This service includes the provision of an audit report to our clients. The Audit Report gives an opinion as to whether the financial statements have been prepared in accordance with the applicable framework ( IFRS, IFRS for SMEs, US GAAP, PFMA, MFMA and GRAP) and statute and whether they are free from material misstatement or not. This assurance is obtained through an audit performed in accordance with the Deloitte audit methodology.
An audit can be performed both, for clients who are required by statute to have audited financial statements, as well as those clients who request an audit.
This service is provided to listed and other public entities, private entities, owner managed businesses, charities and Non-for-Profit Organisations, Global Corporations, schools, section 21 companies, US AID and a range of other entities.
IFRSs are constantly evolving to remain relevant to the changing economic environment where IFRSs are adopted for financial reporting. In South Africa, the Companies Act mandates the use of either IFRS, IFRS for SMEs or entity specific accounting policies depending on the size of the entity.
On the heels of the financial crisis, the International Accounting Standards Board (“IASB”) and the US Financial Accounting Standards Board (“FASB”) are working on accelerated projects to improve the financial reporting of many key principles criticised in the financial crisis for not reflecting consistent, unbiased, transparent and relevant information across geographical boundaries.
The publications found on this page have been developed to provide insight into the IASB’s recently finalised standards and amendments while assisting preparers in the implementation of the new standards and amendments.
The IFRS Future
IFRS for SMEs resources
IFRS resources for standards currently effective
We provide Audit certificates to clients , that are based on the audit procedures performed, and confirm the client’s compliance with specific regulations with which they are required to comply.
This service takes the form of agreed upon procedures performed for our clients. There is a wide array of regulatory compliance that we are able to report on including regulatory compliance for bond issues, import and export reports, immigration reports, attorney trust reports, amongst others.
We also have specific expertise in SEC regulation and compliance and perform work in this area based on client needs.
Review engagements are performed for our clients, in which we provide limited assurance on certain specific information. This information includes , amongst others, half year financial results, press releases, provisional AFS, JSE circulars etc. Review engagements can also performed where a due diligence or BEE certificate is required.
How we do it:
Auditing is a highly complex process, and the importance of auditors as a vital link in the financial reporting chain has never been more important, nor their role as trusted advisors more valued. Using our state-of-the-art tools and sound Audit methodology enables our Deloitte Audit professionals to deliver the assurance service quality and excellence that is implicit in the Deloitte brand and that the financial community and public expect.
In order to adequately service our clients who cover a wide range of industries, we have the necessary skill, experience and expertise across the following industries within the Audit division:
Given the growing number of Clients who operate in and are expanding into Africa, India and China, we also have “Desks” set up to service these clients specific needs and grow our insight and expertise in these areas.