Transcription of The Companies Act Audit requirement and other matters ...
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The Companies Act Audit requirement and other matters ...
1 NextThe Companies ActAudit requirement and other matters related to the audit2 NextPreviousThe Act provides the Minister of Trade and Industry with As stated above, the Act requires public Companies and state owned Companies to have an Audit . In addition, the Regulations, which provide for both activity and size criteria to determine whether or not Companies require audited financial statements, require any company that falls within any of the following categories in any particular financial year to have its financial statements audited:(a) Any profit or non-profit company if, in the ordinary course of its primary activities, it holds assets in a fiduciary capacity for persons who are not related to the company, and the aggregate value of such assets held at any time during the financial year exceeds R5 million;(b) Any non-profit company, if it was incorporated (i) directly or indirectly by the state, an organ of state, a state-owned company, an international entity, a foreign state entity or a company.
Financial statements will be internally compiled, unless it . was “independently compiled and reported”. In terms of the Regulations “independently compiled and reported” means that the annual financial statements are prepared • by an independent accounting professional • on the basis of financial records provided by the company, and
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