SIZWE SIMELANE

Audit Senior

RSM ESWATINI

Mbabane

01.2020 - 08.2024

Scope of work-Undertaking audit work on covering all sections of client cycles including inventory, purchases and payables, sales and receivables, loans and borrowings, cash and cash equivalents, PPE (Plant, property, and equipment), payroll and payroll taxes, company taxes etc
Operating expenses-Ensuring that operating expenses are appropriately accounted for, that is are recorded in the correct financial year, recorded accurately taking into account the effect of VAT and that they are correctly classified.
Trade and other payables-Ensuring trade payables are accurately recorded in the financial statements, performing reconciliation of VAT Input and output with ERS statements and determining whether a receivable or payable to ERS is to be recognized in the financial statements. Reviewing the preparation of supper reconciliation statements. Ensuring the completeness of trade payables in the financial statements.
Employee and other provisions -Recalculated leave provisions, bonus provisions, severance provisions gratuity, IFRS 9 provisions and other provisions. Ensure that
relevant disclosures are made in the financial statements as required by the relevant accounting standard. Where management has involved an expert in preparation of
post-employment benefits, I reviewed the assumptions made and evaluated if they are in line with the industry and operations of the entity and ensured that disclosures are
made Iin the AFS as required by IAS 19 and other applicable standards
Cash and cash equivalents- Reviewed the entity’s cash process from the handling of petty cash, banking of cash receipts, payment of suppliers and the preparation of
monthly reconciliation statements. Reviewed bank reconciliation statements for reconciling items and agreed reconciling items to supporting documents taking
note of long outstanding reconciling items and making recommendations to management where applicable. Obtained bank confirmations and agreed amounts
to reconciliation statements and to the trial balance
Property Plant & Equipment: Ensuring the completeness, accuracy/valuation, existence, rights and obligations and presentation in the financial statements of assets, such as inventory, property, plant and equipment, and trade receivables.
JOURNALS: Ensured that all the financial transactions recorded in the books of accounts represent a valid business transaction, and there is no any recording of inappropriate
entries. This also involved ensuring that there is segregation of duties in the preparation and review of journals.
Performing planning procedures on audit engagements. This includes documenting understanding of client’s industry, business processes, determining audit strategies, trend analysis, identification of risks and how these can be addressed etc.
Identified weaknesses with the client control environment, suggested proper internal control systems.
Performed substantive analytical procedures as well as test of details around process activities.
Reviewed client documentation for reasonableness, completeness, and accuracy as well as integrity of the information provided by client.
Reviewing entity’s compliance with laws and regulations in the country such Income tax order, employment act, companies act, SNPF order etc.
Leading and providing guidance to audit team during fieldwork including reviewing their work ensuring it’s of the appropriate standard.
Reporting directly to the Partner/ Manager (Internal)
Preparation of financial statements compliant with International Financial Reporting Standards for Small and Medium Enterprises (IFRS for SMEs), Stated Accounting Policies and Companies Act of the Kingdom of Eswatini.
Tested entities accounting models and policies for compliance with international financial reporting standards (IFRSs) and International Accounting Standards (IAS)
Assisted clients strengthen the control environment through recommendation of areas of improvement and value add controls.
Reviewing client’s budget comparing with actual results to identify value add areas where entity can improve in and or/ obtain maximum cost savings.
Drafting (Preparing) a full set of management reporting pack and annual financial statements and supporting schedule to comply with management reporting framework and International Financial Reporting Standards.
LIABILITIES: Tested liabilities to ensure completeness, accuracy, existence, rights and obligations and classification/presentation and disclosure in the financial statements. This involved checking that creditors’ reconciliations have been timely prepared and reviewed
and reconciled to supplier statements. I also checked the existence and completeness of goods received but not invoiced.
EQUITY: Ensured that the statement of changes in equity was correctly presented and that movements and opening balances were accurate.
TAXATION: Recalculated and evaluated the income tax payable for an individual, considering inclusion and classification of income from different sources, for example, employment including fringe benefits and lump sum benefits, property, business, capital gain/loss, other income, etc.
- exclusion of exempt income
- deductibility of expenses, for example, contributions to pension or retirement, funds, or medical expenses etc.
Recalculated and evaluated the income tax payable for a legal entity, considering:
- The type of legal entity, for example, private, public, small business corporation, foreign, trusts, etc.
- inclusion and classification of income, for example, active business income, income from property, capital gains, etc.
- deductibility of expenses, for example, capital allowances, assessed losses etc.
PURCHASES: Evaluated whether company expenses were necessary and in accordance with the business’ policies and procedures. I also checked that expenses are reasonable,
recorded accurately and in the correct period, and carried out efficiently and verified that all expense transactions are correctly classified according to relevant accounting
standards.
REVENUE: Ensured revenue is recognized on time that internal controls are effective, that income is complete, and that compliance levels are met. I had to familiarize myself with the requirements of the new revenue recognition standard and how they impact the client’s
financial reports to determine the risk of substantial inaccurate statements.

Summary

Overview

Work History

Financial Accountant

Audit Senior

Education

Bachelor of Commerce - Accounting And Finance

Skills

Affiliations

Additional Information

Timeline

Financial Accountant

Audit Senior

Bachelor of Commerce - Accounting And Finance

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