We have a long history of auditing industry funds, some with up to 48,000 members. Over the past 12 years we have added privately administered funds, ranging from 70 to 3,500 members.
These include defined benefit, defined contribution and hybrid funds, both bonus and unitised.
Although we are Cape Town-based we work with a number of administrators, countrywide.
We provide audits of a high standard and have developed a comprehensive audit methodology for retirement funds to reduce risk and error.
We are reviewed at partner level and due to our fund exposure, are also subject to a top-down firm review by IRBA, the Independent Regulatory Board of Auditors.
Our Approach
We go beyond what would be regarded as normal audit requirements by building our own model of a fund with all its members. This gives us a high level of confidence in the data, supporting the financial statements.
Rebuild of fund:
- We rebuild the fund starting with the last year’s member values and add each monthly payroll.
- We include all risk and admin costs and extrapolate closing values.
- Our closing values are then compared to those of the administrator’s and with expected investment return, considered for reasonability.
- This is for each and every member.
- This provides us with a method to greatly reduce the risk of undetected error.
Investments:
We analyse each investment for the year and trace every movement between the bank and the investment to ensure that no misplacement of monies has occurred.
Trustee Summary Report:
As part of our service we prepare a summary of the financial statements in a format that is both user-friendly and of great benefit to the trustees.
