IFRS EXCELLENCE: ELEVATE YOUR FINANCIAL STATEMENTS WITH OUR PROVEN EXPERTISE

Recently, the Botswana Institute of Chartered Accountants (BICA) adopted the “International Code of Ethics for Professional Accountants (including International Independence Standards)” from the International Ethics Standards Board for Accountants (IESBA). This adoption comes with a notable shift in auditor responsibilities, particularly concerning the preparation of IFRS-compliant financial statements.
Under the new regulations, highlighted in Section R600.16 of the Code of Conduct, auditors, and audit staff are no longer obligated to assist in the preparation of Audited Financial Statements (AFS) for Public Interest Entities (PIE) companies. Instead, auditors now require PIE companies to provide draft financial statements, including all necessary disclosures, before the audit process commences. If the word PIE is confusing, lets’ simply put it this way. If your company is obliged to have an annual statutory audit, then you most likely fall under a PIE in Botswana.
Our Expertise in the Changing Landscape:
For businesses without the internal capacity to navigate these changes, this shift may pose new challenges. Our firm, comprised of chartered accountants committed to upholding the highest professional standards, is well-equipped to provide a solution. We shall assist you prepare IFRS compliant financial statements so you can focus on growing your business.
Why Choose Us:
1. Navigating Regulatory Complexity: Our experienced team understands the nuances of the International Financial Reporting Standards and the ever-evolving regulatory landscape.
2. Access to experienced accountants at a fraction of a full time employee.
3. End-to-End Service: We offer comprehensive services, from the meticulous preparation of IFRS-compliant financial statements to the rigorous audit preparedness process.
4. Timeliness and Accuracy: Recognising the importance of timely financial reporting, we work diligently to ensure accurate submissions within the required timelines.
5. Tailored Solutions: Every business is unique. Our approach is customized to meet the specific needs and challenges of your organisation.
In essence, our goal is to ease the burden brought about by these regulatory changes, providing a seamless transition for businesses in need of IFRS-compliant financial statements.
If your company falls within the scope of these new regulations and you seek expert assistance, please feel free to reach out. We are here to ensure your financial reporting remains in compliance while you pass the audit first time.
Thank you for considering our expertise. We look forward to helping your business adapt to these changes and ensuring continued success.
Best Regards, Lillian Oluka: FCA. FCPA. CFE. Bsc In Applied Accounting, Founder Lio Professional Services.