Audit and assurance

BDO has a strong local presence throughout Namibia and Sub-Saharan Africa, at the same time offering the support and benefits of the BDO International network. This is a unique combination of international strength and local excellence. For further details on audit and assurance services, see our Corporate Profile.

KEY SERVICES

• External audit
• Special reviews (Due diligence, limited reviews, factual findings, cash flows)
• Investigations including forensic audits
• Internal audits
• Risk management
• Independent expert opinions and analysis
• Corporate governance advice
• Environmental audits
• Computer audits
• Prospectus services

BDO Namibia has expertise in the following industries, and a dedicated partner overseeing each industry. To find your industry, specialist partner and or manager, click on the links below:

RECENT DEVELOPMENTS

The Institute of Chartered Accountants Namibia (ICAN) recently issued Circular 2 for 2010, ADOPTION OF IFRS FOR SMES AS A NAMIBIAN GENERALLY ACCEPTED ACCOUNTING FRAMEWORK and SPECIMEN AUDIT REPORT. To download the circular click here.

NEWS

The International Accounting Standards Board met in London on 10 June 2010  and discussed Insurance contracts and Joint arrangements.

Insurance contracts

The boards discussed participating investment contracts and risk adjustment techniques.

Participating investment contracts

The boards discussed whether investment contracts with a discretionary participation feature should be within the scope of a future standard on Insurance contracts or else within the scope of a standard on Financial Instruments.

Risk adjustment techniques

The boards discussed which techniques should be available to measure the risk adjustment for insurance contracts (in a measurement approach that includes such an adjustment).

Joint arrangements

Sweep issues for Joint Arrangements - Clarification of the partial use of fair value at the group level for an investment in an associate

At its meeting in February, the Board decided that one of the annual improvements that it was finalising would be better dealt with, not as an annual improvement, but instead by amending IAS 28 Investments in Associates as part of the Joint Arrangements project. That amendment confirmed that an entity could continue to use fair value to measure part of an investment in an associate held by a subsidiary, if that subsidiary used the scope exception in IAS 28 to measure its investment at fair value through profit or loss. The exception would, in making the change, be recharacterised as a measurement exemption.

At this meeting the Board tentatively decided that the measurement exception could be applied even if the investment held by the qualifying subsidiary (which would be a venture capital organisation or mutual fund, unit trust or similar entity including an investment-linked insurance fund) was not an associate of that subsidiary.

To read more, go to ISAB …. (http://www.iasb.org)

FAQ

Do we need an audit for a private company in Namibia?

Yes

Do we have to do our financial statements in terms of IFRS?

No, you can compile financial statements in terms of ifrs, or namibian gaap (nac001), or ifrs for sme’s

How long after our financial year-end do we have to have our financial statements audited?

Within 9 months subsequent to your year-end

Can we change auditors mid-year?

Yes, but certain resolutions are needed from directors and shareholders

Must all company directors be resident in Namibia?

No

Can we engage BDO as auditors if our holding company auditors are not BDO?

YES

Can BDO perform other services for my business if you are the auditors?

Yes, if your company is not listed

What nationality must the shareholder(s) of my company be?

Shareholders may be any nationality, but certain rules apply to non-resident shareholders.

For any further details on these questions, or any other questions you may have, contact us.