All companies are subject to audit processes – whether private or public companies. Any organisation that has to show accountability for their operations and financial health is required to maintain records, accurate and compliant accounting practices and reporting.

The extent of the method for determining their transparency and accuracy depends on the size, and to a certain extent the operational and legal structure of the business. The process can be a review or a more in-depth audit. Large businesses, corporations, public companies and government organisations are subject to annual statutory audits.

Internal Audit:

An Internal Audit is just as important for the financial health of a company. However, they are designed to prepare and ensure a company’s financial health for its own sake as well as prepare companies for external and statutory audits.

  • Internal audits can be annual or done at other incremental time-periods.
  • These audits provide financial and operational assurance to companies and company shareholders in addition to statutory assurance – where applicable.
  • Internal audits also help companies streamline their financial operations and maintain internal controls.

TAT’s expertise includes financial reporting with full statutory compliance ensuring that your financials are fully compliant with the laws of the land. Don’t hesitate give us a call and lets get your business up to date and compliant.

Statutory Audits:

Statutory Audits are defined as the legally required (or ‘required by statute) in-depth examination of the accuracy of a company’s financial statements (and the validity of their financial records).

  • Statutory audits are done to determine whether a company is presenting an accurate representation of their financial position, as well as establishing fairness and statutory compliance in the operations that create that position.
  • Records that will be examined include all financial records – from Year End down to bookkeeping balances, banking records, and all financial transactions.
  • The statutes involved can be multi-level – national, government, industry-related and municipal.
  • Statutory audits are especially important for companies that are accountable to shareholders and the public through their operations and financial dealings.
  • Statutory Audits provide statutory compliance and financial transparency assurance.

You might also be interested in

Expat Tax starting 1 March 2020 for SA

Expat Tax starting 1 March 2020 for SA

Starting March 1st, 2020, South Africa’s new Expat Tax laws come into effect. What does this mean for SA citizens living and working abroad? Here are some basic points – the things you need to know: Review: The Residence-based tax system – the ‘days rule’:   In...

read more
What does a company independent review mean?

What does a company independent review mean?

Independent reviews are used between audits, or in place of audits for smaller companies. They are quicker, and when using an outside accounting firm for a review, less costly. It is a more accessible and affordable option for many smaller companies - though not a...

read more
Why is a due diligence report so important

Why is a due diligence report so important

Due diligence is a particular type of audit that must be done on potential investments. A due diligence report is an essential document that needs to be presented to all parties prior to finalising an investment agreement. Due diligence audits are open and thorough...

read more

Erasmus Pretorius

With over 23 years of unwavering expertise, I am a seasoned Chartered Accountant committed to financial excellence. My journey in the realm of finance has been marked by astute strategic insights, meticulous attention to detail, and an unyielding dedication to precision. Over the years, I’ve navigated the complexities of financial landscapes, providing invaluable counsel to diverse clients. My proficiency extends across auditing, taxation, and financial management, coupled with a profound understanding of regulatory frameworks. As a registered professional, I have consistently upheld the highest standards of integrity and ethics, earning a reputation as a trusted advisor in the dynamic world of finance.