We can assist you with a statutory audit, or an independent review, should it be necessary by law, or just required by management.
Herewith a summary of the legal requirements for a Company to be audited or to be reviewed as it stands at the moment:
The Companies Act (2008) prescribes that certain companies must be audited while others can be independently reviewed.
The following company categories are required to be audited:
- State-owned companies
- Public companies
- Profit companies - (Pty) Ltd. with a Public Interest ( PI) score above 350 or assets of more than R5m in fiduciary capacity
- Profit companies – (Pty) Ltd. with a PI score between 100 and 350 if financial statements are compiled internally
- Attorneys’ trust accounts
- Estate agents’ trust accounts
The following company categories are required to be reviewed independently:
Profit companies – (Pty) Ltd. with a PI score between 100 and 350
- If financial statements are compiled independently
- Subject to section 30(2A) exemption
Profit companies – (Pty) Ltd. with a PI of less than 100
- Unless a section 30(2) exemption applies
Should the company be owner-managed, a review is required as per section 30(2) of the Act.
Please contact us should you need any assistance in the calculation of your PI score, or if you are unsure whether your business needs an audit or just an independent review.
