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| ALEXKOR LIMITED |
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Alexkor is a diamond mining company with marine and alluvial mining operations on the West Coast of South Africa. FinFive was approached to fulfil the Chief Financial Officer role in the restructuring process of the company. Our first objective was to guarantee the smooth completion of the year-end audit and the compilation of an IFRS compliant Annual Report. After working closely with the external auditors the Annual Report was approved and submitted to Parliament prior to the due date. FinFive is also responsible for submitting monthly and quarterly management reports to the Department of Public Enterprises, quarterly reports to the South African Reserve Bank and Statistics SA and annual reports to National Treasury and the Auditor General. Presentations are frequently required by the Board of Directors, as well as the Audit, Remuneration, Rehabilitation and Parliamentary Portfolio Committees.
FinFive was also instrumental in the facilitation of the restructuring process. In addition to this, various cost-cutting strategies were proposed which contributed to a substantial decrease in the operating costs. We are responsible for ensuring that all procurement procedures and policies are compliant with the PFMA.
FinFive was instructed to research, plan and implement a new financial reporting system. The process, from procurement to implementation, is to be overseen and managed by FinFive. |
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