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Thread: Any auditing firms members of TFSA?

  1. #1
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    Any auditing firms members of TFSA?

    I am getting soooo sick and tired of our auditors. 4 Months and our audit is still not done.

    We design our own accounting system. We are an international company, multi-currency, multi-company .... the ZA portion is 100% separated on the financial side.

    All our reports and statements are immaculate, next to ZERO errors. FULL supporting transactional details dumped to file of every single transaction and GL entry. Maybe 3 miss classifications and one wrong transaction. Everything else is to the T, as per the book.

    We have extreme controls in place, nothing can be questioned they are so damn awesome. Every change control is signed by at least 2 people. ALL expenses have detailed motivation. All stock purchases have detailed motivation and every single stock item is serial number tracked.

    Yet .... our auditors increase our yearly figure by 40%!!!!!!!! (i was told behind the scenes they are scared of next year when companies don't need audits)

    I get 100-200 transactions I must provide supporting documentation for, of which some require me scanning in 30 pages each!!!!!

    What just really really really grated my cheese is we design technology. THIS IS OUR BUSINESS. The retards come moaning about a R23k radio controller we purchased, took apart and reverse engineered for certain aspects of technology which it possessed. Backed with a photo of it taken apart! Plus opensource contributed patch files based off this technology.

    I am going MAD. Tearing my hair out....

    Audit our damn accounting package and see its impossible for fraud to take place, its impossible for things to be captured incorrectly ... this is why we designed it, this is why we use it. Every single change has a change control, signed off, committed, with FULL history. Stop asking me "how is this calculated" for something you can simply look up in the transaction dump.

    I probably have no hair left now.... AAAAHHHHHHHHH!!!!

    *suip*
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  2. #2
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    http://www.polity.org.za/article/whe...ble-2011-02-16

    I am not even trying to claim 150% ... I will certainly do so now, plus "properly" account for ALL the expenses incurred.
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    Silver Member geraldenek's Avatar
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    Hello nkawit

    I can really understand your frustration.

    Why do you need to scan the documents to them? They should be coming to your premises and copy the stuff themselves.

    Doing my SAICA articles I have realised how ridiculous the prices are for the amount of work done on it, and sad to say that this work is being done by the clerks (1st/2nd or 3rd year), reviewed by the partners and sometimes the clerks brief the partners on everything prior to a meeting.

    I have decided when I opened the business that I will never ever charge ridiculous prices for financials and audits and I have had a great success rate so far with clients.

    As for the 4 month waiting period – if you want it asap, give them a deadline.
    Geraldene Kapp
    Professional Tax Help
    www.mytaxhelp.co.za

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    Scan documents:
    This seemed easiest at the time, we have thousands of pages of documentation. EVERYTHING is recorded and filed for any and every little transaction, plus a form filled out describing the transaction and approval of that. Finding the documents normally takes some time. It appeared to me from their estimate on the price of the audit that they would charge me to send someone out to my premises to find documentation. They said last year they reduced the audit fee by 50% as it went over their budget!!! WAT!!! They asked for nearly 900 documents!!!! (first audit with them after a stuffup the previous auditors made and we ended up paying SARS an insane amount of tax which we were credited).

    Ridiculous prices:
    I just want someone who I can explain our system to, show how things are done, explain the papertrail we have, our controls in place ... etc. I then want a reasonable price for the audit, if you find a mistake, bill me extra, but if you going to waste my time with 900 pages only to prove ZERO errors/problems/discrepencies, then I"m not paying for your time kinda thing.

    Deadline:
    They said 1 week, I raised an eyebrow as its totally clear they do not understand themselves whats involved. What must I do if they don't make it on time? I've told them on numerous occasions that its urgent, but I dont know, things just seem to progress slowly. They ask about R50 transactions which makes me sooo mad.

    Geraldene, does your company do audits? perhaps I can send you a private message?
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  5. #5
    Silver Member geraldenek's Avatar
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    Quote Originally Posted by nkawit View Post
    Scan documents:

    I just want someone who I can explain our system to, show how things are done, explain the papertrail we have, our controls in place ... etc.
    They are actually suppose to document your system 100% for system controls working papers.

    As for the deadline - you still have time till 29 feb. Maybe if you don't have it in a week and a half - you can create some chaos.

    Yes, we do audits, you are more than welcome to send a private message.
    Geraldene Kapp
    Professional Tax Help
    www.mytaxhelp.co.za

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