA Circular 50.

Commit to set dates for first draft AFS. AFS Technical Review Commit to set dates for first draft AFS. Enhance the quality of AFS by requesting audit committee, Internal audit function, and independent bodies to reviewing the draft set of AFS. Lastly, review the organization’s internal control structure. National Treasury issued updated GRAP Disclosure/Compliance Checklist 2018.

Website for More Information Available of NT website https://oag.treasury.gov.za The full list of GRAP Standards is available on ASB website www.asb.co.za Xolani Ndlovana Municipal Financial Accounting and Auditing Tel: 011 241 0619 Email: xolani.ndlovana@gauteng.gov.za