Auditing

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.

 

 

 

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OUR  SPECIALISTS

+27 (0)861 873 255


Pieter Esterhuizen

 

Tel : +27(0) 86 187 3255
Fax: +27(0) 86 509 4151
Email: info@lumenrock.co.za