Billions of rands are lost annually by businesses in South Africa due to VAT overpayment. This is the result of very onerous and complex tax legislation and the methodology generally used by accountants and auditors in finalising financial statements. By conducting a forensic audit with the assistance of specially developed software, each financial transaction can be scrutinised individually. The relevant sections of legislation can then be applied to each transaction to identify overpayment, etc.
This process has been applied to financial transactions for the past five years. Extraction of these individual transactions will reveal substantial amounts in overpayment, which can be reclaimed and recovered in a short space of time. These amounts can run into millions of rands for medium-sized businesses. In retrieving these overpaid amounts legally, the business’s revenue, profit and cash flow are immediately enhanced.
Data acquisition from IT or financial department in electronic format
Data interpretation and application thereof using FAIS program
Document retrieval inspection and capturing to verify claims
Consultation with management to verify claim and signing off on result of forensic review
Invoicing by Revenue Forensics once all parties have agreed on the outcome of the review process
The forensic review process that we conduct does not impact negatively on the abilities of any accountant / auditor. Accounting and auditing practices allow for a method of balancing, cross checks and sampling. The forensic review process makes use of sophisticated software specially developed for a line-by-line review of all transactions on an individual basis and strengthens the internal accounting process of the business.
Revenue Forensics enters into a non-disclosure agreement with all its clients and we have the necessary software programs and procedures in place to protect all information in electronic format or hard copy. All our systems are fully information compliant and have a Information Security Management Policy in place required by legislation.
As the forensic review is not done on the premises of the client, minimal involvement of the clients’ staff and/or resources are required.
No, as all processes followed to review and claim overpayments are legal. Your business is legally entitled to all payments claimed and recovered.
As we are convinced that our methodology and results save the client money, we are only entitled to payment once we have created a saving for the client. We have also learned from experience that all business reviews will result in a saving for the said business.
Alenti Office Park,
457 Witherite Road, Die Wilgers Ext 82
+27 (0)12 807 0682
+27 (0)86 502 7607 (fax)
Sterling Place, 2nd Floor
86 Edward Street, Bellville
+27 (0)21 910 1325