For most companies the answer is no. The Companies Act of 2008 only requires a company to have their financial statements audited if its Public Interest Score is 350 or more. That would typically be a company with an annual turnover of about R300m and 50 employees. So why do we still get companies requesting audited financial statements? Let’s take a look at this. Reason 1. The company’s auditor did not want to lose the business, so failed to advise the owner(s) that not only are audited financial statements not needed, but the company doesn’t even need an auditor. Shame…
Read More
