Becoming a good corporate citizen
ORCA believes that the independent audit committee fulfils a vital role in corporate governance. The audit committee can be a critical component in ensuring quality reporting and controls, as well as the proper identification and management of risks.
At ORCA we have competent assessors and reviewers to offer you a comprehensive corporate governance review in compliance with the King Report on Corporate Governance, 2002.
- Do you have an optimal board composition in terms of effectiveness, skills and capacity?
- Do you need to develop a board charter? Or would you like to develop a training programme according to your board members’ level of need?
- When were the board committees last evaluated?
- Are assessments on the effectiveness of the board and all its committees carried out on a periodic basis?
Facing the challenges
- Do you need to set up performance agreements and assess and train your employees on the requisite skills to be able to meet all of these requirements?
- Are your management performance agreements aligned with those of the organisationand employees?
- Do you want to invest in your people by equipping them with in-depth knowledge of the acts and regulations that affect them?
State owned enterprises, local; provincial and national government entities are expected to comply with standards, regulations and laws to satisfy their stakeholders and general public. PFMA, MFMA, National Treasury Regulations and recommendations of King II are some of the major issues that need to be taken into account by these bodies in order to ensure good corporate governance and match best in class organisations.
We are available to assist your organisation to face these challenges.
Enforcing corporate moral regeneration
- Would you like to know how many of your employees are “illegally” engaging in business activities competing with yours, using your time and resources, directly or through “related parties”?
- Would you like to set up a forensic unit or do you need specialist skills to fill gaps?
- Are your forensic auditors reluctant to engage management and ask hard questions through fear of victimisation and subsequent threats to their career?
Sadly, corruption and fraud perpetrated by extensively networked individuals, and using highly researched methods is a norm in our society, as well as globally. South Africa loses billions of rands a year to these crimes. Fortunately, “every criminal makes a mistake”.
You will find our forensic audit expertise invaluable in identifying any possible areas of fraud. We will help you review or independently conduct the necessary investigations..
Improving skills and competence
- Have you set up and properly analysed key performance areas and indicators and appraisal systems to align with them?
- Have you designed a training plan to match development needs and career path of your staff?
- Or are you only looking for specially designed training intervention to suit your needs?
Continued professional development requires that professionals should maintain and improve their competence through continued training. South African labour law requires that employees judged to be incompetent should be trained to become competent in performing their tasks.
Our experienced trainers will perform these analyses for you, develop comprehensive training plans and ensure that your employees have received the necessary training to perform their
Filling the gaps
- Have your CFO, FM etc. resigned and you need to keep the business afloat or do you have a backlog of reconciliations that need to be done?
- Are those external audit findings that led to disclaimers or qualified opinions still not resolved and the auditors are due back again?
- Are your staff members not coping and you just do not know why, or do you need a simple transfer of skills through on the job training?
- Are your preparations for a JSE listing dragging on forever?
Our experienced accountants and auditors are available to help you with these challenges. We will fill the gaps and let you concentrate on getting your business back on track.
Financial statements – accounting choices
- What are the significant judgement areas (provisions, reserves, contingencies, asset values, note disclosures) that impact the current-year financial statements? What considerations were involved in resolving these judgement issues? What is the range of potential impact on future reported financial results?
- What is management’s view of unrecorded or “waived” adjustments raised in connection with the annual audit? Why were these not recorded?
- Are there any significant year-end issues that may reflect on the credibility of interim accounting and reporting practices? Are there year-end adjustments? How can management avoid such adjustments in the future?
- What issues or concerns exist that could adversely impact the future operations and/or financial condition of the organisation? What is the plan to deal with these future risks?
- What is the overall “quality” of the organisation’s financial reporting, including the appropriateness of important accounting principles followed by the organisation?