As auditors, we strive to express an independent opinion on financial statements providing clients with reasonable assurance that their financial statements, in all material respects, reflect the results of their operations and their financial position.
1. Financial Statements Audit
The purpose of a financial statement audit is to add credibility to the reported financial position and performance of a business or entity. Our tailored audit services can help you build trust and confidence through transparency, clarity and consistency. HLCA audit teams include experts in both International Financial Reporting Standards (IFRSs), Generally Accepted Accounting Practice (GAAP) and are uniquely placed to deliver high quality audits which are responsive to our clients’ needs.
Regular internal training interventions and various communications from the IRBA as well as SAICA relating to the profession ensure that all our staff are up-to-date with new developments and are equipped with the latest tools to deliver professional excellence to our clients at all times. We tailor the audit engagement to the needs, size and complexity of our client’s organisations, as such, we can line-up a multidisciplinary team of auditors with deep sector knowledge, relevant sector experience and cultural diversity to suit individual business needs. Using proven methodologies, we have the capability, technology, capacity and the experience to resource any audit engagement with distinction.
2. Agreed Upon Procedures
Our experienced audit teams perform agreed-upon procedure engagements in accordance with the standards governing our profession.
During an agreed-upon procedure engagement our qualified auditors offer insightful counsel and collaborate with clients to agree upon the set of procedures that will need to be followed based on the client’s needs. This could relate to a financial statement component or another written assertion.
These procedures cover an agreed upon aspect of the client’s business information, rather than their whole financial statements. Our auditors perform the procedures and report the results on a factual basis and do not express an opinion or negative assurance. Instead, the report is in the form of procedures and findings.
Agreed-upon procedures are a recommended business practice in circumstances such as:
• Evaluating mergers or acquisition
• Litigation preparation
• Determining internal controls in particular areas to evaluate whether they are operating as prescribed
• Compliance reviews against prescribed laws and regulations
3. Financial Review Engagement
Financial statements provide the required information in a usable format to assist businesses make well informed decisions. A review engagement is another form of assurance that can meet the needs of some businesses particularly SMEs without putting undue strain on time and other resources.
A review is a limited assurance engagement; it provides less assurance than an audit. It may help businesses that require some level of independent assurance to increase the credibility of their financial statements, for example, when seeking a loan from a bank. In these cases, a review can be an ideal solution.
4. Integrated Reporting
Many organisations now recognise that integrated reporting is not a single event but a process that evolves and impacts a number of organisational aspects including culture, systems and processes, as well as stakeholder interaction.
It is essential that reporting entities stay abreast of the evolving Integrated Reporting Framework (especially Quality and Content guidance).
5. Sustainability / Integrated Reporting
We understand that sustainability – the ability for something to last for a long time, or indefinitely is a fundamental guiding principle within modern organisations.
In today’s times, businesses have to think about the holistic impact their organisation will have on future generations. The King Code of Governance Principles (King III) recommends an integrated report that reflects the reality that business strategy, risk, performance and sustainability have become inseparable. As such, sustainability reporting can help organisations measure, understand and communicate their economic, environmental, social and governance performance.
Our team of advisors can assist you in establishing a holistic and integrated representation of your company’s performance in terms of how the organisation impacts on the environment and community in which it operates and vice-versa.
Sustainability or Integrated Reporting Services:
• Guidance on risk management relating to sustainability issues
• Sustainability report workshops
• Assess existing information systems and provide recommendations to collate and record data for performance indicators
• Independent third party assurance on sustainability reports.
