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Services – Rinok Associates

Accountancy and Audit Services

We provide accountancy services beyond data entry to offering advice on the financial accounts using key financial ratios. We manage your monthly statutory returns that include VAT,PAYE and NSSF.We prepare and file your annual financial and tax returns for submission to the relevant authorities and other stakeholders in a timely and professional manner. We also manage your payroll ensuring all statutory deductions are deducted and paid in time. Beyond all this are our ideas and financial insight for business growth and boosted profits. We provide audit services with an objective to provide an independent examination of the financial statements, which increases the value and credibility of the financial statements produced by management, thus increase user confidence in the financial statement, reduce investor risk and consequently reduce the cost of capital. We do various audits as indicated below;
  • Compliance audit – an examination of the policies and procedures of an entity or department, to see if it is in compliance with internal or regulatory standards; most commonly used in regulated industries or educational institutions.
  • Financial audit – an analysis of the fairness of the information contained within an entity’s financial statements. This is the most commonly conducted type of audit.
  • Tax audit – This is an analysis of the tax returns submitted by an individual or business entity, to see if the tax information and any resulting income tax payment is valid. These audits are usually targeted at returns that result in excessively low tax payments, to see if an additional assessment can be made.
  • Information systems audit – This involves a review of the controls over software development, data processing, and access to computer systems. The intent is to spot any issues that could impair the ability of IT systems to provide accurate information to users, as well as to ensure that unauthorized parties do not have access to the data.
  • Construction audit – to analyze the costs incurred for a specific construction project. Activities may include an analysis of the contracts granted to contractors, prices paid, overhead costs allowed for reimbursement, change orders, and the timeliness of completion. The intent is to ensure that the costs incurred for a project were reasonable.
  • Investigative audit – investigation of a specific area or individual when there is a suspicion of inappropriate or fraudulent activity. The intent is to locate and remedy control breaches, as well as to collect evidence in case charges are to be brought against someone.
  • Operational audit. – detailed analysis of the goals, planning processes, procedures, and results of the operations of a business. The audit may be conducted internally or by an external entity. The intended result is an evaluation of operations, likely with recommendations for improvement.
  • The value-for-money audit – a purely unbiased and objective way to assess the performance of programmes in relation to flow and utilization of funds, cost of delivery of the services, cost-effectiveness and cost-benefit analyses. In the flow and utilization of funds, we take a detailed account of the planning, budgeting, requisition, disbursement, use and accountability of programme/project resources.
  • Business performance audits – an independent analysis of the clients’ financial records with the purpose of generating Management and Annualized audited reports for taxation and other public purposes (publishing in case of public companies). In realization that some clients, particularly in the informal sector and small firms in the formal sector, are not in position to properly keep books of accounts, we normally offer bookkeeping services to our clients. To avoid doing this in a way that would compromise independent audit, the auditor assigned to intermittent bookkeeping of our clients’ books is normally exempted from undertaking audit of the same. In addition, we can completely avoid what would seemingly look to be ‘conflict of interest’ by assisting in identification and recruitment of competent accountants and accounts assistants on behalf of our clients.

Tax Advisory

RINOK & Associates is registered as a tax agent with Uganda Revenue Authority. We maintain effective relationships with tax authorities and offer a wide range of tax consultancy and advisory services to our clients which are as follows:

  • Specified tax planning
  • Tax accounting and compliance
  • Assess legibility for tax registration
  • Facilitate registration
  • Handle tax disputes

In addition, we help our clients prepare and timely submit statutory and tax obligations such as:

  • Value Added Tax Returns
  • Excise Tax Returns
  • Pay as You Earn Returns
  • Local Service Tax Returns
  • Annual income tax returns.

Financial Management

RINOK & Associates provides training and counseling to our clients in financial management and internal control systems and procedures.

We improve your internal control systems to enhance the performance of your company in terms of financial management by training your employees with our training manuals. These manuals have been developed on techniques for enhancing internal controls such as separation of duties relating to initiating and making payments, serializing vouchers and receipt books.

If need be we also design and institute for our clients, a concise and straightforward internal control systems as well as assisting them to adopt other systems that we consider handy for their particular type and standard of business.

Public Sector Consulting

RINOK & Associates works with leaders in Central and Local Governments to accomplish more. Our specialty and understanding of the unique challenges in public sector guide us to alleviate risk and deliver value that positively impacts both the bottom line and society at large.

Our work assists clients facing significant challenges to transform their organizations. Some of the core services we provide for these clients include:

  • Strategy development and implementation
  • Options evaluation and business case development
  • Financial performance improvement and cost reduction
  • Strengthening governance and internal controls
  • Leadership/Board governance development
  • Costing, bench-marking and service prioritization
  • Supporting complex procurement
  • Financial and commercial advice on major capital projects and programmes
  • Commercialization, including income generation and trading companies
  • Due diligence

Investment Analysis & Portfolio Advisory

RINOK & Associates has taken on investment and portfolio analysis as an important business preposition by:

  • Providing clients with relevant and reliable information on various investments they intend to undertake
  • Advise clients on the various portfolios for storage of wealth such as buying of TBs, bonds, cash and bank etc.
  • Providing our clients with advice on the various ways of financing investments which include equity, loan, mergers or takeovers.

Islamic Banking & Finance

Islamic banking or Islamic finance or sharia-compliant finance is banking or financing activity that complies with sharia and its practical application through the development of Islamic economics.

Since the current trends in banking, investments, and financial services industry showed a growing demand for the Sharia-Compliant products, RINOK & Associates have developed a comprehensive set of advisory services to meet our clients’ needs.

Personnel Development & Staff Recruitment

By analyzing our clients’ business organization, we assist our clients to adapt to a better organization structure which are better suitability to accomplish tasks for the fulfillment of the organization’s mission and attainment of its vision.We also help clients to clarify on the ‘chain of command’ and to established flexible but bureaucratically arranged organizations.

Coupled with this, we examine the staff needs for our clients’ businesses and assist them in identification, recruitment, placement and orientation of competent staff. Our human resource solutions run across the entire organization from industrial labour hire, office temps or permanents to executive recruitment.

Project Monitoring Evaluation & Management

RINOK & Associates give importance to value for money and review programmes/projects for both midterm and final evaluation. We provide professional and independent project management services for businesses that do not have their own project managers or that lack confidence in their project managers’ abilities, lack project management capacity or simply wish to have a consultation with an independent expert. We also have the capacity to provide our clients with manpower for monitoring and supervising projects especially in areas relating to financial accountability which concerns with comparing the actual costs to the planned costs in the project budget. Our project managers utilize process, discipline, and leadership to break down functional silos, engage stakeholders, and ensure your initiatives are completed within budget, scope, and schedule. You can begin a project with us, from initiation to completion. If your project is missing milestones or is lacking momentum, contact us and we will deploy project management consultants to get your project back on track.

Assurance

The firm provides independent objective assessments of financial statements and compliance effects with the goal of improving information or the context of information so that decision makers can make more informed, and presumably better, decisions.

Business Planning & Project Proposal

Every successful business is founded on a sound business plan that concisely and clearly outlines the business purpose, vision, mission, goals and objectives, strategy, and a plan for how the business will execute. Not surprisingly many businesses find themselves without sufficient resources to properly plan.

Intertwined with investment and wealth portfolio analysis, RINOK & Associates provides its clients with specialized services in preparation of business plans for new businesses and expansion plans for existing businesses.

We provide accountancy services beyond data entry to offering advice on the financial accounts using key financial ratios. We manage your monthly statutory returns that include VAT,PAYE and NSSF.We prepare and file your annual financial and tax returns for submission to the relevant authorities and other stakeholders in a timely and professional manner. We also manage your payroll ensuring all statutory deductions are deducted and paid in time. Beyond all this are our ideas and financial insight for business growth and boosted profits. We provide audit services with an objective to provide an independent examination of the financial statements, which increases the value and credibility of the financial statements produced by management, thus increase user confidence in the financial statement, reduce investor risk and consequently reduce the cost of capital. We do various audits as indicated below;

  • Compliance audit – an examination of the policies and procedures of an entity or department, to see if it is in compliance with internal or regulatory standards; most commonly used in regulated industries or educational institutions.
  • Financial audit – an analysis of the fairness of the information contained within an entity’s financial statements. This is the most commonly conducted type of audit.
  • Tax audit – This is an analysis of the tax returns submitted by an individual or business entity, to see if the tax information and any resulting income tax payment is valid. These audits are usually targeted at returns that result in excessively low tax payments, to see if an additional assessment can be made.
  • Information systems audit – This involves a review of the controls over software development, data processing, and access to computer systems. The intent is to spot any issues that could impair the ability of IT systems to provide accurate information to users, as well as to ensure that unauthorized parties do not have access to the data.
  • Construction audit – to analyze the costs incurred for a specific construction project. Activities may include an analysis of the contracts granted to contractors, prices paid, overhead costs allowed for reimbursement, change orders, and the timeliness of completion. The intent is to ensure that the costs incurred for a project were reasonable.
  • Investigative audit – investigation of a specific area or individual when there is a suspicion of inappropriate or fraudulent activity. The intent is to locate and remedy control breaches, as well as to collect evidence in case charges are to be brought against someone.
  • Operational audit. – detailed analysis of the goals, planning processes, procedures, and results of the operations of a business. The audit may be conducted internally or by an external entity. The intended result is an evaluation of operations, likely with recommendations for improvement.
  • The value-for-money audit – a purely unbiased and objective way to assess the performance of programmes in relation to flow and utilization of funds, cost of delivery of the services, cost-effectiveness and cost-benefit analyses. In the flow and utilization of funds, we take a detailed account of the planning, budgeting, requisition, disbursement, use and accountability of programme/project resources.
  • Business performance audits – an independent analysis of the clients’ financial records with the purpose of generating Management and Annualized audited reports for taxation and other public purposes (publishing in case of public companies). In realization that some clients, particularly in the informal sector and small firms in the formal sector, are not in position to properly keep books of accounts, we normally offer bookkeeping services to our clients. To avoid doing this in a way that would compromise independent audit, the auditor assigned to intermittent bookkeeping of our clients’ books is normally exempted from undertaking audit of the same. In addition, we can completely avoid what would seemingly look to be ‘conflict of interest’ by assisting in identification and recruitment of competent accountants and accounts assistants on behalf of our clients.

RINOK & Associates is registered as a tax agent with Uganda Revenue Authority. We maintain effective relationships with tax authorities and offer a wide range of tax consultancy and advisory services to our clients which are as follows:

  • Specified tax planning
  • Tax accounting and compliance
  • Assess legibility for tax registration
  • Facilitate registration
  • Handle tax disputes

In addition, we help our clients prepare and timely submit statutory and tax obligations such as:

  • Value Added Tax Returns
  • Excise Tax Returns
  • Pay as You Earn Returns
  • Local Service Tax Returns
  • Annual income tax returns.

RINOK & Associates provides training and counseling to our clients in financial management and internal control systems and procedures.

We improve your internal control systems to enhance the performance of your company in terms of financial management by training your employees with our training manuals. These manuals have been developed on techniques for enhancing internal controls such as separation of duties relating to initiating and making payments, serializing vouchers and receipt books.

If need be we also design and institute for our clients, a concise and straightforward internal control systems as well as assisting them to adopt other systems that we consider handy for their particular type and standard of business.

RINOK & Associates works with leaders in Central and Local Governments to accomplish more. Our specialty and understanding of the unique challenges in public sector guide us to alleviate risk and deliver value that positively impacts both the bottom line and society at large.

Our work assists clients facing significant challenges to transform their organizations. Some of the core services we provide for these clients include:

  • Strategy development and implementation
  • Options evaluation and business case development
  • Financial performance improvement and cost reduction
  • Strengthening governance and internal controls
  • Leadership/Board governance development
  • Costing, bench-marking and service prioritization
  • Supporting complex procurement
  • Financial and commercial advice on major capital projects and programmes
  • Commercialization, including income generation and trading companies
  • Due diligence

RINOK & Associates has taken on investment and portfolio analysis as an important business preposition by:

  • Providing clients with relevant and reliable information on various investments they intend to undertake
  • Advise clients on the various portfolios for storage of wealth such as buying of TBs, bonds, cash and bank etc.
  • Providing our clients with advice on the various ways of financing investments which include equity, loan, mergers or takeovers.

Islamic banking or Islamic finance or sharia-compliant finance is banking or financing activity that complies with sharia and its practical application through the development of Islamic economics.

Since the current trends in banking, investments, and financial services industry showed a growing demand for the Sharia-Compliant products, RINOK & Associates have developed a comprehensive set of advisory services to meet our clients’ needs.

By analyzing our clients’ business organization, we assist our clients to adapt to a better organization structure which are better suitability to accomplish tasks for the fulfillment of the organization’s mission and attainment of its vision.We also help clients to clarify on the ‘chain of command’ and to established flexible but bureaucratically arranged organizations.

Coupled with this, we examine the staff needs for our clients’ businesses and assist them in identification, recruitment, placement and orientation of competent staff. Our human resource solutions run across the entire organization from industrial labour hire, office temps or permanents to executive recruitment.

RINOK & Associates give importance to value for money and review programmes/projects for both midterm and final evaluation. We provide professional and independent project management services for businesses that do not have their own project managers or that lack confidence in their project managers’ abilities, lack project management capacity or simply wish to have a consultation with an independent expert. We also have the capacity to provide our clients with manpower for monitoring and supervising projects especially in areas relating to financial accountability which concerns with comparing the actual costs to the planned costs in the project budget. Our project managers utilize process, discipline, and leadership to break down functional silos, engage stakeholders, and ensure your initiatives are completed within budget, scope, and schedule. You can begin a project with us, from initiation to completion. If your project is missing milestones or is lacking momentum, contact us and we will deploy project management consultants to get your project back on track.

The firm provides independent objective assessments of financial statements and compliance effects with the goal of improving information or the context of information so that decision makers can make more informed, and presumably better, decisions.

Every successful business is founded on a sound business plan that concisely and clearly outlines the business purpose, vision, mission, goals and objectives, strategy, and a plan for how the business will execute. Not surprisingly many businesses find themselves without sufficient resources to properly plan.

Intertwined with investment and wealth portfolio analysis, RINOK & Associates provides its clients with specialized services in preparation of business plans for new businesses and expansion plans for existing businesses.