In the past we have carried out very large “accounting assistance” assignments for companies & parastatals. Demand for this type of service was re-current in the periods when accounting was done manually (or predominately manually) and staff capacity was extremely low. As a result many book-keeping systems were deficient in many respects such as: –
- • Incomplete recording of transactions, Journals & Sub-ledgers.
- • Erroneous book-keeping and capitalisations.
- • Un-reconciled situations especially between control accounts & sub-ledger aggregates.
- • Failure to reflect the Standard Accounting Practices and Disclosures.
- • Wrong accounts computations, provisioning, allocations, apportionments, transfers, valuations, rates application etc.
- • Deficient interpretation of contracts, Import Documents/Taxation effects etc.
- • Wrong us accounting of current assets resulting in working capital management problems.
In recent years the quality of financial and cost accounting has considerably improved but deficient situations still occur whenever staff capacity problem’s exist or where there is a temporary break-down in the existing system and facilities e.g. EDP facilities, or where clients find it is not commercially viable to employ a full-time Accountant.
Furthermore, new complexities have come-up in Financial Reporting; these entails application of the IFRS, compliance with sophisticated Corporate Laws and other demands such as Sarbanes-Oxley rules and other new reporting practices.
The Firm provide a high standard of Accounting Services to ensure that clients receive the best possible advice and comply with the requirements of the various statutory authorities. For this purpose we use the latest computer applications, we provide timely and reliable financial reporting reflecting the International Standard of Financial Reporting.