Audit & Review Services

Audit & Review Services

Nelspruit | Pretoria | Johannesburg

Independent Reviews

What is an independent review?

 

An Independent Review was established with the new Companies Act, No. 71 of 2008 in order to keep up with International trends and changes. An Independent Reviewer will give limited assurance that they have no reason to believe that the Annual Financial Statements are not free of material misstatement.

How do I know if my company is required to have an Independent Review done?

 

If your company is not owner managed it will be subject to an Independent Review. A company that is not owner managed is one where the directors of the company are not the shareholders and vice versa.

Independent Audits

What is an Audit?

 

Companies appoint an auditor to give reasonable assurance that the Annual Financial Statements are free of material misstatement. This objective review increases the value and credibility of the data and information produced by management and gives users assurance that they can rely on the information presented to them.

Who needs to be audited?

 

With the implementation of the new Companies Act, No. 71 in 2008 the requirement that all companies are to be audited changed slightly with Independent Reviews being added to the mix.

 

Now only Public Interest Companies and State-Owned Companies are required to be audited by the Companies Act, No. 71 of 2008. Companies can also elect to have a voluntary audit carried out on their Annual Financial Statements.

How do I know if my company needs to be audited?

 

If you are not a State-Owned Company, you will need to determine if you fall into one of these categories:

The company holds assets in a fiduciary capacity for persons who are not related to the company, and the aggregate value of such assets held at any time during the financial year exceeds R5 million;

Your company had the Annual Financial Statements compiled internally (someone employed within the company) and the company’s public interest score is over 100; or

Your company had the Annual Financial Statements compiled independently (by an external party to the company) and the company’s public interest score is over 350.

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