Generic selectors
Exact matches only
Search in title
Search in content
Search Posts
Search in pages
Search Products
Filter by Categories
B-BBEE
Blog
Company Secretarial
Featured
General Business
General Interest
Investing in Property
Marketing
Personal Growth
Personal Wealth
Tax
Trusts and Estate Planning
Uncategorized

I continue to be disgusted by those amongst my fellow members of the auditing profession who have not told their clients that their company no longer has to be audited.

It was the new Companies Act of 2008 (which actually only came into law in 2011) that changed things.

If your company is owner managed and not doing hundreds of millions of turnover a year, then no audit is necessary.

You don’t even have to prepare fancy financial statements.

Owner managed simply means that the directors are the shareholders and (in the opinion of most professionals) still applies if a trust is the shareholder and the representative trustee is the director.

If your auditor hasn’t told you this, he deserves to be fired!

And, by the way, you don’t even need an auditor any more.

If your company is not owner managed then you need financial statements to International Financial Reporting Standards together with a review by a CA(SA), but not an audit.

Need help with your Trust or Buisness?

Contact us today or set up a free meeting with our CEO, Derek Springett. We have been offering expert advice and business services since 1971. You can also visit our online store to see our full list of services.