Practical Implementation

AFS Compliance & Disclosure Review

April 28, 2018

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We can assist with AFS review support to entities on IPSAS (Internatioanl Public Sector Accounting Standards),  Modified Cash Standards (PFMA entities) and GRAP (South African Schedule 3A & 3C entities, Municipalities, certain Legislatures, Constitutional Entities, FET Colleges, etc.) as part of their year-end Annual Financial Statement processes, e.g.:

AFS Quality review

We will do a quality review of the AFS of your entity to assess compliance with the GRAP / IPSAS standards. We will:

  • Review the AFS to determine whether all relevant disclosures have been made;
  • Report to management on what to adjust in the AFS to be GRAP / IPSAS compliant;
  • Provide you with a GRAP  / IPSAS disclosure checklist as supporting documentation;
  • Prepare a report for use at the Audit Committee.

The compilation of the above-mentioned review is divided into the following 3 activities:

  1. Obtaining the relevant documentation/information from the entity;
  2. Analysing the documentation/information obtained;
  3. Presentation of a one day workshop on the review findings and the presentation of a report to management on what to adjust in the AFS to comply with the GRAP / IPSASstandards.

We can also assist with the GRAP / IPSAS -compliance and quality review of your Asset Register.