Statutory audits are a legally required review of the accuracy of a company’s financial statements, books and records. The purpose of a statutory compliance audit is to determine whether an organisation is providing accurate representation of its financial position. Examination of information such as bank balances, bookkeeping records and financial transactions should be undertaken by professional and registered persons.

Most organisations are required to have at least one annual financial statement to record their activities, which will provide a reasonable level of assurance to the users of accounts. Other reporting may also be required to satisfy the needs of other interested parties. The Accounting team Statutory Audit Services assist you in meeting regulatory requirements for your particular organisation.

According to the Companies Act, 2008 or regulation 28, the following private companies are required to have their annual financial statements audited:

• If any private or personal liability company holds assets in a fiduciary capacity for persons who are not related to the company and the combined value of such assets held at any time during the financial year is more than R5 million.
• If any private or personal liability company compiles its financial statements internally and that has a Public Interest Score of 100 or more.
• If any private or personal liability company that has its financial statements compiled by an independent party or external accountant and that has a Public Interest Score of 350 or more.

Private or personal liability companies that are not required to have their financial statements audited may choose to voluntarily file their audited statements with their annual returns. The company must file a financial accountability supplement with their annual return if they choose not to file a full set of financial statements.

The Accounting Team’s expertise includes financial reporting with full statutory audit services compliance ensuring that your financials are fully compliant with the laws of the land and ensuring that your organisation is meeting all its statutory obligations.