Our Services
At Future Chartered Accountants we understand the importance of auditors as a vital link in the financial
reporting chain and our role as trusted advisors to assist our clients in achieving their business objectives, managing their risk and improving
their business performance.
Our Directors have extensive audit and financial consulting experience having worked on a wide range of clients ranging from large listed entities
to small and medium enterprises. This extensive skill and experience gives us the ability to design customized audit plans that concentrate on
the business areas significant to your financial statements and that are critical to your risk profile.
Our efforts will always result is an efficient and effective audit, this always has a benefit of reducing audit service costs to our clients.
All our audits of financial statements are strictly performed in accordance with the guidance provided by International Standards on Auditing
(“ISA”) issued by the South African Institute of Chartered Accountants (“SAICA”)
Our services include, but are not limited to:
Audits
We conduct general financial inspections of organisations and individual accounts
Other Special Audits
Performance audits - Audit carried out to determine whether resources have been acquired economically and are used efficiently and effectively
Fraud investigations - Audit carried out to determine whether fraud has been carried out, if so, the quantification of the amount thereof. Investigations of the effectiveness of internal controls Internal Audits
Review engagements
Audit of compliance with regulations Confirmation of accounting treatments with respect to complex transactions Monitoring of prospective accounting and regulatory changes Special-purpose audit engagement Independent review of externally reported information
Outsourced Internal Audit Function
The Internal Audit Function can be outsourced to Future to provide an internal audit service that is in line with the high standards of quality set by the Institute of Internal Auditors of South Africa In. In some cases Future provides a Co- Sourced Internal Audit Service, where Future works with some client staff. One of the advantages of this is that there is an opportunity for Future to transfer vital internal audit skills to the client.
Future has developed key expertise in internal audit, which ensure that internal audit function of our client is distinguished by the following key characteristics:
Is operationally independent: that is, internal audit is independent from the activities subject to audit.
Is appropriately positioned in the entity’s governance framework to ensure the work of internal audit complements the work of other internal and external assurance and review providers.
Has a well-developed business strategy that clearly articulates internal audit’s future role and responsibilities?
Is business focused and has audit plans that are comprehensive and balanced, and are linked to the risks in the entity.
Has the confidence of key stakeholders including senior management, council and Audit Committee.
Undertakes all audits in accordance with specified auditing standards.
Has sufficient financial resources and access to internal audit staff with the necessary skills, experience and personal attributes to achieve what is expected of internal audit.
Provides internal audit reports and other services, based on efficient and effective work practices that are valued by stakeholders.
Provides a periodic assessment, based on internal audit work undertaken, of the effectiveness of the entity’s system of internal controls.
Advises the Audit Committee and entity management of patterns, trends or systemic issues arising from internal audit work.
Facilitates communication between external audit and entity management.
Disseminates lessons learnt arising out of its work to relevant areas of the entity.
Regularly informs the Audit Committee of progress in the implementation of agreed internal and external audit and other relevant report recommendations.
Actively manages any external service providers, and:
Is subject to periodic assessment and review as part of a continuous improvement process.
Financial Consulting in the Public Sector
On an annual basis provincial and national government departments as well as municipalities and other government entities are subject to an audit by the Auditor General of South Africa (AGSA). Many of these entities get less than perfect audit reports from the AGSA.
In some entities the integrity of the financial information is so compromised that the AGSA has issued a disclaimer of opinion.
The following are some of the issues raised by the AGSA:
Non-compliance with regulatory requirements
Lack of capacity to attract individuals with adequate skills to perform work within the accounting function
Inability to adequately train and retain skilled staff
Weak control environment
Unauthorized, fruitless and wasteful and irregular expenditure
Financial statements not prepared in accordance with the requirements of the GRAP report framework
Internal audit units and audit committees not sufficiently established
Revision of previously issued financial statements
Several other issues
Some of the main causes of the above deficiencies have been identified as:
Available staff lack adequate qualifications and expertise
Staff not available due to vacancies in finance units
Lack of knowledge of GRAP and lack of ability to implement GRAP effectively
Ineffective control activities and inadequate monitoring of the control environment
If you are an Accounting Authority of a municipality or government department or entity and the above sound familiar to you, Future can assist. Future can assist municipalities, government departments and other government entities with the following:
Preparation of financial statements
Preparation for the annual audit by the AGSA as well as assistance with the facilitation of the audit
Preparation of monthly budget statements
Supplementing of the existing financial department with our staff
Performance of all or some aspects of the accounting function
Provision of skilled individuals to perform the CFO function or other financial functions
Performance of other agreed upon procedures
Design, implementation and monitoring (through internal audit) of adequate internal controls
We understand that our interventions in any entity will only be sustainable if adequate skills transfer takes place.
We are therefore committed to ensuring that we adequately train staff members so that they can perform all financial tasks in future
Infrastructure network assessment, asset valuation and asset register development
Infrastructure network assessment, asset valuation and asset register development
Municipalities and other entities are legally obliged to prepare and maintain asset registers that comply with GRAP accounting standards.
This can be extremely challenging, as the full extent, age, and condition of assets may not be known, and as-built drawings and other asset records may not be complete. As a result of our experience in this field, as well as the experience of our engineering partners, we have developed effective methodologies for dealing with these to produce GRAP/GAAP compliant asset registers that also support asset lifecycle planning.
Our services in this regard include:
Development of asset componentization structures
Establishment of component useful lives and residual values
Asset verification and establishment of infrastructure inventory
Servitude and deed searches
Condition assessment of infrastructure
Failure mode analysis and risk profiling
Asset valuation
Establishment of GRAP/GAAP compliant asset registers
Accounting
Our consultants can work together with your institution to implement a strong accounting system. We provide a range of accounting services ranging from the implementation of an appropriate accounting and payroll system for your business to the performance of the accounting function in your business.
We can provide CFO services for your business and we can prepare a range of accounting deliverables for SMMEs which include financial statements and management reports.
As financial experts we strive to provide you with relevant and useful information that will not only add value to your business, but will also ensure that you can continue with your business.
Accounting Services
Preparation of management accounts
Preparation of budgets and cash flow projections
Preparation of financial statements
Provision of bookkeeping services
Taxation
At Future Chartered Accountants we strive to empower our clients with our up to date tax knowledge, thus ensuring that our clients remain compliant with the latest tax legislation.
Future Chartered Accountants strives to bear the administrative burden of taxes, to create a tax strategy that is tailored to our clients’ specific needs. Future Chartered Accountants strives to not just be another tax service provider but rather a partner in tax through the constant re-evaluation of each client’s tax needs
We provide the following tax services:
Corporate tax
Tax compliance with tax legislation
Administration of indirect taxes
VAT recovery exercises for the private and public sector
International tax
Taxation of individuals
Improvement of tax efficiency of the daily administration and business structuring
Tax opinions and problem solving
Estate planning
Corporate Finance
Corporate Finance
The primary goal of our Corporate Finance division is to maximize corporate value while enabling your business to manage its financial risks. Our Corporate Finance advisory strategies can be divided into long-term (e.g. Capital Investment decision making and the financing thereof) and short-term decision making and techniques (i.e. Working Capital management)
We provide the following Corporate Finance Services
Advisory in Public Private Partnerships
Valuations
Mergers, Acquisitions and divestitures
Due diligence reviews
Capital Raising
Group and capital structuring
Other Financial Services
Other Financial Services
Information
Assessment and design of financial and operational controls
Assessment of internal, financial and operational controls of the entity
Design of best practice controls that are suitable for the entity in question
Implementation and assessment of Sarbanes Oxley compliance
Assessment of managements’ ability to prepare for and take advantage of its strengths, opportunities and weaknesses and threats
SMME Services
Complete business registration service encompassing CIPRO, SARS and other relevant bodies (e.g. CIDB)
Design and implementation of internal controls
Sourcing and negotiation of lease property
Management consultancy encompassing feedback and suggested performance improvement measures
Financial Planning
Budget preparation and cash flow forecasting
Planning for the allocation of business resources
Capital budgeting and investment management
Financial Investigations
Forensics services
Agreed upon procedures for specific transactions such as sale of a business
Financial Due Diligence