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.

Amidst the economic challenges, this value-add service will significantly reduce companies’ audit costs and improve efficiency. We assist our clients in preparing audit-ready financial statements according to company policies and in line with the required reporting standards. We also ensure up-to-date maintenance of the general and subsidiary ledger accounts while ensuring that all relevant supporting documents are in place.

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.

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 do an Independent Review?

If your company is not owner-managed, it is likely required to undergo an Independent Review. This applies when the directors and shareholders are not the same individuals—in other words, when the people who manage the company are different from those who own it.

In these cases, an Independent Review provides essential oversight and helps ensure financial transparency for all stakeholders. Regulatory requirements can also depend on other factors such as your company’s Public Interest Score (PIS), annual turnover, or funding sources.