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.
Carl Lategan, Alistar (bio-fuel industry)
I make use of your excellent service of having a virtual office for administration, making a start-up company a breeze. - See more at: http://lumenrock.co.za/about/client-feedback#sthash.g9udwoyq.dpuf
Director: Bernhoff Boerdery
Pieter Esterhuizen (prior KSE and now LUMENROCK) has been our auditor for the past 17 years. He was the accountant for several of our companies in property development, as well as the farming sector. It was during this period of time that he distinguished himself as a unique financial advisor, who is always capable of doing what is best for each and every company – in every possible situation. H...
Hugo de Wet
Business Manager: Gijima
I have known Pieter Esterhuizen, the CEO of LUMENROCK, for more than 10 years. In this time he has been very involved in my business affairs. Pieter is always available to assist me whenever I need his advice. LUMENROCK is a trusted advisor. I trust and value their inputs when it comes to tax structuring or general business advice.
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