Keep reading PATC’s blog and discover the differences and overlap between the duties of your accounting officer, auditor & reviewers.
Duties of an Accounting Officer
An accounting officer is a person who meets the qualification requirements as detailed in section 60 of the Close Corporations Act 1984 and as a result, may issue an accounting officer and other reports on the financial statements and information of close corporations and other entities.
To qualify as an accounting officer a person must be a member of a recognised professional body which as a condition of membership requires relevant subjects in accounting and enforces a code of conduct.
- Supervise all financial reports
- Collaborate with accounting and finance team and prepare financial statements on a monthly basis.
- Prepare various financial reports and submit it to regulatory agencies.
- Manage all communication with investors on various investor and earning releases.
- Manage all investments for the company.
- Administer all accounting functions for the acquisition and integration of processes.
- Maintain records of all data and evaluate it to recommend product improvements.
- Work with investor relations of organization and participate in various meetings for all potential investors.
- Develop and establish all accounting policies
- Coordinate with internal and external legal advisors and senior bank personnel.
Duties of an Auditor
The auditor is an individual who is trained to review and verify that the accounting data provided by an audited company accurately corresponds to the activities that have been partaken by the company. To act as an auditor, a person should be certified by the regulatory authority of accounting and auditing or possess certain specified qualifications.
- Ensures compliance with established internal control procedures by examining records, reports and documentation.
- Verifies assets and liabilities by comparing items to documentation.
- Completes audit work papers by documenting audit tests and findings.
- Maintains internal control systems by updating audit programs and questionnaire recommending new policies and procedures.
- Communicates audit findings by preparing a final report discussing findings with auditees.
- Prepares special audit and control reports by collecting, analysing and summarizing operating information and trends.
- Maintains professional and technical knowledge by attending educational workshops reviewing professional publications establishing personal networks; participating in professional societies.
- Contributes to team effort by accomplishing related results as needed.
Duties of a Reviewer
A reviewer provides limited assurance on an organization’s financial statements. During a review, inquiries and analytical procedures present a reasonable basis for expressing limited assurance that no material modifications to the financial statements are necessary they are in conformity with generally accepted accounting principles.
- Providing written, unbiased feedback in a timely manner together with the documented basis for the reviewer’s opinion.
- Avoiding personal comments or criticism.
- Maintaining the confidentiality of the review process: not sharing, discussing with third parties, or disclosing information from the reviewed paper.
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