Internal Control solutions We offer the following services which will
be tailored to the needs of each organisation. We will assist you
to:
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Design of Control framework (Financial,
Budgeting and Accounting systems)
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Develop Systems Manuals and Procedure
Notes
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Choose, implement, and monitor a
system of financial controls (e.g. accounting and budgeting systems) by
providing guidance and independent advice and training, and
'troubleshooting' where necessary
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Independent and objective Control
Reviews and Impact Analysis
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Training for internal audit staff and
management team
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Assistance in setting up an internal
audit department.
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Audit , Assurance
and Accountancy Services
By combining a wealth of in house
Assurance, Accountancy and Taxation expertise, we provide a comprehensive
business advisory service which serves as a one stop shop for SMEs,
Professional Firms and NGOs, providing tailored services in accountancy,
tax planning and compliance with IRS regulations, management accounting,
VAT, practice management tools, business finance and strategic
planning.
We also act as Statutory Auditors for
organisations in this vibrant sector, providing an audit service based on
International Auditing Standards.
Enterprise Risk Services
Managing risk today is not what it used to be .
Technological innovation, globalization, complex regulation and increased accountability at the senior management and board levels have all combined to significantly change the landscape of risk management today. Managing risk has become increasingly complex due to the new "Network Economy" and the emerging risks of e-business from online security to customer privacy. The complexity also comes from the:
Increasing need for knowledge of local laws and customs;
Evolution of trading markets;
Pervasive nature of information technologies;
Higher accountability standards for boards of directors and senior executives;
Unprecedented complexity of the regulatory environment, pressing firms for better risk reporting and more integrated and comprehensive risk management;
Shortage of skilled personnel.
To help the market cope, new positions, tools, rules and even language have been created. There are new executive positions, such as chief risk officer, chief security officer and chief privacy officer. There also has been a proliferation of risk management software and other technology solutions as well as new regulation mandating certain risk management practices related to security, privacy, operations, compliance and economic exposures. Indeed, the term "enterprise risk management" (ERM) has become part of the general business vocabulary.
MAGSAM & ASSOCIATES has changed as well
In response to these changing conditions, and to continue to help clients succeed, MAGSAM & ASSOCIATES member firms have made major investments in their clients; people; tools, technology and methodologies; strategic vendor alliances; and, infrastructures worldwide. As a result, member firms can provide clients with solutions from a full range of consulting and assurance services, from assessment to transformation, involving process redesign and technology implementation.
An integrated best practices methodology and global framework for the delivery of services, along with an global Intranet for access to MAGSAM & ASSOCIATES member firm tools, technologies, and knowledge bases, enhance cross-border synergies and global collaboration.
Through the use of these global resources, MAGSAM & ASSOCIATES "e-enables" knowledge transfer, learning and client service delivery — focusing on value creating services that improve risk management effectiveness and efficiency while increasing stakeholder satisfaction.
Your benefits
The professionals of MAGSAM & ASSOCIATES member firms are industry-based risk control specialists, who can help you to not only assess risk but also transform your organization's risk management systems to make them more effective and help you avoid surprises.
Utilizing unique frameworks and other proprietary tools, MAGSAM & ASSOCIATES professionals can help you to understand and manage risks across the enterprise and at the business unit, process, technology and data levels as well as risk areas such as strategy, regulatory/contractual, technical financial/economic and operations.
By teaming with others around the globe, MAGSAM & ASSOCIATES professionals at member firms can deliver integrated industry-based innovative solution sets to help you meet your business objectives worldwide. The services offered are competency-based and driven by market needs and industry issues. These offerings are then integrated to form innovative solution sets that meet your specific needs.
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Training
It is now common knowledge that people are
an organisation's most important asset and as such
their training and development is critical in
today's competitive market environment. Therefore the attraction, retention and development of the
best accounting, audit and finance people will
provide a genuine strategic advantage for any business entity.
Our training courses are generally directed
at staff involved in accounting, auditing and financial reporting, or those
requiring such knowledge, mainly
because there is a dearth of training courses available in this area, in
spite of the specialist knowledge required to carry out these functions
efficaciously. In addition to accounting related courses, we also provide
training in change management, corporate governance and practice
management.
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Business Risk
Assessment
Like human beings, organisations also
benefit from regular health check ups which can pick up potentially fatal
problems and traits the effects of which if detected early and properly
managed can be reduced significantly or totally eradicated.
Our business risk assessment model has been
developed to identify actual and potential control lapses and also provide
an insight into the control environment of the organisation under review.
We believe that our clients do not have to wait till the problems arise
before they are corrected because like in human beings, prevention is
always better than a cure.
Organizations will benefit from these cost
effective reviews and analysis because they do not only detect potential
problems, since we will also provide solutions and recommendations which
will build quality and integrity into the control systems to enhance them
and minimise the incidence of future override. Our services in this area
include:
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Forensic
accounting and investigations
We provide expert accounting evidence and
litigation support for forensic audits, commercial dispute resolution and
investigations.
Working with our network of contacts and
specialists we offer a unique set of skills for the investigation of
commercial crime, from the identification of the commercial crime,
collection of evidence and advising on recovery strategies, to the
preparation of reports and submissions to regulatory bodies.
Our cost effective solutions identify
and assess the issue under investigation by using sophisticated data
interrogation techniques, and also empower organisations to fight
commercial crime through 'whistle-blowing' and fraud awareness
education.
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Outsourced internal audit
function
Our internal audit approach is a
computerised, business oriented approach, which has been developed within
our firm using the skills, training and experience of our key personnel.
We describe our methodology as a "top-down, business focussed approach"
because we combine the systems approach with the risk based approach
adopted by external auditors. This means we focus on:
· understanding
your business;
· identifying
and evaluating the control systems and risk environment in your business
and benchmarking with similar companies within your industry.
· identifying
and testing the key controls over them; and
· reporting any
weaknesses and carrying out further testing as necessary;
and
· Providing the
requisite tools and advice to our clients for excellent
results
This will be applied rigorously, but with
common sense. We will focus on key control systems because these are the
ones that will concern to management.
Our project strategy and plans are also
discussed and agreed before detailed procedures commence to ensure that
they take account of the client's specific concerns, and to ensure that
they are efficient and effective.
Corporate Governance Advisory
Service
We have hitherto combined this service with
our internal auditing solutions, but we will be starting a new service
line because of the unique nature of issues surrounding this service and
the global interest in this area which has arisen from the recent spate of
accounting and regulatory scandals within the industry. We have alliances
with the African Capital Markets forum and SEM International Associates
who are pioneering research in this area.
Public sector accountancy
We have recognised the need for a separate
service to the public sector because of the peculiar nature of the sector
and the current interest in improving the financial management and
controls within the public service.
Due to our special interest and experience
in public sector issues, we will be providing specialist advice and
consultancy services on a range of public sector issues such as accounting
and auditing of Private Public participation schemes, internal audit
and control, and accountability issues in the public sector.
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Corporate Tax
Searching for a tax advisor who understands not only the intricacies of tax law, but also your business? We will work with you to minimize your tax liability and ensure your organization complies with domestic and international tax law.
As a gateway to the vast tax resources within MAGSAM & ASSOCIATES, we can offer a fresh look at your tax position with an eye towards broader business objectives. Our dedicated team of tax professionals works closely with you to understand your organization's global goals and strategies and how industry and economic trends affect your business.
Together, we can develop tax strategies that work for your organization and industry, and help streamline compliance processes. Learn more about how our Corporate Tax practice can assist you.
Reorganization Services
MAGSAM & ASSOCIATES provides services to underperforming companies and their stakeholders through our reorganization services. We work throughout the world with our corporate clients, their shareholders, and lenders.
Our services include:
Lender solutions
Restructuring services
Corporate exit management
Insolvency services.
We help provide solutions to banks around the world and advise them on turnaround and restructuring problems for their large multinational and domestic borrowers. We have distinguished credentials in the financial industry having handled some of its largest failures. Our insurance team is well respected in the industry.
Our private equity client base has also given us the opportunity to develop skills in complex multiparty restructurings and turnarounds, which enable us to also assist our corporate clients when facing debt, cash flow, or structuring problems.We have teams around the world and also draw on the resources of our local offices, as appropriate.
Recruitment services
MAGSAM & Associates has distinguished itself in as a credible source for international placement for Ghanaian professionals. The areas of focus, in which significant success have been achieved, are the recruitment and placement of the following categories of professionals:
- IT Professionals
- Artisans
- Professional Officers
- Electrical Engineers
- Construction Workers
- Secretaries
- Accounts Personnel
- Administrators
In addition to the above core areas, we have the capacity to place professionals in any other field. Our response in the regard is according to each client's specific needs.
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The relevance of MAGSAM & Associates is rooted in its desire to organize, represent and promote the interests of investors to ensure safe investment that generate and guarantees attractive returns. In pursuit of this corporate objective, MAGSAM & Associates has developed advocacy and promotional tools to smoothen the operation of companies it represents.
Specifically, MAGSAM & Associates analysis the business environment and uses its findings to advice on trade promotion and support programmes required for multinational investment in Ghana. The company provides guidance on existing government policies, regulatory and legal framework and undertakes to handle all the legal requirements and interest of foreign investors in Ghana.
MAGSAM & Associates also handles all the protocol needs of foreign investors including the arrangement of basic facilities required for business operations in Ghana through the provision of personnel and managerial support when required.
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