FUNDS
RETIREMENT FUNDS We have long standing relationships with many of the administrators within the retirement fund industry.We also believe it is critical that our team works closely with the Principal Officer to understand where they would like to see audit focus. Our comprehensive experience in the industry has enabled us to become specialists and develop a focused audit approach. Our methodology meets the Financial Sector Conduct Authority regulatory requirements and focuses on the key risks related to financial statements in terms of the regulators’ financial reporting framework. Our services include the following: Audit the financial statements in compliance with the Regulations of the Pension Funds Act of South Africa Support, where applicable, from our BDO Specialist Valuations Group, which can independently value 100% of the unlisted investments within the fund Completion of Section 15, regulatory agreed-upon procedures required in terms the Pension Funds Act of South Africa Assurance opinion relating to the compliance on Schedule IB that the assets held per fund are compliant with the Regulation of the Pension Funds Act of South Africa Agreed-upon procedures engagement in terms of Section B2H of the Currency and Exchange Manual for Authorised Dealers MEDICAL SCHEMES Despite the imminent implementation of National Health Insurance (NHI), its funding model remains a mystery, compounded by the fact that medical schemes are battling over their integrity and ethical values with the current Section 59 enquiry. In these times, schemes need reputable advisors they can rely on to help them navigate these challenges. BDO has been providing services to medical schemes for over 25 years, giving us a deep knowledge of the industry and the unique challenges that schemes face.We have a good working relationship with regulators and we contribute and participate in most industry initiatives. Our services include the following: Audit of the financial statements in compliance with International Financial Reporting Standards and the Medical Schemes Act ISAE 3402 engagements Internal audit
TERRI WESTON FINANCIAL SERVICES SECTOR HEAD FOR FUNDS E: tweston@bdo.co.za T: +27 (0) 21 460 6386
With over 11 years’ experience at a big 4 audit firm, Terri has gained significant experience in the financial services industry. In addition to managing large audit and advisory teams she played various key leadership roles in the operational management of a professional services business. Terri has also gained experience on an international secondment to the Cayman Islands and spent some time in practice at an asset manager. Terri has specialised in the Collective Investment Scheme and Real Estate industries. Her relevant client experience includes Old Mutual Unit Trusts, Boutique Collective Investments, Stor-Age Property REIT Limited and the Old Mutual Property portfolio. Other industries within which she has substantial experience is asset management, retirement funds and medical schemes.
Qualifications: • CA(SA)
Technology assurance and advisory Regulatory compliance and reporting
BDO FINANCIAL SERVICES 15
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