2. Audit Readiness MFMA GRAP Checklist AFS Year-end Plans Audit File
Contents
Audit Readiness
AFS Year-end Plans
Audit File
AFS Review Process
MFMA GRAP Checklist

3. Purpose
The determination of quality set of financial statements culminates fair presentation of financial statements, compliance the generally recognised accounting practice (GRAP), review of financial statements prior submission to the Auditor-General, good recordkeeping practices and good management oversight.

4. Audit Readiness Annual Financial Statement Year end Plans
Committing to targeted date for submission of information.
Cut-off dates for processing of invoices.
Timely closure of financial system.
Accurate Year-end balances i.e. Reconciliations, depreciation and Losses etc.
AGSA point of entry

5. Audit Readiness Audit File Audit file contents
Year-end journals supporting documents
Completed asset registers
Donations/gifts registers
SCM Contract Registers
Supporting schedules and documents for Fruitless, Wasteful, Unauthorized and Irregular expenditure.

6. Audit Readiness
The type of information which should be included following previous years’ audits is provided in Annexure A of MFMA Circular 50.

7. Commit to set dates for first draft AFS.
AFS Technical Review
Commit to set dates for first draft AFS.
Enhance the quality of AFS by requesting audit committee, Internal audit function, and independent bodies to reviewing the draft set of AFS.
Lastly, review the organization’s internal control structure.
National Treasury issued updated GRAP Disclosure/Compliance Checklist 2018.

8. Website for More Information
Available of NT website
The full list of GRAP Standards is available on ASB website
Xolani Ndlovana Municipal Financial Accounting and Auditing Tel: 011