Tag Archives: Financial statements

The difference between having your annual financial statements reviewed as opposed to audited

JOHANNESBURG – With the current state of the national and global economy, companies are trying to better manage their expenses. Audit fees tend to make up a significant portion of a company’s annual expenses and therefore some businesses specifically focus … Continue reading

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MANAGEMENT’S RESPONSIBILITY

Throughout the audit of a set of financial statements, the phrase “management/director’s responsibility” appears. It is included in the engagement letter, the financial statements and the auditor’s report. But what does it mean? Management is responsible for the management of … Continue reading

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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

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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

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