Project management
- Project support services
- Project management process design
- Project audit services
- Programme and Project Management
- Project Strategy Development
Project Management
Project Register
As a tracking procedure and control a Project Register was adopted to list and track all projects implemented by the Entities where the result would be a tangible production asset categorized as GRAP PPE. The project register includes WIP projects from the previous year(s) and current year projects which were capitalized as current year additions.
Project Register – typical data columns
Completed Projects
As soon as a project has been confirmed by the relevant Asset Custodian as completed and “ready for use by management” the assets generated / produced by the project are capitalized against the actual cost expenditure as recorded in the General Ledger. The procedure followed to achieve this is as follows :
- Procure invoices and project costs data
- Procure completed and signed Asset Capitalization Certificates
- Procure completion certificates and reports
- Final payment certificates (cumulative final quantities)
- As-built drawings and / or GIS files (networks)
- Unbundle / componentize to asset component level (level 6)
- Proportionally allocate actual cost to each asset component
Once the above procedure is completed the assets are unbundled (componentised) and capitalised against the total actual expenditure as stated in the General Ledger making use of the General ledger codes (vote numbers) to track, reconcile and allocate actual cost expenditure.
The procedure to unbundle and allocate actual cost is referred to as “shadow valuation”.
Project deliverables
- GRAP compliant asset register
- Bar coding of all assets using a unique bar codes available within the college.
- Updating the system with the bar codes for lost/missing barcodes including fallen and replaced bar codes.
- Reconcile the assets register to the general ledger to rectify
- Assigning amounts (Fair valuation / deemed cost) for assets from the floor not on the FAR if any.
- Identify and evaluate assets to be written off
- Propose required journals to effect any corrections. (provide evidence for all work performed in the form of Methodology Reports).
- Perform the complete corrections of prior year and current year fixed assets. Comparatives critical for reporting
- Propose required journals to effect any corrections
- Corrections of prior year and current year fixed assets.
- Accounting for assets impairment.
- Depreciation on system for the assets for both prior and current year assets.
- Residual values and useful lives and other activities that are deemed necessary for proper assets
- Property Plant & Equipment Disclosure Note in the Annual Financial Statements (AFS) in accordance with
Review and closeout phase
Once implementation of the Project Plan is completed, all the work done during the project will be reviewed to ensure that all project deliverables have been attended to. This will form part of the Closeout phase of the project. During this phase Kant will compile a Closeout Report which will be signed off by the Project sponsor – signifying the end of the Project. This stage of the project is critical in ensuring proper handover of the work done so as to ensure proper integration to the daily operations of the college. Our close out report will have a value addition letter being recommendations to the college informed by our engangement, It will include:
- The required controls in finance sytem to cover the risks, weaknesses, non compliance and improvements
- Through the guidance of the statutes, policies, guidelines and frameworks, our team of experienced consultants shall assess the level of compliance by the college. Mapping out the shortfall and instituting the adoption of the frameworks where the college has not yet complied.
- The required skills for the finance staff to meet the minimum competence levels.
- Proposed solutions for the identified deficiencies of the system which may include but not limited to
- A debt collection mechanism to increase inflows
- Propose the efficient cost cutting options and
- Ideal skills transfer programme.
- Action plans per area with the following ingredients
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- Actions
- Responsible department
- Responsible staff members
- Expected date of Delivery
- Monitoring and evaluation responsibilities.
The communication will be carried out as follows:
- Weekly meetings with the CFO/task team of the college on progress
- Monthly progress reports to college management
- Close out reports including findings / problem areas, solutions and action plans
Our Expertise and Services
Financial Management Services
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Bookkeeping & Accounting Services
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MFMA & PFMA Accounting and Training
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Tax and Taxation
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Fixed Assets Management
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Project Management
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Payroll Management
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