Project management

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 :

• 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

• 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:

• Action plans per area with the following ingredients
• •  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