What is an Independent Review?
An Independent Review is an alternative assurance engagement introduced by the new Companies Act 2008 on the 1st of April, 2011.
The objective of the new Companies Act 2008 is to simplify the regulations of SME’s (small to medium size enterprises) and to make it more affordable to do business in South Africa.
Most private companies in South Africa are now able to replace the costly annual audit with a less expensive Independent Review.
What is the difference between an Independent Review and an Audit?
An Independent Reviewer provides moderate assurance on a set of financial statements.
An External Auditor provides reasonable assurance on a set of financial statements.
How do I know whether my company requires an Independent Review or an Audit?
Every South African company must calculate its public interest score at the end of its financial year. The public interest score may be used to calculate whether a company needs an Independent Review or an Audit. Calculating the incorrect score, may lead to unnecessary cost for your company.
How do I calculate the public interest score?
We have included an online public interest score submission for your convenience. Please click here to find out what type of assurance engagement your company requires.
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