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Frequently asked questions
Understand our services, how we work and what you need to get started.
View all questions and answers ↗Can you act as our outsourced accounting function?
Yes. We can handle accounting activities under an agreed scope, from transaction recording and reconciliations to payroll and reporting. Document exchange, work frequency and reporting are tailored to the company’s volume and needs.
Does the service cover payroll, social security and employee tax deductions?
It can include payroll, social security contributions and payroll income tax deductions where applicable, related schedules and remittance follow-up. The company approves the data and provides the necessary funds and authorisations.
What is the difference between IFRS and ISA?
IFRS concerns the preparation and presentation of financial reporting. ISA governs how an audit is performed, evidence obtained and the auditor’s opinion formed. The financial reporting framework is determined for the entity, while financial statement audits follow ISA.
Does a financial statement audit guarantee detection of every error or fraud?
An audit seeks reasonable assurance that financial statements are free from material misstatement due to error or fraud. Reasonable assurance is a high level of assurance, but does not guarantee detection of every instance.
Do you attend tax audit meetings on our behalf?
Yes, within the service scope and formal authorisation with the Income and Sales Tax Department. We explain the outcomes and obtain your approval before signing minutes or decisions on your behalf.
Do you follow up income and sales tax objections?
Yes. The agreed service includes preparing and filing an objection within the statutory period, discussions with the objection committee and responses through to its decision at the Department. We first review the decision and notification date.