Independent review of company financial statements

dc.contributor.authorOdendaal, Elizabeth Margaretha
dc.contributor.authorDe Jager, Herman
dc.date.accessioned2012-08-01T06:48:29Z
dc.date.available2012-08-01T06:48:29Z
dc.date.issued2011
dc.description.abstractOne of the provisions in the Companies Act 2008 which is particularly significant to the auditing profession in South Africa is the introduction of the independent review of financial statements of certain non-public interest companies as an alternative to the conventional audit of financial statements which is currently required for all companies. The Companies Act 2008 provides for regulations regarding independent reviews to be drawn up by the Minister. This article presents a background study and analysis of what constitutes an independent review in order to provide a better understanding of this alternative to an audit of a company’s annual financial statements. It seems that the Draft Regulations regarding which companies should be audited and which independently reviewed will achieve the Act’s primary objective of the protection of the public interest as they are primarily based on a company’s activities and not on quantitative thresholds such as turnover and assets. A robust and well designed set of assurance standards for independent reviews is needed to provide the necessary guidance to practitioners who will conduct independent reviews. Contrary to the requirements in the Draft Regulations, it is suggested that an independent review should be performed by a person who is a member in good standing of a professional body accredited by the Independent Regulatory Board for Auditors, and not the International Federation of Accountants.en
dc.description.librariannf2012en
dc.description.urihttp://www.saiga.co.za/publications-sajaar.htmen_US
dc.identifier.citationOdendaal, EM & De Jager, H 2011, 'Independent review of company financial statements', Southern African Journal of Accountability and Auditing Research, vol. 12, pp. 3-12.en
dc.identifier.issn1028-9003
dc.identifier.urihttp://hdl.handle.net/2263/19495
dc.language.isoenen_US
dc.publisherSouthern African Institute of Government Auditorsen_US
dc.rightsSouthern African Institute of Government Auditorsen_US
dc.subjectIndependent review standardsen
dc.subjectCompanies Act 71 of 2008en
dc.subjectDraft Regulations to the Companies Acten
dc.subject.lcshFinancial statements -- Auditing -- South Africaen
dc.subject.lcshAuditors' reports -- South Africaen
dc.subject.lcshAccounting -- South Africaen
dc.titleIndependent review of company financial statementsen
dc.typeArticleen

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