The Importance of Outsourcing Forensic Accounting and Audit Resources – Part Three
Cost Savings and Efficiency Gains Through Outsourcing Outsourcing forensic accounting and audit resources can lead to significant cost savings and efficiency gains for businesses. Firstly, by outsourcing these specialized tasks, businesses eliminate the need for hiring and training in-house staff. The recruitment and training process can be time-consuming and expensive, especially when searching for individuals […]
The Importance of Outsourcing Forensic Accounting and Audit Resources – Part Two
The Benefits of Outsourcing Forensic Accounting and Audit Resources Outsourcing forensic accounting and audit resources offer numerous benefits to businesses. Firstly, it provides access to a pool of highly skilled professionals who have specific expertise in forensic accounting and auditing. These experts are well-versed in identifying financial irregularities, analyzing complex transactions, and gathering evidence for […]
The Importance of Outsourcing Forensic Accounting and Audit Resources – Part One
Introduction In today’s rapidly evolving business landscape, the need for effective financial oversight is more critical than ever before. The complexity of financial transactions, the ever-changing regulatory environment, and the heightened risk of fraud have made forensic accounting and audits an essential component of any successful business. But is it more beneficial to handle these […]
Finance systems in a mess, what do you do?
It is interesting to see how complex systems within a business can get and when you start making adjustments and journals or applying add-ons this just adds to the complexity. You start with a system and this works well in the beginning. Then without proper training the staff start using the system in weird and […]
Observation is a key skill in business
Observation is one of the key skills that can be applied in any professional, occupation or relationship. Proper observation has been known to save marriages. There is such a thing called “obnosis”. This simply means to observe the obvious. So much of what we see is see through the filters of our upbringing, education, religion […]
New systems meltdown – the story of Mr Brown
Mr Brown awakes and rests on his elbow, scratching his bristled face. He can smell the stale coffee and cigarettes on his breath. One too many late nights having to catch up. The white cotton bed-sheets feel soft on his skin. He has to resist the urge to lie back down and close his eyes. […]
The dual role of Internal Audit
Internal Audit has an assurance role and partners with management and other parties to obtain assurance that the controls in place are working and that the business objectives are being met. This is one of the two main functions that modern Internal Audit performs, the role of assurance partner. The other function is that of […]
The anatomy of an audit (Part Two)
After planning the fieldwork can start. The audit team is delegated specific tests to perform and the fieldwork commences. Everyone should know what they are doing, time allocated and who they will be seeing. The work should be performed in sequence as per the audit programme. This prevents stops and blockages in performing the audit. […]
The anatomy of an audit (Part One)
Planning, planning, planning! Never forget how important planning is in making sure that an audit runs smoothly. This includes what is being audited; notifying the auditee (person being audited); collecting and analysing the data being audited; identifying key risks and scoping the audit. There are audits that must be performed so, when planning for the […]
A story of a Financial Director with too much power and the DIRE RESULTS for the COMPANY
The following depiction is total fiction and is not based on real events. This is a short story written by Kingsley Bye. George Santos stands at his office window looking out over the harbour. The window is floor to ceiling and spans the entire wall of the office. The other walls are panelled in walnut […]