We focus on your business and financial growth
ADVOCA will go above and beyond your expectations to help you navigate through business structures and changing legislation. We believe that auditing is more than just a report on past events; it's a magnifying glass, highlighting growth opportunities on the one side, as well as possible stumbling blocks on the other. We therefore focus on understanding your company’s unique risks and developing audit procedures and strategies to mitigate them.
Benefits of our assurance services
We have expertise in a wide range of industries and can apply this knowledge to your specific business. As a forward-thinking team of experts in the auditing field, we can provide the following benefits to your company or organisation:
Analysis
Analysis of your business’s strengths and weaknesses - we’ll point out risks in your business model and any other vulnerability your business may have to prevent fraud.
Performance
Improve your business performance - receive useful advice into your business’s past performance to further improve your future business planning.
Flexible
We help your business in multiple ways - we have a team of experts who provide more than just auditing services. We offer a range of services to make sure that your business is 100% compliant with all legislation.
365 Support
Full support all year round, not just during the audit - before year-end, we can help you prepare for year-end procedures such as stock counts and tax provisions.
Audit of trust accounts of Attorneys and Estate agents
Trust accounts are used to harbour client and third party funds that are separate from the business. These funds can be subject to misappropriation and fraudulent activities. It is for this reason that independent external audits are required by regulators. We strive to perform the audits not only as a requirement, but also to assist clients in the safeguarding of their assets. We provide detailed audits of Legal Practitioners’ trust accounts and Estate Agents’ trust accounts that include:
- Verifying compliance with the provisions of the relevant Acts and Regulations
- Reconciliation of the trust bank account with the accounting records
- Monthly reporting analysis of trust funds with trust creditors
- Calculation of the net interest payable to the LPC
- Reconciliation of interest, bank charges and audit fees with the records of the LPC
- Evaluation of the effectiveness of internal control measures implemented by the business
- Providing more detailed audits in areas where higher risks are identified
- Assisting in measures that can be implemented to prevent trust shortages
- Assisting clients with liaison with the LPC as and when requested
- Assisting clients with reporting and compliance should a trust shortage occur
- Assisting clients with staff training on the working and purpose of a trust account
Difference between audits and independent reviews
Audits
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Results in independent audit opinion
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Provides highest level of assurance
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A lot more onerous audit procedures
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Strictly regulated
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Based on audit tests and sampling
An audit is mandatory for businesses that are above a certain threshold when it comes to number of employees, money owed to third parties, turnover in one financial year and number of shareholders or beneficiaries.
An audit provides the highest level of assurance for your business. Its purpose is to form an independent opinion about your business. This is to ensure your business’s financial statements are accurate and have been prepared in accordance with the accounting standards. It requires a full team of professionals to audit a set of financial statements by means of comprehensive procedures.
Independent reviews
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Results in review opinion
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Provides moderate level of assurance
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Less onerous than a full audit
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Moderately regulated
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Based on analytical review procedures
In 2008, the Companies Act was revised. During this revision, requirements for certain companies to be audited were removed. The Act has become more understanding towards startups and SMEs who may find a full annual audit a financial burden. During an independent review, auditors will review your business’s financial statements to ensure no miscalculations or other financial errors have occurred.
If your company does not require a statutory audit but you want to provide other parties, such as banks and investors, more information about your company, we can provide you with an independent review. This will reflect information on your company’s financial standing, including sales, purchases, payroll and VAT.
