Profile.pdf · Operations structure The executive committee. Edgar Rakoma . CA(SA) Managing Partner...

www.rakoma.co.za

COMPANY PROFILE

Celebrating five years of excellence in public practice

IntroductionRakoma and Associates Inc. celebrated its fifth anniversary in February 2011. It has experienced significant growth since its inception and now operates throughout the country with offices in the Gauteng Province – Bryanston, Eastern Cape Province – East London, North West Province – Mafikeng and the Northern Cape Province –Kimberly. Rakoma and Associates is a modern medium sized professional service firm established by young black professionals with vast experience in public practice.

We offer tailor-made services to our client in:• Assurance engagements (Audit and non-audit)• Internal audit and Risk management• Taxation• Consulting and Advisory• Technology Risk Services

Our firm’s main objective is to empower the youth from previously disadvantaged communities. We aim to provide employment, equip the youth with entrepreneurship skills and develop the nation’s work force. Our firm has made significant strides in growing its market share and the staff complement.

Our firm employs over 150 people, and our skills base comprises of CA (SA)s, CIAs, ACCAs and CISAs. The growth of our organisation has also created opportunities in human resources, marketing, and information technology and office administration. With increased infrastructure, we hope to recruit and grow our staff compliment even further in the next 3 years.

We aim to grow into a large firm in the near future

Our strategic goalOur strategic goal is to be amongst the leading professional services providers in the country in our chosen fields, by:» Enhancing our corporate culture. » Maximising our efficiency. » Delivering unparalleled customer satisfaction. » Growing our service lines. » Building capital reserves to ensure continuity. » As well as creating and sustaining an entity epitomised by the well being of all

our people.

Our valuesIt is the commitment to live out our core values; Knowledge, Ubuntu and Excellence that will help us achieve our ambitions.

Knowledge

We have a duty and responsibility to acquire the technical knowledge essential to provide quality services to our clients.

Ubuntu

All our business with our stakeholders is conducted in the spirit of Ubuntu.

Excellence

» We pride ourselves in producing the highest quality of services. » We will strive to achieve our ambition of being one of the leading professional services

organisations in the country by focussing on the need to develop and empower our people and entrenching the values of the company.

Our People

At Rakoma and Associates, we believe that our most valuable resource is our people. We realise that the quality of service rendered is only as good as the calibre of our people. While, we employ the latest technology, we also acknowledge that there is no substitute for human skill and creativity.

Our professional staff have collectively acquired over a hundred years of experience from professional services firms, providing advice in areas of governance, risk management, finance, information technology, and internal controls to executives, entrepreneurs and high profile leaders. Our experience is backed by a commitment and passion to provide highly personalised and tailor made services to meet our clients’ individual needs.

Our missionAs a growing modern firm, we provide audit, accounting and consulting services.We are committed to:• Providing value for money services• Empowering our people and• Promoting accountability

To enhance public confidence

Our vision

We are committed to giving back to our communities, hence the establishment of offices in the provinces

where community development is key. In these areas preference is given to individuals from previouslydisadvantaged backgrounds during recruitment.

Operations structure The executive committee

Edgar Rakoma CA(SA)Managing Partner – National

Edgar is the managing partner and one of the founding partners, with over twelve years experience in public practice. He is in charge of business development, and quality assurance. Edgar is a member of South African Institute of Chartered Accountants (SAICA), the Independent Regulatory Board for Auditors (IRBA) and Information System Audit and Control Association (ISACA).

Jerome Andrews CA(SA)Regional Leader – North West office

Jerome is the one of the founding partners of the firm. He is the regional partner at the North West Office. Jerome is a training officer for the firm and has more than thirteen years experience in public practice. He is a member of South African Institute of Chartered Accountants (SAICA) and the Independent Regulatory Board for Auditors (IRBA).

Samkelo Mxunyelwa CA(SA)Regional Leader – Eastern Cape office

Samkelo is the regional partner for the Eastern Cape office. Samkelo began his professional career as trainee accountant with the AGSA East London office. He is a member of the South African Institute of Chartered Accountants (SAICA), Information System Audit and Control Association (ISACA), the Independent Regulatory Board for Auditors (IRBA) and Black Management Forum (BMF).

Litshani Matsila CA(SA)Regional Leader – Gauteng office

Litshane is Regional partner responsible for the Gauteng Office. He has over seven years experience in public practice. He is a member of South African Institute of Chartered Accountants (SAICA) and the Independent Regulatory Board for Auditors (IRBA).

Llewellyn Johaar CA(SA)Regional Leader – Northern Cape office

Llewellyn is Regional partner responsible for the Northern Cape Office. He was previously business area manager for audits at SARS in the Gauteng Central region. He is a member of South African Institute of Chartered Accountants (SAICA) and the Independent Regulatory Board for Auditors (IRBA).

EDGAR RAKOMA

CA(SA)

LITSHANI MATSILA

CA(SA)

ABDUR BADAT CA(SA)

JEROME ANDREWS

CA(SA)

SAMKELO MXUNVELWA

CA(SA)

LLEWELLYNJOHAAR

CA(SA)

Abdur Badat CA(SA)Engagement Leader – Private Sector

Abdur is a qualified chartered accountant with over 7 years’ experience in public practice. He is responsible for private sector audits. He is a member of South African Institute of Chartered Accountants (SAICA) and the Independent Regulatory Board for Auditors (IRBA).

History and overview

Year Area 06/07 07/08 08/09 09/10 10/11 11/12 (Projected)

Number of partners 3 3 4 11 14 15

Number of personnel 10 30 35 60 140 150

Comments » Start up phase » Business development

» Bookkeeping

» External auditing

» Consulting

» Contract in Auditor-General work

» Contract in and out Auditor-General work

» Bookkeeping


» Consulting

» Opening of Eastern Cape and Limpopo Office

» Contract out Auditor-General work

» Bookkeeping


» Consulting

» More partners appointed

» Opening of North West Office


» Bookkeeping


» Consulting

» Internal Audit

» Closing of Limpopo Office


» Bookkeeping


» Consulting

» Internal audit, risk management and governance services

» Investigation services

» IT Audit

» Opening of the Northern Cape office

» Employ female partners

Service profile per region

In line with the firm strategy for the 2011/12 financial year, the firm has been divided into divisions which represent service lines, and we have capacitated our regional office as illustrated in the diagram below:

Rako

ma

and

Asso

ciat

es In

c

Gauteng office (Head office)

Eastern Cape Northern Cape North West

Group APublic Sector (Auditor-General)

» Regulatory Audits

» Performance information audits

» IT audits

Group BPrivate Sector

» Assurance

» Bookkeeping

» Accounting

» Taxation compliance and advisory

» Company secretarial

» BEE verification

» Business support

Group CInternal Audit and risk management

» Internal audit

» Risk management

» Forensic investigations

» Internal control enhancement

» Information technology audits

Group DConsulting and Advisory

» Municipalities

» Departments and public entities

» Private sector consulting

» GRAP implementation

» Audit readiness

» Performance information

» Supplier chain Management

» SAP

Group ETechnology Risk Services

» IT General controls

» Business process advisory

» Consulting

» Internal audit:

* Core-sourcing

* Out-sourcing

» Public sector (Auditor-General) audits

» Private sector assurance

» Internal audit and risk management

» Consulting and advisory












» » » » »

» » »

Services offered in detail

Our service offerings in detail:

Public Sector Assurance (Group A)

Private Sector Assurance (Group B)

Internal Audit, Risk management and governance (Group C)

Consulting and advisory (Group D)

Technology Risk services (Group E)

Regularity auditsAssurance engagements Internal Audit Reviews

Municipalities and Government entities

IT General Controls Reviews

» PFMA audits

› Departments (National and Provincial)

› Public entities

› Trading entities

» MFMA audits

› Municipalities

› Municipal entities

» Statutory audits

» Review engagements

» Factual findings

» Other non-audit services

» Compilation engagements

» Financial

» Operational

» Compliance

» Quality Assurance Reviews

» Assisting to clear audit issues

» Implementing internal and external audit recommendations

» Turnaround strategies

» Regulatory compliance reviews

» Asset register clean up (movable and immovable assets)

» Policy and procedural manual development

» Organisational assessment and reorganization

» Performing skills assessment

» Information Security

» Business Continuity Management

» Service Level agreements

» IT Operations

» Service Desk Management

» Information processing

» IT Resource Management

» IT Strategy

» IT Policies and procedures

» Change Management

» Network Management

» Third party services management






Performance information audits Bookkeeping services

Risk Management Advisory

Supply chain management support

Business Process Advisory

» PFMA

» MFMA

» Record keeping

» Monthly reconciliation

» Preparation of financial statements

» Monthly Payroll processing

» Fixed assets register maintenance

» Risk Analysis

» Risk Assessments

» Risk Management Strategies

» Implementation Assistance

» Procurement oversight

» Co-sourcing of resources

» Policy development

» Supply chain review

» Document and template development

» Process documentation (flow charting)

» Supply chain out sourcing

» Procurement oversight

» Business process review

» Application controls review

» Business process re-engineering

Company secretarial services

Forensic Audits and Investigations

Performance Information

» Entity registrations

» Amendments and updates of statutory information

» Assistance with compliance with statutory requirements (Companies Act)

» Fraud Prevention Strategies

» Ad hoc Assignments

» Financial Investigations

» Forensic Accounting

» Special purpose reviews

» Policy development

» Process documentation

» Strategy development

» Performance assessment

» Performance information disclosure in financial statements






Other services Accounting advisoryInternal Controls Enhancement Services GRAP implementation Consulting

» Performance audits

» Special audits

» Reviews

» Technical advice (Accounting treatment)

» Financial statement reviews (compliance with accounting standards)

» Business Process Analysis and Mapping

» Implementation Assistance

» Systems Implementation Reviews

» Documentation of Policies and Procedures

» GRAP implementation readiness assessment

» Performing entire GRAP implementation

» Preparation of GRAP compliant financial statements

» IT Infrastructure Audits

» Backup & Disaster Recovery

» IT Governance

» Information Security Management

» IT Governance

» IT Strategy Formulation and Review

» IT Policy Review and Formulation

» Project Management

» Business Continuity Management

Taxation Training Private sector

» Taxation planning

» Assistance with compliance

» Preparation of tax computations

» Completion of tax returns

» Submission of tax returns

» Assistance with preparation for tax audits

» Attending to queries from SARS.

» Negotiations with SARS

» Risk Management Training

» Risk Workshops Facilitation

» Fraud Awareness Training

» Technical updates

» Financial restructuring

» Business combinations and valuations

» Transaction due diligence

» Business strategy realignment & redirection

» Business process re-engineering

» Business plan development






Information Technology (IT) Audits

Audit readiness

» General Controls Reviews

» Application Controls Reviews

» IT Governance Reviews

» Information Security Reviews

» Quality and compliance review of Financial Statements prior to audit

» Preparation of filing and documentation to ensure a smooth audit

» Attending to audit queries during the audit

Business support Governance Advisory Training

» Advice on governance and strategic matters

» Advice/assistance with compliance with legislation

» Financial review

» Cash flow forecasts reviews

» Board and Audit Committee Support

» Charters

» Audit Committee Work Programs

» Board Evaluations

» Board Governance advisory

» GRAP implementation

» IFRS conversion

» Tailored courses according to client needs

» Technical updates

Services offered in detail (continued)

No compromise on service delivery

Development impact

The firm was established with the objective of giving back to our communities by providing opportunities to previously disadvantaged individuals to train and study towards becoming Chartered Accountants. This would also help in transforming the profession and these individuals would eventually increase the number of black Chartered Accountants in the country. To achieve this objective, we target previously disadvantaged individuals who are studying but need to work to finance their studies.

(i) Training opportunities We identify provinces where there is lack of training opportunities towards the accounting profession

such as North West, Northern Cape and the Eastern Cape, hence the opening of offices. We also recruit students from universities that are not accredited by SAICA (South African Institute of Chartered Accountants).

(ii) Support staff complement We are also committed to ensuring that our support staff profile comprises of people from the local

communities.

(iii) Chartered Accountants (CA) conversion We are determined to obtain at least 70% conversion rate from our candidates writing SAICA and IRBA

qualification examinations annually.

Black economic empowerment and employment equityOur Black economic empowerment ratingOur firm has been assessed as a Level 1 BEE contributor.

BEE spendManagement endeavours to ensure that 100% of our discretionary spend will be from BEE compliant companies.

Employment equityWe aim and are committed to ensure that at least 50% of partners in the firm are women.

Eliminating discrimination in decision-makingOur employment equity objectives are an essential part of management’s performance measurement. We have instituted policies to eradicate any direct or indirect discriminatory practices and policies.

Eradicating all forms of harassmentWe enforce our Disciplinary Code, which defines unacceptable conduct and explains grievance procedures.

We aim and are committed to ensure that at least 50% of partners in the firm are women

We aim to recruit and train previously disadvantaged youths from the

impoverished provinces of South Africa.We have over 80 trainees

studying towards qualifying as chartered accountants

Social responsibilityRakoma and Associates believes in good corporate citizenship, through giving back to the community. We have been involved in a number of programmes where we donated funds, food and clothes to organisations focusing on helping the needy and victims of xenophobic violence through the Methodist Church in Johannesburg. Furthermore Rakoma and Associates has donated laptops to Enspire Trust an organisation focusing on skills development for unemployed women.

Rakoma and Associates sponsors full-time university students for tertiary education for full tuition costs as well as study material.

At no charge we offer professional services to the following:

» Tswelelang Higher Primary School, in Soweto;

» Reithuteng t/a 18twenty8 (Association incorporated under S21), focusing on giving support to young women of school living age in the form of financial support, life skills etc; and

» Reikantse Botlhale Foundation, a non- profit organisation focusing on the development of individuals with aspirations to become Chartered Accountants.

We are currently supporting our internal soccer team which is registered with the corporate league. This is also part of promoting healthy living amongst our employees.

Skills development plan

SAICA training programmeRakoma and Associates Inc is an accredited SAICA training office. All our trainees are registered with SAICA and as a registered training office; we adhere to SAICA training regulations and guidelines.

Rakoma and Associates promotes continuous learning and development and encourages all its employees to pursue a culture of lifelong learning. Training needs both functional and generic are evaluated on continuous bases through the performance assessment process. To ensure proper training and development of our staff, we allocate adequate resources at the beginning of each financial year for both in house and external training. Our training budget for each financial year exceeds R1, 500, 000 (including SAICA training fees).

Institute of Internal AuditorsThe CIA is the premier qualification of the internal audit profession. Rakoma and Associates is accredited with the Institute of Internal Auditors South Africa (IIASA) and provides the requisite support structures to enable its internal audit trainees to study for and acquire this qualification.

All internal audit trainees are enrolled on learnership programs with the IIASA. A learnership is a work-based learning program - comparable to “articles” or “training contracts” in other professions. It consists of two elements – an education (formal classroom training) leg, and a training (workplace instruction) leg. It relates to an occupation and upon completion leads to the awarding of the CIA qualification/designation subject to successfully completing the internationally recognized examination.

BursariesWe are committed to the development of our people. We have implemented programmes to assist our employees with their studies one of which is the bursary scheme. Bursaries are granted to all employees’ currently undertaking studies at recognised and SAICA accredited academic institutions. We provide financial assistance for tuition fees as well as extra classes attended with recognised institutions. Our financial assistance towards studies extends to full time students who are not employees of the firm. We grant bursaries covering full costs to candidates based on merit and academic results. During the current year the firm awarded bursaries amounting to R350 000.

Non-financial assistance with studiesWe are committed to assisting our trainees to achieve their goals of becoming Chartered Accountants. Qualified Chartered Accountants in the firm offer their personal time to guide, motivate and tutor those trainees that have specific need in certain areas.

Our industry expertise

Agriculture

TelecommunicationsRoad Transport

Public SectorProperties and Real Estate

Non-profit making organisationsMotoring

Cosmetics

Rail Transport Retail

Postal ServicesPharmaceuticals

Health Services

Medical Aid SocietiesGambling

Mining

Water and sanitationTourism

BankingElectricity (Power)

Hotels Manufacturing

We constantly grow our industry knowledge and develop new offerings to emerging sectors.

We have acquired indepth industry expertise, thanks to

a partnership approach with our clients.

Our clients

UMAN YAN O N G AM AN D LA

Mbizana municipality

Our clients

Relationship with our clients

Head officeTel: (011) 463 5781Fax: (011) 463 0186Cell: 083 630 8676e-mail address:[email protected]

Physical address: 1st Floor, Block 5 Bryanston Gate Office ParkCnr Curzon and Main AvenueBryanston2194

Postal address: PO Box 1117Randpark Ridge2156

Eastern CapeTel: (043) 721 0863Fax: (043) 721 0843

Physical address: 90 Vincent RoadVincentEast London

Postal address: PO Box 15273Beacon Bay5205

North WestTel: (018) 381 0711Fax: (018) 381 0712

Physical and Postal Address:1st Floor, North WingABSA MmabathoCnr University Drive and Provident StreetMmabatho Ext 4Mafikeng2735

Contact detailsOur value for money fees

Our fees are computed on the basis of estimated time to be spent by the engagement team and on the level of skills and competencies required.

Rakoma and Associates attaches’ great value to the concept of teamwork. We see our relationship with you as a partnership, that our entire team is committed to building. Our teams comprise of our best resources, and are very much committed to helping you realise your business objectives.

Profile.pdf · Operations structure The executive committee. Edgar Rakoma . CA(SA) Managing Partner...

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