Audits, Reviews and Compilations 
FKA    Ferguson Kruse Accountants
Professional Accountants  *  Tax Practitioners  *  Business Advisors
AUDITING & ASSURANCE Over many years we have developed a strong relationship with De Winnaar Viljoen Chartered Accountant in the core area of audit and assurance services required by our clients. Viljoen and Partners are qualified to provide statutory audit and compliance services to all types of organisations. For more information
In association with De Winnaar Viljoen CA (SA) - Registered Auditor
accounting officer services - accounting services - annual financial statements - annual returns: company & cc - auditing services - bee certification services - body corporate services - budgets & forecasts - business advice - business valuations - capital gains tax - cipc registrations & amendments - claiming refunds - coida assessments - commissioner of oaths - company registrations - company secretarial services - compilations - donations tax - dti rebates - due diligence - e-filing returns - employees tax - irp5 reconciliations - independent reviews - independent accounting professionals - management accounts - minutes and resolutions - Pastel software and support - payroll services - reassessments - review of financial statements - salary structuring - sars queries - sectional titles services - shelf companies - skills development levies - tax advice - tax calculations - tax clearance certificates - tax directives - tax penalties - tax planning - tax registrations - tax returns - tax reviews - taxation of companies - taxation of trusts - trust registration and amendments - uif returns - vat registrations - vat returns
REQUIREMENT TO COMPILE ANNUAL FINANCIAL STATEMENTS All companies are required to compile annual financial statements in accordance with an applicable reporting framework. The Regulations contain a table of different categories of companies and the financial reporting framework with which they must comply. Financial statements may be compiled internally or independently. Financial statements are presumed to have been compiled internally unless they have been ‘independently compiled and reported’ by: An independent accounting professional; On the basis of financial records provided by the company; and In accordance with any relevant financial reporting standards INDEPENDENT ACCOUNTING PROFESSIONAL The Regulations now clarify more precisely who qualifies as an independent accounting professional, as follows: A registered auditor in terms of the Auditing Profession Act; A member of a professional body accredited in terms of the Auditing Profession Act; A person qualified to be an accounting officer in terms of the Close Corporations Act; In addition, an independent accounting professional may not: - have a personal financial interest in the company or related or inter-related companies; - be, or have been (during the past three years) involved in the day to day management of the company; - be, or have been (during the past three years), an officer or full-time executive employee of the company or of another related or inter-related company, or - be related to anyone who falls within any of the above criteria COMPANIES THAT MUST BE AUDITED With the exception of companies exempted by the Act from either an audit or an independent review, companies that must be audited include: Public entities; State owned entities; Any entity that, as its primary activity, holds assets in a fiduciary capacity for persons not related to the company, where the aggregate value of the assets exceeds R5 million at any time during the financial year; Any non-profit company that was incorporated: - by the state, an organ of state, a state-owned company, an international entity, a foreign state entity or a company; or - primarily to perform a statutory or regulatory function; Any other company with a ‘public interest score in that financial year, of 350 points or more; or more than 100 points, if its annual financial statements were internally compiled; A company who’s Memorandum of Incorporation requires it to be audited; A company that voluntarily has its annual financial statements audited. COMPANIES THAT MUST BE INDEPENDENTLY REVIEWED Reviews are required of non-owner managed profit and non-profit companies that: achieves a public interest score between 100 – 349 points – performed by a registered auditor or member of SAICA; achieves a public interest score less than 100 points – performed by an accounting officer. PUBLIC INTEREST SCORE A company must calculate its public interest score for each financial year as the sum of the following: Number of points equal to the AVERAGE number of employees (as defined by the Labour Relations Act, 1995) during the financial year; One point for every R1 million or part thereof of third party liability; One point for every R1 million or part thereof in turnover; and One point for every individual who is known to the company to directly or indirectly to have a beneficial interest in any of the company’s issued securities, or in the case of a non-profit company to be a member of the company or a member of an association that is a member of the company. OWNER-MANAGED COMPANIES Private companies where the shareholder is also the director are defined as “Owner- managed companies”. Owner-managed companies are exempt from the independent review but not the audit. Will be audited if: public interest score is 350 points of more, or public interest score is between more than 100 points and financial statements are internally compiled. For more information please contact Richard Ferguson on +27 31 566 6640 or email us by clicking here.
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