An audit is an accounting procedure where a company’s business accounts and financial records are closely inspected, corrected and verified by an independent accountant to ensure that they are accurate.
The Companies Act 2008 (effective May 2011), states that private companies must calculate their public interest score yearly to determine if they need to be audited. A company's public interest score is calculated using turnover, number of employees and the amount of third party debt.
All public companies must be audited.
Advantages of an Audit:
- Satisfying third party requirements (e.g. banks)
- Possible reporting on and guarding against fraud and error
- Audited financials provide for a reliable basis for the valuation of businesses
- Giving assurance to employees, costumers, suppliers, trade unions and other interested parties to the quality of information presented
- The insight of an expert (the auditor) on profitability, BBBEE transactions and various other matters
All audit and assurance assignments are co-ordinated by LUMENROCK and conducted by LDSW Inc.
Marakalalo Safaris Trust
On behalf of Marakalalo Safaris Trust, we want to thank LUMENROCK for the outstanding advice and services rendered to the business. We value the honesty, professionalism and very high ethical standards of the company, directors and staff. It is a pleasure and honour to be associated and to do business with LUMENROCK.
JB van der Westhuizen
Chairman: Various Companies
The Van Der Westhuizen Group of Companies has been associated with LUMENROCK (as well as previously with KSE & Associates and Mr Pieter Esterhuizen in his personal capacity) as our auditors for almost a decade. Their services have been of an extremely high professional standard and we are proud to be associated with the group. Their availability and friendly assistance have been immaculate.
Louis Oosthuizen Junior Golf Academy
On behalf of the Louis Oosthuizen Junior Golf Academy, we wish to thank LUMENROCK for the outstanding advice and services rendered to the Academy. We value the honesty, professionalism and very high ethical standards of the company, directors and staff. It is a pleasure and honour to be associated and do business with LUMENROCK.
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