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
Franco van der Westhuizen
Thanks a million - you guys are legends!
I am the Managing Director of various legal entities; varying from agriculture to residential and business developments. For the past six years Pieter Esterhuizen has been involved with all, baring one, legal entity. I have always received excellent service from Pieter and I am impressed with his personal knowledge of all spheres of business, as well as his professional and speedy response to quer...
Click on badge to rate our business