Audit Newsletter

Welcome to the September edition of the Audit newsletter. This month we’re covering:   

Capetown office – Affinia branding 

Exciting times in Capetown with the office rebranding to Affinia, marking a key milestone for our South Africa team. This represents continued growth of Affinia in the local region, with the team also recently expanding to include five new members joining in South Africa over the last few months.

Check out the pictures below, courtesy of our very own Liezel Van Den Berg and Dawid Pretorius!

Townhouse Group audit – SA feedback 

Jubilee, Audit Manager in Stratford, has been supported by Johan Roeloffse on this year’s Townhouse Group audit. As previously reported, the Townhouse Group is a significant audit client in our Halstead office, representing a huge undertaking.  

Jubilee has provided feedback for Johan’s contributions to date, demonstrating continued success in working with our South Africa team.

‘Johan has demonstrated strong ownership of the engagement, showing initiative in addressing audit issues proactively whilst maintaining clear communication with me throughout the audit. 

He has also supported the junior team members, providing guidance on technical areas and practical problem-solving, which contributed to both their development and the overall efficiency of the engagement. 

His professionalism, accountability, and leadership significantly contributed to the smooth execution of the audit.’ 

Keep up the great work Johan and Jubilee! 

Growth of the service line 

We have recently welcomed Platt Rushton, Opass Billings Wilson & Honey and UHY Brighton to the Affinia family. Each of these firms have audit portfolios, which has resulted in several new members of the audit team joining as part of the acquisitions. We would like to welcome everyone to the team and look forward to working with you.  

Sector focus: Construction   

Construction based businesses represent a large number of clients in the audit portfolio. With the vast majority of these clients undertaking long term projects, auditing construction contracts requires detailed knowledge of the accounting standards. This is an area of significant judgment, with management estimates forming the basis for auditing stage of completion and margins expected on projects. With recent focus on this area following the collapse of Carillion, our expertise and experience auditing construction contracts provides the support and opportunities for clients in this sector.  

With changes to the recognition of construction contracts in respect of the revisions to FRS 102, this is an important period for construction businesses as they navigate these changes and the challenges faced, with increased costs and pressures in the housing market.  

That’s all for this month. As always, if you have any questions or suggestions, please don’t hesitate to reach out to a member of the audit team.