Accounting Service Plans.
For a fixed monthly fee, our team will take care of all your accounting, payroll and tax work that you can’t or don’t want to do.
|Processing of all accounting transactions for the month|
|Filing of EMP201 monthly|
|Consultation||1hr per month||2hr per month|
|Payroll Services||5 Employees||10 Employees||15 Employees||25 Employees|
|Sage One Access||Limited|
|Tax Clearance Certificate|
|1st Provisional Tax Submission|
|2nd Provisional Tax Submission|
|Fixed Asset Register Maintenance|
|Annual Returns - CIPC - (Fees payable to CIPC)|
|CIPC company & Director changes|
|Independent Review - Financial Statements|
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Purpose of an Audit
A statutory audit is a legally required review of the accuracy and reliability of a company’s financial statements, books and records. The purpose of a statutory audit is to determine whether an organisation is providing a true and accurate representation of its financial position. Examination of key information such as bank statements, accounting records and financial transactions should be undertaken by professional and registered persons such as Amla Auditors INC.
Most organisations are required to have at least one set of annual financial statements to present to SARS, which will provide a reasonable level of assurance to external users such as SARS and shareholders. 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 to avoid penalties, interests and other costs.
According to the Companies Act, 2008 the following private companies are required by law 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 greater than an amount of R5 million.
- If any private or personal liability company compiles its financial statements internally and has a Public Interest Score of 100 or more.
- If any private or personal liability company has its financial statements compiled by an independent party or external accountant and that has a Public Interest Score of 350 or more.
The public interest score is influenced by a number of factors such as the Turnover of the company, number of employees and creditors. 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 end of the tax year. 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 Audit Team’s experts who are fully registered with IRBA (Independent Regulatory Board of Auditors) includes financial reporting with full statutory 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 and generating shareholder value through the comprehensive audit process. Over the years the Companies Act 2008 was revised removing the requirement for certain companies to be audited. The Act has become more flexible and more understanding to start-ups and small to medium-sized businesses who may find an annual audit too expensive during their early years. The Act now provides for two types of financial reviews, an independent financial review and an audit. Choosing one or the other depends entirely on whether they fall above or below a particular threshold.
Points are given to a business according to their annual turnover and this threshold is known as the Public Interest Score (PIS). Points are awarded by the amount of money owed to third parties, number of employees and number of shareholders. Businesses that score below 350 may opt for an independent review whereas a PIS score of 350 or more must undertake an audit.
“An Independent Review is a review engagement performed by a practitioner who was not involved in the preparation of the financial statements. In terms of Regulation 29(4) an independent review of a company’s annual financial statements must be carried out.”