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Practical view on Annual Financial Statements preparation for 2019

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Presentation on theme: "Practical view on Annual Financial Statements preparation for 2019"— Presentation transcript:

1 Practical view on Annual Financial Statements preparation for 2019
Stephan van der Merwe CA(SA) 24 June 2019

2 Self assessment questions
Q1: What risks do I need to manage? A1: Audit findings Financial audit Compliance audit Predetermined objectives audit Q2: How do I manage these risks? A2: Knowing/Assessing/Analyzing What is the rules of engagement? What have changed from last year? What is a problem from last year? What is a problem that arose this year?

3 Self assessment questions (continue)
Q3: What is the rules of engagement? A3: Audit rules GRAP vs mSCOA Laws and regulations Supporting evidence Q4: What have changed from last year? A4: Standards, Laws Audit approach GRAP Standards Amendments to GRAP 27, GRAP 12, GRAP 106 GRAP 3 Circular 68 Materiality guideline mSCOA specimen = Guideline

4 Self assessment questions (continue)
Q5: What is a problem from last year? A5: Management letter points Ensure you implemented the recommendations Q5: What is a problem that arose this year? A5: Possible risks Going concern Cash flow statement Alignment to mSCOA

5

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