Practical Implementation

AFS Compliance & Disclosure Review

April 28, 2018

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.