A statutory audit is a legally required review of the accuracy of a company’s financial statements, books and records.

The purpose of a statutory audit is to determine whether an organisation is providing accurate representation of its financial position. Examination of information such as bank balances, bookkeeping records and financial transactions are to be undertaken by professional and registered persons.

Most organisations are required to have at least one annual financial statement to record their activities and provide a reasonable level of assurance to the users of accounts. Other reporting may also be required to satisfy the needs of other interested parties.

According to the Companies Act, 2008 or regulation 28, private companies are required to have their annual financial statements audited when:

  • Any private or personal liability company holds assets in a fiduciary capacity for persons who are not related to the company and the combined value of such assets held at any time during the financial year is more than R5 million
  • Any private or personal liability company compiles its financial statements internally and that has a Public Interest Score of 100 or more
  • Any private or personal liability company that has its financial statements compiled by an independent party or external accountant and that has a Public Interest Score of 350 or more.
Private or personal liability companies that are not required to have their financial statements audited may choose to voluntarily file their audited statements with their annual returns. The company must file a financial accountability supplement with their annual return if they choose not to file a full set of financial statements.

Carampako Statutory Audit Services assist clients to meet regulatory requirements specific to the organisation and business sector.

Leave it to us to sort out your statutory compliance so you can focus on your Business Goals

• Financial Audits

An external financial audit by Carampako includes a detailed investigation into a business’s financial statements and provides the highest level of assurance for investors and lenders, or for publicly-held businesses as part of their statutory compliance.