Audit and Independent Review
Audit or Independent review? Let us find out what your business need
WHO MUST BE AUDITED IN TERMS OF THE NEW 2008 COMPANIES ACT
- all public and state-owned registered entities;
- where a company memorandum of incorporation requires this;
- a company that holds assets in a fiduciary capacity for persons not related to the company that exceeds R5 million at any time during the year;
- any non-profit company that was incorporated by the state or a state-owned company or any international entity;
- any company that have a public interest score of 100 points or more and where the annual financial statements were internally compiled;
- any company with a public interest score of 350 points or more.
We providing service as follows
- Annual Financial Statements
- Preparation of annual financial statements in accordance with GAAP
- Issuing approval report for the annual financial statements
- Independent Review
- Performing duties of Accounting Officer for all types of entities and individuals
- Assistance with an internal audit conducted
Independent Review
What is an Independent Review?
Independent review is sort of “reduced” auditing that will be required by certain companies within the innovative Companies Act of South Africa. This review can be a smaller type of external audit and can be required in particular circumstances that are ensured by the act.
We would advise to all our corporate clientele who prefer to get audited rather decide for this method, as this requires more verification related to their financial transactions for investors, shareholders, financial institutions and the like. Also, those corporate clients, simply by law and with the act, who are not really needed to have audited or perhaps independently reviewed Annual Financial Statements, can decide to have an independent assessment done on their very own accord.
For further information please contact us.
