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Every company in South Africa must calculate a public interest score at each financial year end. That number, and who compiles your statements, decides whether you need an audit, an independent review, or nothing at all. Most owners have never worked it out. It takes about a minute.
It is widely repeated that an independent review for a company scoring 100 or more must be done by a registered auditor. That is not what the regulation says. Regulation 29(4) allows the review to be carried out by a registered auditor or by a member in good standing of a professional body accredited under section 33 of the Auditing Profession Act. SAICA is such a body, so a CA(SA) firm may perform the review at any score.
If you have been quoted audit fees for what is actually a review, it is worth a second opinion. There is one caveat that cuts the other way: whoever compiles your financial statements cannot also review them, so if we do your accounting we arrange the review with an independent colleague.
Get a second opinion, freeThis calculator covers private and personal liability companies. Public companies, state owned companies and non profit companies follow different rules. It is a guide based on Companies Regulations 26, 28 and 29, not a determination for your company, and it cannot see a shareholder agreement, a funder covenant or an MOI clause that changes the answer. Bring us the detail and we will confirm it properly.
If it is easier than writing a message, put your name and number in and we will come back to you within one business day. No cost, no pressure, and we will tell you honestly if we are not the right fit.
Send us your last set of statements. We will tell you whether that is actually true.
