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Categories
Tag Archives: AUDIT
The audit process
To get a better understanding of the audit process, we can take a look at the definition of an audit. Audit – “an official inspection of an organisation’s accounts, typically by an independent body”. An efficient audit is one that … Continue reading
Posted in Auditing, Finance
Tagged AUDIT, Financial, inspection, organisation, process, risk, statements
Comments Off on The audit process
WHEN SHOULD FINANCIAL STATEMENTS BE AUDITED, REVIEWED OR COMPILED?
The Companies Act of South Africa (the Act) requires all companies to prepare financial statements within 6 months after the end of its financial year. A very popular question among business owners with regards to financial statements is whether the … Continue reading
Posted in Accountants
Tagged AUDIT, Companies Act, Financial statements
Comments Off on WHEN SHOULD FINANCIAL STATEMENTS BE AUDITED, REVIEWED OR COMPILED?
TO AUDIT OR NOT TO AUDIT?
The new Companies Act stipulates that only listed companies, and companies deemed to be in the public interest, are required to be audited and that non-public companies may choose between an independent review or an audit. Given the value of … Continue reading
HOW TO SAVE ON AUDIT FEES: FINANCIAL AUDIT PREPARATION CHECKLIST
An audit can protect business stakeholders from the risk of fraudulent practices and therefore stakeholders will often require audits to be done annually. If a business doesn’t have a choice whether to have an audit done or not, they can … Continue reading
Posted in Auditing
Tagged AUDIT, Financial Records, Preparation
Comments Off on HOW TO SAVE ON AUDIT FEES: FINANCIAL AUDIT PREPARATION CHECKLIST
HIDDEN VALUE IN AN AUDIT ENGAGEMENT
It sometimes happens that we as auditors arrive to meet a new client and one of the first things they say is, “I hope you’re not as scary as the previous auditor’’. Granted it is said in a slightly joking … Continue reading
Posted in Auditing, Audits
Tagged AUDIT, Engagement, Financial statements
Comments Off on HIDDEN VALUE IN AN AUDIT ENGAGEMENT
SARS VAT REVIEWS AND AUDITS
It has become a common occurrence for vendors to receive a notice for a VAT review from SARS, which requires the vendor to submit supporting documentation in respect of a specific VAT201 return within 21 days. If the vendor fails … Continue reading