Page 77 - KZN Top Business Portfolio eBook -2024

Financial Management Solutions & Audit Readiness requirements. They further assist with preparation of
They understand the need to obtain clean audit the annual financial statements using CaseWare and
opinions and they have the skill and expertise to fully understand the mSCOA requirements as per the
provide solutions to the public sector to achieve this. National Treasury mSCOA template, for implementation.
Their approach will be tailored to the client needs and Technical training & capacity development
focused on addressing prior year audit qualification Staying abreast of the recent changes in accounting
and disclaimer matters. standards for the public sector can be daunting for
They are further able to assist in implementation of many organisations.
processes to enable clients to maintain improved audit They ensure that they are up to date with the latest
opinions. Critical to improving audit opinions, is ensuring changes in accounting standards and their approach
that the configuration and parameters on the financial to implementation of these changes involves both
management software systems are setup to transact classroom training and one-on-one coaching, in order
in accordance with GRAP and mSCOA requirements. to build knowledge for life within their clients.
The review of integration between sub-systems and
core financial systems, and the need to automate Municipal Standard Chart Of Accounts (mSCOA)
processes performed manually is necessary to reduce All municipalities and related municipal entities were
misallocations and improve the quality and reliability of required to transact in compliance with the mSCOA
transactional data. Regulations from 1 July 2017. The mSCOA implementation
remains a challenge for municipalities, particularly in
Central to their approach, is a focused capacity building ensuring accurate transactional data and reporting.
and development strategy that enables effective skills
transfer to officials in a sustainable manner. Their Policies & Procedures
capacity building programme is focused on both a Process implementation is key to ensuring effective
classroom style foundational approach as well as a financial management within any organisation. They
hands-on practical training solution, to enable all are able to assist in the development/review of financial
officials to perform their tasks effectively, without management policies and procedures, including process
reliance on consultants in the future. reviews and implementation, aligned to financial
management frameworks and best practice.
Financial Statement Preparation & Review
Inspired Financial Management Solutions is able to Revenue & Cash Flow Management
assist in the preparation of annual and interim financial Effective cash flow management is critical to service
statements in accordance with accounting frameworks delivery within the public sector. They are able to review
and legislation requirements, together with supporting the current collection model for revenue, including
documentation and working papers. They are further the accuracy and completeness of billing, and the
able to review the interim and annual financial statements management of water and electricity losses through
to ensure compliance with the accounting framework the use of accountants and specialist engineers.

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