Independent Internal Control Review for Major State-funded Poultry Producer
Kahamelo performed an independent internal control review of a Major State-funded Poultry Producer’s accounts receivable and logistics systems. As part of this engagement, Kahamelo designed and executed quantification procedures to substantiate the outstanding balance owed by debtors, as requested by the company’s external auditor. The quantification procedures included performing a detailed reconciliation with the use of Microsoft Power BI of the R128 million difference for the period 1 April 2019 to 31 March 2024 between invoices, credit memos, and rebates issued to the debtor per the SAP General Ledger and invoices, credit memos, and rebates paid per the debtor’s Remittance Advices.
Due Diligence Procedures – South African Fluid Control Manufacturing Company
In consultation with Crowe Forensics, Kahamelo assisted new management during the acquisitions of the business unit with working capital and due diligence procedures as part of its IDC funding requirements.
Financial Managerial Services
Kahamelo temporarily assisted a Chemical Manufacturing and Distributing Company with financial management services, which included, inter alia, group consolidations, finance manager responsibilities, and project assistance.
VAT Review – JSE-listed Digital Communications Company
Kahamelo assisted with financial and forensic accounting services relating to a highly technical VAT review.
Due Diligence Investigation into Tendered Companies (SANRAL)
In consultation with Crowe Forensics (mandated by Werksmans Attorneys), Kahamelo assisted with the Due Diligence Report of tendered companies for the Capacity improvements to National Route 2, Section 23, from Edwin Swales to South of EB Cloete interchange.
Allied Workers’ Union
In consultation with Crowe Forensics, Kahamelo performed financial and forensic accounting services, which included inter alia liaising with accounting staff to assist in the process of capturing the relevant financial information, obtaining financial software licenses, preparing annual financial statements on a basis which would be the most cost-effective and least onerous on a South African Allied Workers Union, preparation of audit packs, appointment of external auditors and performing a financial audit to advise on identified areas of concern.
Forensic Verification of Independent Audit Findings
Kahamelo reviewed and verified the Reportable Irregularities identified by an Auditing Firm based in Eswatini during the audit of a prominent group of companies, as well as whether the correct procedure was followed during the identification and reporting of Reportable Irregularities with reference to the Companies Act of Eswatini, the Accountants Act of Eswatini, the engagement letter, and the International Financial Reporting Standards. The Reportable Irregularities identified concerned the overstatement of investment property value and the overstatement of related party loans.
Curatorships on behalf of SARS
Following preservation orders issued by the High Court under Section 163 of the Tax Administration Act, a curator was appointed to take control of the assets and operations of multiple entities and individuals. In support of the appointed curator, Kahamelo provides specialised financial management, financial control, treasury accounting, asset tracing, and reporting services. These services ensure the entities’ continued trading operations while preventing the dissipation or concealment of assets.
Due Diligence Investigation into Investment Opportunity
Kahamelo conducted an operational due diligence into the financial and human resource practices of a proposed investment company following allegations of unethical financial management, improper invoicing practices, and workplace culture concerns on behalf of a Specialised Financing Agency funded by the UK’s Foreign, Commonwealth & Development Office (FCDO). The procedures included a comprehensive financial review of prior project finances, an assessment of financial management structures, and business intelligence procedures on the company, its directors, and related parties. Kahamelo also conducted a human resources review, including verification of the staff register, assessments of work culture, and interviews with former senior employees.