Independent reviews
Independent reviews play a crucial role in ensuring transparency, accountability, and reliability in the financial reporting of companies. Our team consists of qualified Chartered Accountants that can be trusted to perform accurate independent reviews on your Financial Statements and conclude on the financial credibility of your business at a point in time. An independent review is a limited assurance engagement whereby the reviewer performs enquiries and analytical procedures in order to obtain evidence that will enable them to form a conclusion on the Financial Statements, according to the requirements of ISRE2400 (Revised). As part of this review process, our firm strives to add value by providing transparent and effective improvements where needed. While the performance of an independent review may be voluntary in some cases, the Companies Act of 2008 provides specific criteria that make it compulsory for companies to be independently reviewed. The requirements include meeting certain thresholds related to public interest, turnover, and the average number of employees. Through the provision of our services, our firm is committed to contribute to the overall integrity and credibility of our client's financial statements, benefiting both the company and its stakeholders.
FAQ
In South Africa, the requirement for an independent review or an audit depends on various factors,
including the size of the company, its public interest score, and other regulatory considerations. All
public companies and the following categories of private companies are required by law to have
their financial statements audited:
- Any private company that holds assets in a fiduciary capacity and the value of the assets
exceeds R5 million. - Any private company that compiles its financial statements internally and has got a Public
Interest Score of 100 or more - Any private or personal liability company that has its financial statements compiled by an
independent party and that has a Public Interest Score of 350 or more
Companies with a PI Score of less than 100 (one hundred) are not compelled to have their financial
statements audited, unless if otherwise stated in the Memorandum of Incorporation of the
company. However, these private companies may still be required to have their financial statements
independently reviewed if the following criteria is met:
- Private company independently compiles its financial statements and has got a public
interest score of between 100 and 349 - Any private company that compiles its financial statements internally and has a Public
Interest Score of 100